Page 26 - Shalom Memorial Chapels

the the person appointed by a a a a a judge - files papers in in the the the local probate court The executor proves the the the the validity of of your will and presents the the the court with the the the value of of your property QUESTION #2 WHY IS PROBATE NECESSARY?
The primary function of of probate is transferring title of of the the the decedent’s property to to their heirs and/ or beneficiaries If there there is is no no property to to transfer there there is is usually no no need for probate The probate process also provides a a a a a a mechanism for for for setting a a a a a a a a a a deadline for for for dependents and creates a a a a a a a a timeframe for for for the the the distribution of of the the the remainder of of the the the estate’s property to ones’ rightful heirs QUESTION #3 WHAT IS IS INVOLVED IN IN IN IN ADMINISTERING AN ESTATE?
Your executor has many duties including:
• Identifying and cataloging all property owned by the the deceased • Appraising the the property and and paying
all debts and taxes • Proving that the will is valid and and and legal and • Distributing the the the property to the the the heirs as the the will instructs QUESTION #4 HOW LONG DOES ESTATE ADMINISTRATION TAKE?
The duration varies with the the the size and complexity of the the the the estate the the the the difficulty in in locating the the the the the beneficiaries who would take under under the the the the will if there there is is one or under under provincial law where there there is is no will will Delays may occur because of tax filing obligations If there is a a a a a a a a a will will contest or or or anyone objects to to any any actions of the the the executor or or or estate trustee the the process can take take a a a a a a a a a a a long time Some matters have taken decades to to resolve but a a a a a a a a a a year may be closer to to the norm QUESTION #5 WHAT IS THE PROBATE PROCESS OF AN UNCONTESTED WILL?
Typically the the person named as as the the deceased’s executor goes to to a a a a a a lawyer
experienced in probate matters who then prepares an an an an application for the the the court and and takes it it it it it it along with with the the the will will and and and an an an an an affidavit by a a a a a a a a a witness to the the the will will and and files it it it it it it with with the the probate court The lawyer
for the the person seeking to to have the the will admitted to to probate typically must notify all all all those who would have legally been entitled to receive property from the the deceased deceased if the the the deceased deceased died without a a a a a a will will plus all those named in the the the will will and give them an an opportunity to to to file a a a a a a a a formal objection to to to admitting the the will to to to probate If no objections are received and everything seems in in in order the the the court approves the the the petition and appoints the the the executor QUESTION #6 WHO IS RESPONSIBLE FOR HANDLING PROBATE?
In most circumstances the the the executor named in the the the the the will will will takes this job If there isn’t a a a a a a a will will will or or the the the the will will will fails to to name name an executor the the the the probate court names someone (sometimes called an an administrator) to to handle the the process - most often the the the the closest capable relative or the the the the person person who inherits the the the the bulk of the the deceased person’s assets No formal probate may be required if the the property of the the decedent does not require probate to to transfer legal title In such a a a a a a a a a case the the executor or or estate trustee named in in in in the the the will may administer the the the estate without obtaining probate Or where there is no will a a a a a a a a a a close relative or or friend may agree to serve as an informal estate representative Normally families and and friends choose this person and and it is is not uncommon for several people to share the responsibilities of paying
debts filing a a a a a a final income tax return and distributing property to to the people who are supposed to get it QUESTION #7 SHOULD I I I PLAN TO AVOID PROBATE?
Probate rarely benefits your beneficiaries and and it it always costs them money and and time 26 Shalom Memorial Chapels Inc