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Top facts about probate wills in alberta

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Top Facts about Probate Wills in Alberta

When the clients go to meet the lawyers in order to do the estate-planning and write the will, there is one thing that is very clear in their mind – avoid the probate. They have every reason to think that way. First of all, this process is very time-consuming. It might require the beneficiaries to spend a lot of time doing the rounds of the court and lawyers. Secondly, it could be very expensive as well. This is something that most of the people will want to avoid. Thirdly, most of the proceedings of this process are public and thus anyone who has an interest in the estate will get to know about it. Here are some of the top facts that many would like to know about it.
it is the process of changing the asset titles
It is the process of changing the asset titles

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.

probate is not required for all the assets
Probate is not required for all the assets

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.

probate can be time consuming and expensive as well
Probate can be time consuming and expensive as well

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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