A will is a legal document outlining what you would like to happen to your real estate, minor children, and possessions when you die, and it is a crucial part of estate planning for everyone. But while some Canadians opt to have their wills notarized, others go through the probate process.
To help you decide whether your will should go through probate in Alberta or be notarized, here’s a brief guide:
What does it mean to have your will notarized?
When a will is notarized, it simply means that the document has been signed in the presence of a witness, who is usually a notary public. Although notarization doesn’t mean that the will is legally binding, it does make it easier to prove its validity, should this come into question. Also, a will that has been notarized can help to make the whole process of probate more streamlined, as it may prevent heirs from challenging it.
What is probate?
To prove that a will is legally valid, it must go through the process of probate. During this process, the named executor of the will is also given proper authority to carry out the deceased person’s wishes as outlined in the will.
Unfortunately, the process of probate can be complex and time-consuming, and with court fees and other associated costs to cover, it can be expensive. As such, many Canadians opt for notarization instead.
Is probate needed for your will?
In the majority of instances, estates in Canada need probate, and although it isn’t a legal requirement, most people choose to have their wills probated. There are, however, two exclusions that may mean it isn’t necessary:
· The probate estate’s value—for estates valued at $150,000 or less (otherwise known as small estates), probate isn’t needed, and distribution can take place according to the will.
· Debts owed—for debts to be paid off, the probate process may be needed before asset distribution can commence.
Additionally, if a bank account is held jointly with another person, the account will pass to them automatically, without a requirement for probate. Assets with named beneficiaries will also pass to the other person without probate being needed, such as life insurance policies.
How long does probate take?
Generally, the probate process in Canada takes between 6 and 8 weeks to complete, although, as you might expect, a lot depends on how complicated the estate is and how many different parties are involved in the will. The most important thing to remember when you probate a will is that only when the process has been completed is the will’s executor permitted to distribute assets from the estate. Unfortunately, this can cause the beneficiaries financial hardship, so planning is imperative if this is to be avoided or minimized.
Probate is a vital aspect of formal estate planning that provides a robust legal framework for asset distribution and ensuring that the final wishes of the decedent are honoured. If you’re undecided as to whether probate is needed for your particular circumstances, a consultation with a wills and estate lawyer should tell you everything you need to know.
