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by Dorothy Powell
It sounds like the Will is pretty important. What happens if you die without one?
This is referred to as dying "intestate", and your estate will then be distributed according to the intestacy laws in your province. The end result may not be what you would have chosen, particularly where there are minor children involved.
The absence of a Will can delay the distribution of your estate and incur unnecessary administration costs. This could add both inconvenience and financial burden to the family that is already struggling from the grief of the lost loved one.
You mentioned Probate Fees....what are they?
Assets distributed through an estate may require "probate". This is a court process that confirms both the validity of the Will and that it is the "Last Will and Testament" of the deceased. As well, it confirms the authority of the Executor to administer and distribute the assets.
For providing this service, a fee is paid to the court out of the proceeds of the estate. The amount of the fee varies within provinces, either based on a percentage of the estate value or a flat fee or a combination of both.
~ Dorothy Powell completed a degree in Physiotherapy at the University of Alberta. She went on to own and manage her own businesses and currently serves as an Investment Advisor at Georgia Pacific Securities. She takes a personal interest in family management and estate planning, drawing from her life experiences as a single mom. She welcomes questions regarding investments and life insurance from women today canada.
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