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Friday, May 1, 2015

A smile for the weekend


2 comments:

  1. Love your blog!!
    Just came across it recently - but I am working back and reading all the posts....now at Dec 2012!!

    Anyways, i know you have touched on probate a bunch of times...but i still have a question.

    If there is only a small account that the bank doesn't want Grant of Probate to release funds for, and RRSP and RIF with beneficiaries...I know that probate is not required and therefore things like personal items, domestic items, jewellery and car would also not need to be probated.
    HOWEVER, if there is the above PLUS a house that is not "joint"....I know that probate IS required .

    Therefore, my question is...
    If probate is required, do the personal items, domestic items, jewellery and car now need to be added to to probate application as well? What about the small account that the bank didn't need Grant of Probate for to transfer funds?
    I know the RRSP and RIF wouldn't need to be included because they named beneficiaries....but confused on the rest.
    Is probate "all or nothing"....or better yet "nothing or all"???

    ReplyDelete
    Replies
    1. You HAVE been paying attention! You've got the basic rules down pat. When preparing the application for probate, in addition to listing the house on the inventory, you would include the small bank account, the car and the other items. It is, as you say, "nothing or all". The reason is that the documentation asks you to swear an affidavit that the assets on the inventory are everything the deceased owns in the jurisdiction.

      When you list the household items, you don't need to list them individually. You can put an estimate such as $2,000 to cover all furniture, linens, kitchen stuff, clothing, decorative items, etc. Exceptions to this would be collections, antiques, or fine jewelry that should be valuated separately.

      Lynne

      Delete

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