Toronto Estate Administration Lawyers

Estate planning is important to ensure that possible tax efficiencies are considered so that you can maximize the value of your estate and reduce taxes upon your death.

What Is Probate?

Probate is the court process that grants an Executor the authority to act on behalf of the deceased. Specifically, it involves:

• The formal approval of a will as the valid last will of the deceased; and
• The appointment of the Executor of the estate.

When is Probate Required?

Probate is not required in every instance. However, it will be necessary where:

• A Court approval is required to validate the will or the choice of Executor;
• The estate includes real estate that does not automatically vest in an individual like the spouse of the deceased; and
• A bank or other financial institution requires probate.

Probate Fees

Probate fees are calculated as follows:

• $5 per $1,000 of estate assets up to $50,000; and
• $15 per $1,000 of estate assets over $50,000.

Assets subject to probate include:

• real estate (minus any encumbrances such as mortgages);
• investments (except those that have named beneficiaries, such as RRSPs, TFSAs, etc.);
• bank accounts (except those that are in joint ownership);
• collections (art, coins, etc.); and
• furniture.

Probate is assessed on the fair market value of these assets on the date of death.

How Can Baker & Company Help?

The days, weeks, and months following the death of a family member or loved one can be overwhelming and highly emotional. Dealing with the estate administration process on top of that can be additionally challenging.

Baker & Company: Toronto Estates Lawyer Advising Clients on Estate Administration

When a loved one dies, allow Baker & Company to assist you with winding up and administering the Estate. We can offer practical advice and cost-effective services to ensure that the Estate is wound up to the best advantage of the beneficiaries. Call us at 416-777-0100 or contact us online for a consultation.