BetCrooks - You are right - better to declare as trust income and pay $625 versus losing $1250 to GIS cutback.BetCrooks wrote: ↑ Then it may be worth figuring out if the 2500 can be declared on a T3 for the Estate rather than personally. It will still be taxed but it may save cutting the GIS for no reason
https://kwbllp.com/2020/05/04/cpp-death ... r-payment/
I've never done it so I'm not clear on how it works but may be worth looking into?
krwilson - thank you - this is very helpful - all bank accounts are joint. There are no other assets in the will. The estate will have only CPP death benefitkrwilson wrote: ↑ Probate can be avoided in Ontario if there really is no estate, by this I mean if all things go to your father by means of joint ownership, such as bank accounts, etc. My father passed a few years ago and I did not go through probate working as his executor for all things went to my mother. My mother passed last year and then I needed to go through probate to settle her estate acting as her executor.
Good write up is here: https://ontario-probate.ca/when-is-probate-required-2/
I am in a similar situation. I applied for my mother's probate back in early 2020, before the lock down, and I'm still waiting for the courts to approve the assignment of me as the executor. How long did you have to wait? I heard that it may take a year but it's been over 16 months and I'm still waiting. Curious to know other people's experiences on wait times.krwilson wrote: ↑ Probate can be avoided in Ontario if there really is no estate, by this I mean if all things go to your father by means of joint ownership, such as bank accounts, etc. My father passed a few years ago and I did not go through probate working as his executor for all things went to my mother. My mother passed last year and then I needed to go through probate to settle her estate acting as her executor.
Good write up is here: https://ontario-probate.ca/when-is-probate-required-2/
True.....BUT depending on what is being distributed you can easily run into roadblocks from banks and other financial institutions that will demand a copy of probate before you can do anything.
Thanks for sharing your situation. Bracebridge would definitely faster. I worked with a lawyer as well and I was told that it would take about a year in Toronto. Understood that Covid is also a factor but it's been about 16 months and I'm still waiting.krwilson wrote: ↑ My experience was very different from yours. My mother passed early May 2020 and using my lawyer for assistance, I applied for probate by late may 2020. I received the probate certificate dated June 22nd 2020. It should be noted that I live in Huntsville and these legal matters all go through court in Bracebridge which moves at a much faster rate than bigger city centers. This was the only time I used the lawyer and I believe it helped greatly. She knew the clerk in Bracebridge and guided me through all the paperwork.
I had also been told it can take up to a year to process....must be their standard response.
Suggestioncanabiz wrote: ↑ First off, my condolences to the OP's mother. I lost my mom a few years ago and just lost my dad earlier this year. He did not have a will (or he may have one but I couldn't find it yet and he never told me anything about a will).
My Dad only has about $1,500 in a bank account so I am wondering if it's still worth it for me to apply for probate? I went through the process here and it looks fairly intensive. I don't mind doing the work but if the legal fees exceed this amount then there's no point proceeding, isn't there?
Thanks for any insight you can provide.
I believe probate only certifies the will and named executor(s). If there's no will, there is other legislation governing the distribution of the assets. You probably just need to find out what forms you need to fill out.canabiz wrote: ↑ First off, my condolences to the OP's mother. I lost my mom a few years ago and just lost my dad earlier this year. He did not have a will (or he may have one but I couldn't find it yet and he never told me anything about a will).
My Dad only has about $1,500 in a bank account so I am wondering if it's still worth it for me to apply for probate? I went through the process here and it looks fairly intensive. I don't mind doing the work but if the legal fees exceed this amount then there's no point proceeding, isn't there?
Thanks for any insight you can provide.
fhirji wrote: ↑ Suggestion
1) go to the bank and find out if it was a joint account with you as the joint survivor. If this is the case the account automatically transfer to your name once you provide the bank with the death certificate.
2) if the account is not joint then use the Ontario Small Estate process which you may be able to do yourself.
3) If you cannot do yourself then ask a paralegal for a quote. Then you can do the cost/benefit.
You may want to get other opinions on all of above
Thank you both for your input. I have found the following form Certificate to be an Estate Trustee without a will and I will go through the process.
Good to know and keep in mind.canabiz wrote: ↑ Just updating this thread in case people find the information useful: I filled out the relevant forms and talked to a very helpful clerk in the Estate department at the Ontario Superior Court of Justice.
She told me for small amounts (less than $5K), certain banks and financial institutions can work with the surviving family members to release the funds. I may have to sign what is called a *Bond of Indemnity*, or something along that line as I am not familiar with this financial term, but this will be much less hassle than going through the entire process.
I have asked the financial advisor at the local bank branch to help me out with this and things are progressing well so fingers crossed.
