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. Land titles always asks for probate where there is a single name on the title to be transferred.
• The estate contains shares or substantial assets. Banks, Credit Unions, and Investment Brokers often require probate prior to releasing funds to the Executor.
• A beneficiary or potential beneficiary pursues wants a court ruling on the validity of the Will or the interpretation of the Will.
Why is Probate necessary?
Probate serves a number of purposes:
• It establishes the validity of the Will, that it is indeed the Last Will and that it meets the standards of a correctly performed Will.
• It identifies the debts which are eligible for creditor payment.
What is the cost of Probate?
There are several costs associated with Probate, including:
• If a Lawyer is involved, fees will apply and 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.
• Mennonite Trust can prepare the documents for Executors to submit to the court, often without the involvement of a lawyer. We charge by the time involved.
Can Probate be avoided?
Probate can often be avoided in many situations. Mennonite Trust planners 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!