Probate in Ontario refers to the legal process where the court formally recognizes the validity of a will and grants the authority to the executor named in the will to administer the deceased’s estate. This process is officially known as applying for a “Certificate of Appointment of Estate Trustee.” However, it is commonly referred to as probate.
Here’s a simpler breakdown of what this means:
1. Validity and Authority:
When someone passes away, their will needs to be proven as valid. Probate is the court’s way of saying, “This will is legitimate, and the person named as executor has the right to handle the estate.”
2. Executor’s Role:
The executor is responsible for gathering the deceased’s assets, paying off any debts, and distributing what’s left to the beneficiaries according to the will.
3. Why Probate is Necessary:
Probate gives the executor legal authority to do things like sell property or access bank accounts. It also reassures institutions and people dealing with the executor that they are authorized to manage the deceased’s affairs.
4. Is Probate Always Required?
Not always. Whether an estate goes through probate in Ontario depends on the nature and value of the assets and the requirements of institutions holding these assets. For example, if the deceased owned real estate solely in their name or had substantial bank accounts, probate is usually necessary. However, if the assets were jointly owned with a right of survivorship (like a home owned jointly by spouses), they might pass directly to the co-owner without needing probate.
5. Avoiding Probate:
In some cases, people plan their estate in ways to minimize the need for probate, like through joint ownership or designating beneficiaries on certain accounts. This can make the process quicker and less costly for the estate.
6. Costs and Time:
Probate can involve fees based on the value of the estate and might take time, which can be important considerations in estate planning.
In layman’s terms, think of probate as the legal stamp of approval on a will, which enables the executor to go ahead and manage the deceased’s estate as outlined in the will. It’s a step to ensure that everything is in order and that the executor’s actions are legally recognized.
