Settling An Estate

Settling An Estate

Settling an estate in British Columbia involves a process known as probate.

What Does “Probate” Mean?

You might hear terms like “probate fees,” “probating a will,” or “probate registry.” Probate refers to the legal process where the courts verify a will’s validity under BC law.

After the will-maker (the “deceased”) passes away, the executor(s) named in the will must apply for probate through the Probate Registry of the BC Supreme Court. Before granting probate, the court collects a probate fee, which is typically about 1.4% of the estate’s “gross value.” The Probate Fee Act provides more detailed information on these fees.

“Settling an estate” refers to the executor’s responsibilities, such as gathering assets, paying debts, filing tax returns, identifying beneficiaries, and distributing the estate’s assets.

*The estate excludes jointly owned property that transfers to another owner through the right of survivorship (see Joint Ownership), as well as registered plans, insurance policies, or other accounts with named beneficiaries (see Beneficiary Designations).

Why Are Wills Probated?

Although an executor gains their legal authority from the will upon the will-maker’s death, probate provides assurance to institutions and other parties that the will is valid and that the executor is authorized to manage the deceased’s estate.

Do All Wills Need to Be Probated?

Not every will requires probate. For example, if the deceased’s assets are valued at less than $25,000 (excluding real estate), the financial institution holding the accounts may accept the will and death certificate as sufficient documentation to release assets to the executor. However, this depends on the institution’s policy, as there are no specific legal guidelines.

How Does an Executor Apply for Probate?

The executor must submit the necessary probate forms to one of the Probate Registries of the BC Supreme Court to initiate the probate process.

At MTC Law, we have an experienced team to help you navigate the probate process. Connect with us today for more information.