I recently wrote an article discussing exactly what Probate is – basically the “validation” of the Court that the Executor of a Will is duly appointed and able to deal with the deceased’s assets pursuant to a valid Last Will and Testament of the deceased.
Probate fees in BC are approximately 1.4% of the GROSS estate. So, for every $100,000, probate fees are $1,400. If you have a $1,000,000 estate then probate fees are $14,000.
Another frequently asked question is “How long does Probate take?” This isn’t quite as easy to answer as there are a myriad of factors that can delay or lengthen the Probate process. Rather than an estimate, I like to call it a guesstimate. From the date of death, to the due diligence process (gathering information on the deceased’s financial affairs/landholdings) to the actual filing of Probate with the Court can take anywhere from a month at best, to several months (especially if the deceased has a large portfolio of assets). Once Probate is applied for with the Court, it usually takes around 2 months for the Court to Grant Probate. After Probate is granted, (say around 4 – 6 months after the date of death), there are then waiting periods before an Estate can be distributed to allow interested parties to make claims. Taxes also have to be dealt with and a final Clearance Certificate for the Estate should be issued by CRA. Estates with complex assets or disputes can take much longer to administer (several years).
This is provided as information ONLY; it should NOT be construed as legal advice. You should consult with a lawyer to provide you with specific advice for your own situation. For more information on estate planning and to discuss your specific circumstances, please contact Vanessa DeDominicis on 250-869-1140 or [email protected]. Vanessa practices in the area of Wills / Estates and Real Estate at Pushor Mitchell LLP in Kelowna and would be more than happy to assist you.
