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Difference between revisions of "Ten Steps to Being an Executor"
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Ten Steps to Being an Executor (view source)
Revision as of 00:04, 13 February 2016
, 00:04, 13 February 2016→Step 7: If Necessary, Apply for Probate
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== Step 7: If Necessary, Apply for Probate == | == Step 7: If Necessary, Apply for Probate == | ||
[[File:beinganexecutor-contents4.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.shutterstock.com</span>]] | [[File:beinganexecutor-contents4.png|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.shutterstock.com</span>]] | ||
As the executor, you may need to '''probate''' the will. In the probate process, you submit special forms and the will to court; see below for details. If everything is in order, the court issues a grant of probate. This document allows financial institutions and other organizations such as the Land Title Office to rely on the will as being the last will made by the will-maker. | As the executor, you may need to [[Probating the Will|'''probate''' the will]]. In the probate process, you submit special forms and the will to court; see below for details. If everything is in order, the court issues a grant of probate. This document allows financial institutions and other organizations such as the Land Title Office to rely on the will as being the last will made by the will-maker. | ||
=== When is probate required? === | === When is probate required? === | ||
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=== What if the estate involves more than $25,000? === | === What if the estate involves more than $25,000? === | ||
If the estate assets are worth more than $25,000, probate will usually be required. It is up to the institutions who hold the assets whether they will transfer them to you without probate. Check with the institutions that hold the deceased’s assets to find out what they require. | If the estate assets are worth more than $25,000, probate will usually be required. It is up to the institutions who hold the assets whether they will transfer them to you without probate. Check with the institutions that hold the deceased’s assets to find out what they require. | ||
== Step 8: Deal with Debts and Taxes == | == Step 8: Deal with Debts and Taxes == | ||