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Probate is a process that must be completed when someone dies and they own property (real estate, bank accounts, investments, or anything else with value) in that person’s name. When you inherit property from someone who has died, their will has instructed the executor of their estate to transfer the ownership of their assets to you. However, it can take time for probate to be finalised. The executor must file the Last Will and Testament with the court so that their instructions can be followed. Then there’s proving that person has died, signing agreements so that others are able to access the money and property they are entitled to – as well as paying all taxes owed on those assets. You might think this sounds awful, but it’s not something anyone needs to fear. In this blog post we’ll walk you through what probate is and why you shouldn’t fear it.

What is Probate?

If someone dies and they own property (real estate, bank accounts, investments, or anything else with value) in that person’s name, probate is the legal process that must be completed to transfer ownership of those assets to their rightful owners. This is because the person who has died can no longer manage those assets. When someone dies, their assets are frozen. They cannot be transferred to the loved ones who inherit them unless the probate process has been completed. In most cases, the probate process is simple and straightforward.

Why You Shouldn’t Fear Probate

The probate process is something that everyone must go through when someone dies and they own property in their name. It doesn’t matter if that person was super rich or lived out of a cardboard box. The only way for the executor of their estate to distribute their assets to their rightful heirs is to go through probate. While this might sound like a tedious process that takes a long time to complete, the opposite is usually true. The median probate time in Canada is just 9.5 months, according to data from the Canadian Real Estate Association. This means that most probate processes are very quick. And if you’re wondering why you don’t see this data in the news, that’s because the media often likes to focus on the worst-case scenario. So as a result, they report on the rare instances when the probate process is long-winded or complicated. And even though that does happen from time to time, it’s not normal for the probate process to take a long time.

What Happens During Probate?

Before we walk through the steps of the probate process, let’s first talk about what happens to a person’s assets when they pass away. In a perfect world, when a person dies, their loved ones would be able to access their assets and be on their way. But that’s not how it works. When a person dies, the ownership of their assets becomes frozen. This means they can’t be transferred to the people who inherit them until the probate process is complete. Although this process may sound complicated, it’s actually fairly straightforward. The executor of their estate (usually their lawyer) will file the Last Will and Testament with the court and apply for letters testamentary, which allows them to act on behalf of the estate. Then, they’ll have to prove that person has died and sign agreements with non-probate assets so that they can access the money they are entitled to. The executor of the estate must also pay all taxes owed on those assets before they can be transferred to the heirs who inherit them.

What Doesn’t Happen During Probate?

There are a few things that the executor of the estate does not do during the probate of will sample process. They do not determine the value of the assets owned by the person who has died or their estate. That is the job of an appraiser. And they do not distribute the assets to the heirs. That is the job of the probate judge. While the executor is responsible for completing the probate process, they do not have the authority to distribute the assets to the heirs. That is something that only a probate judge can do.

Final Words: Now You Know the Basics of Probate

The probate process is something that must be completed when someone dies and they own property in their name. It doesn’t matter if that person was super rich or lived out of a cardboard box. The only way for the executor of their estate to distribute their assets to their rightful heirs is to go through probate. While this process may sound like a tedious thing to be feared, it’s actually fairly straightforward. Now you know the basics of probate and why you shouldn’t fear it.