How Does British Columbia’s Probate System Work?
Losing a loved one is emotionally and physically draining. If they have prepared a will for you and your family members, it should go through a probate before being executed. Dealing with an additional burden may not be the best idea while you mourning the loss of your loved one. A probate lawyer gives you a much-needed helping hand in such matters.
If you live in British Columbia, hire a trusted probate lawyer in BC to help you with the procedure. Probate is all about having your loved one’s will approved by the Supreme Court. The BC Supreme Court will assess the will and its validity before allowing the chosen executor to carry on. In the absence of a will, the court will appoint an administrator for estate planning. Your loved one’s wealth will then be distributed according to the provincial intestacy laws.
Probate can be time-consuming. Hiring a probate lawyer makes things easier and more streamlined for you and your family.
Having said that, you should know the basics of how the probate system works in British Columbia. This will keep you informed after hiring a lawyer and while going through the procedures. You can always consult your lawyer for the nitty-gritty details of BC’s probate system.
Let us go through the key steps involved in getting a probate in British Columbia:
Ask If Probate Is Necessary
The first question you should ask yourself and your loved ones is, “Is probate required?”
Your loved one’s will won’t need a probate if their estate’s value is less than $25,000. You can also bypass probate if their assets were jointly owned with survivorship rights.
In most cases, probate becomes necessary while dealing with banks, financial lenders, real estate registries, and other relevant institutions. Ask your probate lawyer whether you need probate and continue after they agree.
Gather Necessary Documents
After confirming the need for probate, your probate lawyer will work with the chosen executor for the procedure. They will need various documents for this, the most important being the will and the death certificate.
The executor needs to attach all the necessary documents to the probate application sent to the BC Supreme Court. Your probate lawyer will help you make this application and ensure that you have attached the required documents. Along with the original will, the court will also need the executor’s affidavit and a declaration for the deceased person’s estate. This will determine the probate fee.
Pay The Fee
The BC Supreme Court will charge a probate fee depending on the value of your loved one’s estate. No fee is charged for an estate valued under $25,000. Estates valued between $25,000 and $50,000 carry a fee of 0.6% of their value. If the concerned estate is valued over $60,000, the court will charge 1.4% of its value as a probate fee.
Wait During The Probate Review
Once the BC Supreme Law receives the probate application with the necessary details, it will review it. The court will go through all documents and confirm the application’s validity. The deceased person’s loved ones may need to wait for around four to six months before hearing from the court. Complicated cases may take even longer. Your probate lawyer will keep you informed and ask you if the court needs any additional resources.
Receiving The Grant
The court will approve the probate if it believes the application and supporting documents to be valid. After receiving the approval, the will’s executor can gather the assets mentioned in the will and distribute them according to the grantor’s wishes.
The executor now has the authority to settle debts, pay taxes, and manage the grantor’s estate according to their will. This is also when all the beneficiaries mentioned in the will can claim their shares. Your probate lawyer will help the executor with these procedures which may also include informing all relevant parties about the final decision.
The Closure
After the wealth distribution and settlement of liabilities, the will’s executor will prepare final accounts for all beneficiaries. The beneficiaries can either agree with the same or refute it with their lawyer’s help if they find the distribution to be unfair.
After all the settlements are made, the executor will officially close the estate.
A Few Considerations Regarding The Probate System In British Columbia
Now that you know the probate procedure, here are a few considerations you should know about BC’s probate system:
Intestacy
Intestacy is a situation where a person passes away without a will. Things can get complicated and challenging if you find yourself in such a situation. The BC court will appoint an administrator to handle wealth distribution and manage expenses in the absence of an executor.
You can consult a wills and estate planning lawyer in British Columbia to know the hierarchy involved in wealth distribution during intestacy.
Contests And Disputes
Beneficiaries may contest their loved one’s will, leading to disputes. Such issues may delay probate or wealth distribution after probate approval.
Beneficiaries can contest wills on various grounds, such as a lack of the grantor’s mental capacity, undue influence, forgery, and more. They can seek their family lawyers’ help to navigate the matters and reach an appropriate conclusion.
Assets Bypassing Probate
Here are the assets that need not pass through probate and should be given directly to the concerned beneficiaries:
- Life insurance policies containing the names of beneficiaries
- Tax-free savings accounts and registered retirement savings plans with beneficiary names
- Any asset the grantor owned jointly with a named survivor
- Assets moved to a family trust
Receive Legal Help In Probate Approval And Estate Planning With Cube Law
If your loved one has passed and you need legal professionals to handle the probate process, Cube Law is here to help. Our probate lawyers in BC will help the executor make a foolproof application, gather the required documents, and carry out the will after receiving the court’s approval. Rest assured that we will guide you throughout your probate journey, understanding the tough times your family is enduring.