It Is Important to Know What Probating an Estate Means
A probate estate can be defined as the total value of your assets. Your probate estate will be discharged/paid out to your listed beneficiaries and in line with the expressed instructions of your will and testament if available.
In Canada, when a person dies, their estate must go through probate. This process is overseen by a probate court where it is submitted to, reviewed, and given recognition. If the diseased left a will/testament, then the court can decide if it should be probate or not.
For those who didn’t partner with specialists like the Elephas Group and didn’t leave a will/testament (also known as dying “intestate”), the probate court will appoint an executor/personal representative to distribute the deceased party’s assets in line with the Descent and Distribution laws that govern it.
Examples of Things That Are Included in a Probating Estate
An estate only becomes probate if it has assets that need to be legally settled and/or distributed to beneficiaries (irrespective of a will/testament being present). It is therefore imperative to do estate planning as soon as possible to ensure that the probate steps you take now will ensure a smooth execution of your last wishes when you pass away.
Often, people unknowingly confuse a probate estate with a gross estate. A gross estate relates to the value of the estate with regards to any estate tax that might be owing. Some examples of assets that form part of a probate estate may include:
- Your own property
- Cash on hand in any bank account
- Movable assets like cars
- Shares issued in your name
Things That Need to Be Considered
Nobody likes to think about leaving their loved ones behind, but the comfort it will give you if proper planning is done is priceless. Here are some things to consider now:
- Make sure you have a will/testament
- Ensure you have everything well documented
- Remember to have everything easily accessible when it comes to asset values and key contact people
- Make sure you have sufficient Burial Insurance to cover any expenses
- Ask who you want to have administer your estate (including who should be the executor)
Speak to a Professional
Planning from A-Z
It can be very beneficial to consult professional help in planning and/or managing your estate. This will ensure that you do not need to worry about missing anything. Fortunately, The Elephas Group offers tried and tested solutions like the Final Needs Planning Program.
Taking Care of the Administration for You
You can also benefit from the Final Document Service on offer, where all administrative burdens that would normally overwhelm you and your loved ones are taken care of for you. The Elephas Group has years of experience in this area to ensure a smooth and compliant process.
An important thing to consider here is the peace of mind we offer when it comes to speaking to banks, credit bureaus, and ensuring there is no identity theft. Elephas also ensures that you and your loved ones are not left with unnecessary debts in the event of your passing.