Probate is a term you may have heard in relation to Wills and Estates but may not fully understand. In Ontario, probate is the court process that validates a deceased person’s Will, ensuring it is legally recognized. If you’re appointed as an executor—the person responsible for carrying out the Will—understanding the basics of probate is essential. Here’s a brief guide to what probate entails in Ontario.
What is Probate?
Probate in Ontario is a legal certification from the court confirming that the Will is valid and that the executor has authority to manage the deceased person’s assets. Not every Estate requires probate, but it’s often necessary for Estates with substantial assets like real estate or large financial accounts. Probate provides assurance to banks and institutions that assets are being released to the correct person and that the Estate is being distributed according to the Will’s intentions. Typically, financial institutions will indicate if probate is needed, but real estate requirements can also play a role. Consulting an Estate lawyer can help clarify if probate is necessary.
When is Probate Needed?
While each Estate is unique, probate is generally required if:
Financial institutions require probate before releasing assets.
The deceased held Real Estate solely in their name.
The Estate includes substantial bank or investment accounts.
Some assets, like jointly held bank accounts or property shared with a spouse, may bypass probate. Life insurance policies or retirement accounts with named beneficiaries can also be transferred without probate.
Steps to Probate
Gather Documents: You’ll need the original Will, a death certificate, and details on the Estate’s assets and debts at the time of death.
Complete the Probate Application Forms: In Ontario, this application is called the “Application for a Certificate of Appointment of Estate Trustee.” An Estate lawyer will prepare this form and other required documents.
Calculate Probate Fees: In Ontario, the first $50,000 of the Estate’s value is exempt from fees, while the amount over $50,000 is subject to a fee of 1.5%, or $15 per $1,000. Your Estate lawyer will calculate this on your behalf.
Submit the Application to the Court: After signing the application with your lawyer, they will submit it, along with the probate fees, to the appropriate Ontario Superior Court of Justice. Processing times can range from a few weeks to several months, or even up to a year in some cases, so it’s best to apply early.
Receive the Certificate of Appointment: Once approved, this certificate grants you the authority to manage the Estate, access accounts, settle debts, and distribute assets according to the Will.
Navigating probate can feel complex, but with the right support and understanding of these steps, you can ensure the Estate is settled efficiently. Working with an Estate lawyer and being prepared makes the process smoother and helps honor your loved one’s wishes.
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