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In the simplest words, it is the process of renaming the titles on all the assets that were owned by the person who has demised. At the time of the death, if the person had the investment accounts, bank accounts, real estate or for that matter any assets in their name then it will not be possible for anyone to gain access to them until the executor has been assigned to it by the court. This is one very important thing to know about probate wills in Alberta. The executor is also sometimes called Personal Representative. Once the representative has been appointed, he or she will be able to change the name or the ownership of the bank accounts, real estate, or the other assets. Also, the personal representative is the legally appointed representative of the deceased’s estate. Therefore, they are authorized to clear the debts or pay the bills of the deceased person on their behalf.
This is another thing that one will want to know about probate wills in Alberta. All the assets owned by the deceased need not be probated. For example, if the spouses had a joint bank account and one of them passes away then the other person will automatically own the bank account. No probate will be required in this case. Also, certain investments on which the name of the beneficiary is clearly mentioned do not need to be probated. For example, if there is a life insurance policy with the name of the wife as the beneficiary, in the event of the demise of the husband, wife will get the claim money without any probate. However, if the named beneficiary has predeceased and no new beneficiary has been declared then the asset will be probated.
While it may only take a week after the demise of the person to start the process, the completion may take several months. In fact, the easiest and most regular probate also may take many months. Until the probate has finished no one has the access to the assets. Therefore, several payments such as mortgage repayment may go pending.
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