What Is A Probated Will?
When an individual passes away, they typically leave behind a legal will to ensure their wishes are respected. In order to accomplish this, the deceased person’s custodians (i.e.: lawyer, financial institution, etc.) and/or their will’s executors ensure the document goes through probate.
WHAT IS PROBATE/GRANT OF PROBATE?
Probate or the granting of probate is the validation and authentication of an individual’s will or the individual’s estate (if there is no will).
WHO REGULATES THE PROBATE OF A WILL?
The provincial court oversees the probate process, which endorses the executor named in the will (or names an administrator in the absence of the deceased person’s wishes). The executor is then allowed to make legal decisions to settle the estate.
HOW DOES PROBATE HAPPEN WITHOUT A WILL?
Whether there is no will or an existing will is deemed invalid, the administrator is charged with overseeing the settling of the estate. An administrator’s duties include but are not limited to receiving claims, paying debts and bills, filing taxes, locating next of kin and distributing assets, if any.
IS THE PROBATE PROCESS ALWAYS NECESSARY?
In very specific cases, the grant of probate may not be required. The most common case of this is when a surviving spouse is a joint owner of the deceased spouse’s assets.
WHAT CAN DELAY THE GRANTING OF PROBATE?
The following events are all examples of what can delay the probate process:
- Missing or non-communicative beneficiary;
- Disputes among beneficiaries;
- Complex estates with requirements to third-parties;
- Disputes from without such as non-beneficiaries or creditors;
- Absent or unwilling executor.