A: Estate Administration can take anywhere from a year or longer to conclude depending on the complexity of the estate assets and liabilities. The executor while dealing with the beneficiaries and estate assets is also required by the Wills, Estates and Succession Act to hold the funds for 210 days after the grant of letters probate before making a distribution. The executor deals with Canada Revenue Agency to obtain the necessary clearance certificates and this can also add to the time required in administering the estate.
A: No. The Executor’s fees are outlined under Section 88 of the Trustee Act of BC. The Executor’s fee under the act may be no more than 5% of the gross aggregate assets of the estate including capital income. This applies to both individuals and Corporate Executor.
A: Yes. You can name any number of Executors under your will as long as they are over the age of majority.
A: No. There is no estate tax in Canada or Succession Duties in British Columbia. Depending on the size of the estate there may be probate fees to be paid.
A: Probate fees in BC start at $6.00 per thousand or part thereof for any amount over $25,000 and up to $50,000. For estates valued at over $50,000 the fee rises to $14.00 per thousand or part thereof. In addition, there is a basic charge of $200.00. For example, for an estate valued at $175,000 the fee will be:
Basic fee is $200.00
$50,000-$25,000 @ $6.00 per thousand is $150.00
Balance $125,000 @ $14.00 per thousand is $1,750
Total probate fee is $2,100
A: No. Your Will should be prepared by a Solicitor (Lawyer) or Notary Public. Truvera Trust Corporation has the expertise to assist you in preparing for your meeting with your Solicitor or Notary.
A: The three important documents are the Will to deal with your assets upon your passing. Secondly, a Power of Attorney should you wish to allow a corporate trustee or individual to administer your assets, should you wish them to do so at any time, or should you become mentally incapacitated. Thirdly, a Representation Agreement to an individual(s) to attend to your physical care should you not be able to do so due to illness, accident or mental incapacity.