As well, Letters Probate may be necessary if the executor expects that somebody may contest his or her right to act as executor. In Canada, almost all Wills go through probate, unless assets are simply passing to a joint asset holder. Because intangible personal property is only included in the value of the estate if the deceased was ordinarily resident in British Columbia, there are times when such assets are excluded from the probate fee calculation. The cost will vary, depending on whether you require non-core services and which estate lawyer you use. Contingency fees are usually based on a percentage of the damages recovered. Probate fees in BC are low. File the probate application in a probate registry of the Supreme Court of BC. For estates exceeding $25,000, probate fees are payable at the rate of $6 for every $1,000 (or part of $1,000) of the value of the estate that is between $25,000 and $50,000, and $14 for every $1,000 (or part of $1,000) by which the value of the estate exceeds $50,000. 4. If the value of the estate is more than $25,000, but less than $50,000, then the probate fee is $6 for every $1,000 (or part of $1,000) by which the value of the estate exceeds $25,000. For example, if you’re handling an estate that includes a house worth $300,000, with $175,000 left on the mortgage, the lawyer’s fee would be based on $300,000—not the $125,000 of equity the estate actually owns. I would caution anyone considering transferring assets into joint names with anyone (other than your beloved spouse who is intended to be your sole beneficiary anyway) just to avoid Probate fees because you are putting those assets at risk (distrustful joint owners, creditors of the joint owner etc. • intangible personal property that is located anywhere in the world, if the deceased was ordinarily resident in British Columbia (intangible personal property means items that you can’t feel and touch, such as investment accounts, stocks and bonds, etc.). In addition to the basic application fee, the probate fees depend on the value of the estate: Tom Fellhauer Appointed Queen’s Counsel, Pushor Mitchell Advises Choom Holdings on Strategic Acquisition. Legal fees are in addition to the fees paid to the government for probate or letters of administration. A Probate Tax is payable on the value of the estate for assets owned in British Columbia as follows: The basic fee payable for the application for probate is $200. However, this fee is waived if the entire value of the estate (all of the property of the deceased) does not exceed $25,000. If the Will is going to be probated, then the next thing to determine is the value of the estate. The assets owned by the deceased, how they were owned, where the deceased customarily lived and the values of the assets all play a role in determining the amount payable. The fees above do not include legal fees. There are probate fees that vary by Province, but fees can be … There are other circumstances that would also require probate, but the main thing to note is that probate is not always required. Melodie Lind can be reached at (250)869-1210 or at lind@pushormitchell.com, What ties together the areas of Melodie’s practice – tax, business, wills, estates and trusts law? V6Z 1N9 604-449-7779. This definition relates to the second and third issues, noted above. In addition to the basic Probate application fee, the following are the Probate fees paid to the government: $6 for each $1,000 or part of $1,000 of the value of the estate in excess of $25,000, up to $50,000, plus $14 for each $1,000 or part of $1,000 of the value of the estate in excess of $50,000. The basic fee is waived if the gross value of the estate does not exceed $25,000. Here are the following fees: 1) Personal Representative Fees. Because probate court must assign various strangers to unearth the deceased assets and disseminate properly, it costs much more money than if there is a clear directive from a revocable living trust. Our estate lawyers also help families and administrators deal with estates when someone has died without a will (called intestate). Legal fees associated with estate administration are based on the time a lawyer spends to advise a client or administrate the estate on behalf of the client and can be claimed from the estate as an expense. These fees are often high under the circumstances because they are calculated based on the gross value of the probate assets, not the net value. To learn more see our blog on The New Wills Estates & Succession Act “WESA,” and what it means for British Columbians. In addition to the basic application fee, the probate fees depend on the value of the estate: By filling out the Probate intake form you can save us time which translates into substantial savings for you. Likewise, RRSPs or life insurance policies that name a designated beneficiary automatically pass to that named beneficiary. There are some circumstances, however, which reduce the amount of probate fees payable. 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