What is Probate?
Letters of Probate issued by the court will provide official evidence that the Will submitted by your Executor/Trustee is in fact your last Will. They also confirm your Executor/Trustee’s appointment as your legal personal representative.
When is Probate Necessary?
Probate may be required in the following circumstances:
• The estate contains land
• The estate contains shares or substantial assets
• Someone pursues answers as to the validity or correct interpretation of the Will
Why is Probate Necessary?
Probate serves a number of purposes:
• Probate allows issues to be resolved before the estate is settled
• Probate allows creditors to be paid
What is the cost of Probate?
There are several costs associated with Probate, including:
• Lawyer’s fees, which may vary.
• Probate fees, which currently are 0.7% of the value of the estate in Saskatchewan. This translates into $7.00 per thousand in estate value
Can Probate be avoided?
Probate can often be avoided in many situations. We have saved estates many thousands of dollars by planning effectively with our clients.
Because various factors and risks may be involved, we encourage you to consult with a Mennonite Trust professional in an Estate Planning session. Contact one of our offices today for your appointment!