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Probate Fees in Canada: What is it and can you avoid it? 

Becker Orr Wealth Management
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Welcome to a comprehensive guide on Probate in real estate planning! In this video, Clinton & Kevin break down the intricacies of Probate, a crucial legal process. Discover why Probate is essential, ensuring the validity of a will, preventing conflicts, and ensuring financial institutions can follow the will's instructions confidently. Clinton & Kevin also delve into the Cost of Probate, emphasizing that fees are not income tax but based on the estate's value, which varies across Canadian provinces and territories.
Learn about practical Ways to Avoid Probate Fees, including Early Inheritance, Joint Ownership, and Beneficiary Designations, with insightful considerations for each strategy.
While there's no magic solution to completely avoid Probate, careful planning in your estate strikes a balance between simplicity and tax efficiency. Join us in demystifying Probate and optimizing your estate plan for a secure future.
Clinton and Kevin are with Becker Orr Wealth Management and are both Portfolio Managers with Canaccord Genuity Wealth Management. Combined, they have over 40 years of experience.
Chapters -
0:00 - Intro
0:13 - What is probate?
1:32 - Why do we have probate?
3:17 - How much are probate fees?
5:48 - How to avoid probate?
6:29 - Early inheritance
7:52 - Joint ownership
9:49 - Beneficiaries
12:45 - Have a plan
Have a question or want to review your financial plan? Chat with us! Visit:
www.beckerorr.com/chat-with-us

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9 июл 2024

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Комментарии : 9   
@ShakuniMamaKaRishtedaar
@ShakuniMamaKaRishtedaar 10 дней назад
Thank you very much for the video. I know a lot of hard work goes into creating such videos, so merci beaucoup en core! I have some questions. I hope you will be able to answer them. 1) I believe a probate kicks in only when the person writing the will is dead, am I correct? Is it mandatory for the beneficiary of the will to apply for probate? My only child is the sole beneficiary of all my investments, cars and real estate. Is she supposed to apply for probate once I pass away even though she is the sole beneficiary? 2) If no executor is mentioned in the Last Will, does the Will become null and void? I do have a Last Will that says all my belongings will go to my child once I die, but I am not sure if an executor of the will is mentioned in it. If not, can I designate the beneficiary (my child) as the executor in an amendment to the Will? In other words, she will be the executor as well as sole beneficiary. Is it mandatory to have the executor's name in the Last Will? 3) What if an executor dies before the testator? 4) On what grounds can an Ontario court decide if a Will is null and void? I understand that a Will must have witnesses. Is there any other reason owing to which a Will could be deemed null and void by a court? 5) Can a probate be applied for before the testator passes away? That way, the beneficiary will not face any roadblocks or delays once the testator departs and the whole process of transferring all my properties to my daughter will be fast, simple and straight-forward. Thanking you in advance!
@BeckerOrrWealthManagement
@BeckerOrrWealthManagement 9 дней назад
Thank you for the kind words. We can help you sort some of those questions, additional context and detail would be required. Perhaps best to have that conversation in private, please reach out to us: beckerorr.com/chat-with-us/, we are happy to chat.
@marcelmed4574
@marcelmed4574 5 месяцев назад
what triggers probate? I've been an executor in a previous will and probate was not used. i understand if someone was contesting the will it makes sense.
@BeckerOrrWealthManagement
@BeckerOrrWealthManagement 5 месяцев назад
Our understanding is that most wills in Canada are probated. If the estate has to sell property, might be one example. Another, if the deceased has non-registered investments solely in their name. A third example, could be assets in the estate that do not list beneficiaries.
@Barbeeznet
@Barbeeznet 5 месяцев назад
Are there lawyer costs along with the probate fee?
@BeckerOrrWealthManagement
@BeckerOrrWealthManagement 5 месяцев назад
If you decide to hire a lawyer to manage the estate and probate process, there will legal costs.
@garypower9024
@garypower9024 3 месяца назад
If i listed my two children as beneficiaries on my chequing or savings account, is th amount they received taxable, secondly would probate apply Thanks
@BeckerOrrWealthManagement
@BeckerOrrWealthManagement 3 месяца назад
My understanding is that beneficiaries are only permitted on registered accounts. Bank accounts (savings or chequing) typically do not have beneficiaries. Sometimes folks will list a spouse or child as a joint owner on a bank account, that's different than a beneficiary. We have a video on joint accounts: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LhBSKP87L60.html
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