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Difference between revisions of "Probating the Will"
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When you sign a probate form, it means you’re swearing or affirming that the information you’re providing in the document is true. You’ll need to sign ''some'' of the probate forms in front of a lawyer, notary public, or a commissioner for taking affidavits. All court registries have a commissioner for taking affidavits, and some community groups do as well. | When you sign a probate form, it means you’re swearing or affirming that the information you’re providing in the document is true. You’ll need to sign ''some'' of the probate forms in front of a lawyer, notary public, or a commissioner for taking affidavits. All court registries have a commissioner for taking affidavits, and some community groups do as well. | ||
== Listing assets and liabilities == | |||
The affidavit of assets and liabilities includes a statement that has three parts: | |||
* '''Real property (Part I)''': List the will-maker’s home and any other land or investment properties. | |||
* '''Personal property (Part II)''': List the will-maker’s personal property, such as cash, jewelry, furniture, vehicle, and the Canada Pension Plan death benefit. | |||
* '''Liabilities (Part III)''': List any debts or amounts owing. Don’t list any expenses incurred ''after'' the deceased died, such as funeral expenses or lawyer’s fees. | |||
'''Don’t list''' assets that are owned jointly (such as a house owned in joint tenancy) or that name a specific beneficiary, such as a life insurance policy. | |||
Parts I and II ask the '''value of the assets at death'''. Provide a value, or if the asset has no value, put “nil.” | |||
If you can’t get information about all of the deceased’s assets you can still apply for probate. However, you should disclose as much information on the the affidavit of assets and liabilities as possible. There’s a form (Form P18) you can file with the court to compel third parties to give you information about estate assets (for example, the balance of a bank account). Consider speaking to a lawyer who can help you obtain estate information. As you find new assets, you’ll need to prepare a new affidavit and pay further probate fees based on their value. | |||
{{PLSTipsbox | |||
| text = To help determine the market value of the person’s home, refer to BC Assessment’s property assessment information at bcassessment.ca. | |||
}} | |||
== Probate fees are based on the gross value of the estate == | |||
Once the application is reviewed, the probate registry will assess the '''probate fees''' payable. Probate fees are based on the gross value of the estate assets that were located in British Columbia when the will-maker died. This is the value of estate assets before subtracting debts. | |||
{| class="wikitable" | |||
|- | |||
! $0 to $25,000 !! 0 | |||
|- | |||
| For the first $25,000 to $50,000 || $6 for every $1,000 | |||
(or part of $1,000) | |||
|- | |||
| For any part of the value $50,000 or more || $14 for every $1,000 | |||
(or part of $1,000) | |||
|} | |||
For example, if the gross value of an estate is $125,000, the probate fees will be $1,200. This fee is in addition to the court filing fee of $200. | |||