Oct 24, 2022
How does an executor sell a car?
Selling a car belonging to someone who is deceased can be tricky, in this post we outline how an executor will sell a car belonging to the deceased.
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Depending on the size and complexity of the estate, you may have to go through probate in order to validate the will. In some cases, banks won’t allow you to transfer or access anything without the official stamp of approval from probate court. The fact that probate can often be confusing doesn’t make matters easier.
We regularly share relevant information about wills and estates.
In British Columbia, the need for probate does vary on a case-by-case basis, but a good rule of thumb is that an estate worth less than $25,000 usually does not need to go through probate. However, if an estate has many outstanding debts, has complex assets such as shares and investments, or if the will is contested by potential beneficiaries, then even smaller estates in British Columbia may have to go through probate.
If the value of the estate is more than $25,000, then you’ll usually have to face probate court and the fees that come with it. For estates valued between $25,000 and $50,000, the probate fee is $6 for every $1,000 (or part of $1,000) by which the value of the estate exceeds $25,000.
If the value of the estate is more than $50,000, then the probate fee is $14 for every $1,000 (or part of $1,000) by which the value of the estate exceeds $50,000, plus $150.
So if you’re interested in avoiding probate, the best strategy is to be proactive and simplify the estate while the estate holder is still alive. You can find more about simplifying estates here.
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