Estate Settlement
Jul 23, 2024
Understanding Your Duties as an Executor in Ontario
Executor duties in Ontario are complex. Our guide covers essential responsibilities and legal requirements. Read on to learn how to effectively manage an estate.
Determined by the Supreme Court, British Columbia's probate fees are detailed by The Probate Fee Act [SBC 1999] CHAPTER 4 and are as follows:
Estate Value | Probate Fee |
---|---|
Up to $25,000 | $0 (No fee) |
$25,001-$50,000 | 0.6% of estate value |
Over $50,000 | 1.4% of estate value |
The above information is current as of July 9, 2024.
Additionally, for estates valued over $25,000, the executor must pay a $200 application filing fee to the Supreme Court, along with the probate fee.
Need help with your calculations? use our calculator to estimate the probate fee for an estate in BC:
Input the real estate and tangible personal property located in British Columbia, as well as the intangible property located anywhere in the world to get an estimation of the probate fees.
Do not remove any debts or loans from the estate total value.
Include property located anywhere if the deceased was a BC resident. If not, include only the property located in BC.
The probate fee is applied to the total gross value of the estate assets - there are no deductions.
Upon application for a grant of probate or a grant of administration at the Supreme Court of British Columbia, the required probate fee must be paid to the Ministry of Finance.
Although the executor or administrator is responsible for paying the fee, it is the estate that provides the funds for the payment or reimburses the executor or administrator for the fee paid.
To calculate the probate fee, the executor must determine the gross value of the estate at the time of the decedent's death, which includes:
Should the deceased not have been a regular resident of British Columbia, the estate's value will only include intangible personal property located within British Columbia.
Probate is not only a lengthy process, but as you can see - it's a costly one as well.
Aside from paying the probate fee to the ministry of finance, there are also several other fees which include but not limited to:
Legal Counsel: According to this legal fees study performed by Canadian Lawyer Magazine, in 2021 - the average probate lawyer fee in British Columbia was $4,750.
Professional Fees: In addition to legal counsel, other professional services may be needed such as an estate accountant to file the terminal tax return or t3 trust return.
Executor fee: Executors are able to charge up to 5% of the estates gross value.
Application/Court fee: a $200 basic application filing fee for estates with a gross value of over $25,000 - additional costs like court certified copies of a grant of probate or statement of assets and liabilities are $40.
Understanding probate extends beyond fees. Legal, professional, and executor costs can significantly impact the estate's value, necessitating informed decisions and planning. Our team of estate specialists is here to guide you through these complexities. To discuss how you can efficiently manage your loved one's estate book a free consultation with us today.
This conversation could offer significant savings and peace of mind, ensuring your legacy is preserved according to your wishes.
Get free, personalized guidance from our estate specialists who have guided over 10,000 families through probate. Book a free, no hassle and confidential consultation today.
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