Winnipeg Estate Planning Attorney
Probate is the process by which a will is verified as legally valid, along with the authority to act of the executors named in the will. Depending on the assets involved, probate is not always necessary. For example, assets such as a joint bank account or a house held in joint tenancy usually pass automatically to the surviving spouse and do not then require probate. Similarly, where beneficiaries are named in instances such as retirement accounts and life insurance, probate would not be needed.
While probate involves fees and taxes, it does have its benefits. It can protect assets
from unwarranted control and can also protect a rightful executor from personal liability for distributed assets. Additionally, a limited period applies in which additional dependants or beneficiaries can make a claim. Without probate, no time limit is in effect. A Winnipeg estate planning lawyer
can weigh how these factors apply to your estate and planaccordingly.
Probably the most important thing to note about estate administration is that if you do not assign someone to this role in a legal will, your estate will be administered by someone not of your choosing. This means a qualified person and even a creditor can apply and be approved to take on that duty and thus divide your assets according to their own priorities.
Administering an estate is an incredibly involved and time-consuming process. At Assiniboia Law Office, we can help with the preparation that makes the administration of your estate a smoother process. We can help to protect beneficiaries from unnecessary fees and mismanagement or claims from additional dependants. This process also helps to ensure your wishes are able to be effected after your passing.
Contact a Winnipeg Estate Planning Lawyer for help establishing your estate plan in a way which takes probate and estate administration into account for the good of your loved ones.