What is Probate and Why is Important?

Certain activities will require the Will to go through a court process called 'Probate.' The court will assess the estate's assets, evaluate the beneficiaries, validate and authentic the Will.  The Executor/Personal Representatives of a Will will have to obtain a “Grant of Probate” by the court to begin estate administration. Probate is the process of creating a package of documents along with the original will and submitting it to the Surrogate Court whereby the court will authenticate the Will.

Grant of Probate confirms the validity of the Will and authorizes the Personal Representatives to take control of the deceased’s assets. Whether you want to withdraw money from the deceased's bank accounts or transfer property to the beneficiary, there will be a requirement for the Will to go through Probate.  Activities such as transfer of real estate and large accounts at financial institutions will require a certified copy of the probated Will before the land can be transferred or the funds can be released.

Within the Will, the deceased has chosen a trusted family member/friend/professional to take on the role of the executor/personal representative of the deceased's estate. That individual is in charge of the administration of the estate, and the position does come with significant legal obligations and liabilities. The executor/personal representative must abide by strict provincial rules and regulations.