PROBATING A WILL
Deer Lake Law Group - Burnaby Lawyers
Probate is the process by which the Court verifies a will is real and valid under B.C. laws. Probate may be required if:
- The deceased owned real estate not owned jointly with another party
- The agencies and financial institutions that hold assets within the estate require the will to go through a probate before the assets are distributed.
- If you are unsure whether or not a will needs to be probated, contact one of our lawyers and discuss the circumstances of your situation with them.
Our lawyers can provide you with the answers you need.
The executor of a Will is responsible for carrying out the wishes of a person after they die. The role of the executor is to manage the estate within the terms of the Will and protect the assets of the estate. The basic duties of the executor include the following:
The value of assets must be ascertained, often by obtaining valuations from licensed valuers or estimates from recognized sources.
This is referred to as obtaining ' probate of the Will '.
This means that the executor will have to give details of all income earned during the current financial year and past years, if the deceased failed to file a return.
In many cases, the calculation of capital gains tax is involved.
This often requires the executor to sell some assets. Beneficiaries may choose to provide funds to cover these expenses so as to keep the assets of the estate intact.
Be aware that the executor may be held personally liable for these debts if they remain unpaid after the distribution of the estate.
Such trusts need ongoing administration, often over many years.
Deer Lake Law Group, Burnaby Law Firm & Law Office Family Lawyers. We Want to make your Legal Matter less stressful for you! We are committed to helping you understand the legal processes in BC. A Deer Lake Law Group Burnaby Lawyer can answer general questions about probate, probating a will and the Canadian Legal Process. As a full-service Law Office Located near Deer Lake and Metrotown, our probate lawyer can help you with Estate Litigation, Probate Of Will, Subject To Probate, Probating A Will, Probate Court, Applying For Probate, Executor Of Will, Executor Of Estate, And Grant Of Probate