Jun 10, 2022
How long does an executor have to settle an estate in Ontario?
Settling an estate is a challenging responsibility that can often take between six months to a year in Ontario. Here’s what you need to know.
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When a loved one passes away, their estate might have to go through probate. The probate court validates the will and approves the estate executor. Not every estate needs to go through probate--in fact, a small estate might be able to avoid probate altogether. However, a large estate will probably require the executor to go through probate court and pay probate fees, which are specific to each province and territory.
We regularly share relevant information about wills and estates.
According to the administration of estate act, probate fees in Saskatchewan are based on the estate value.
Probate fees are as follows:
$7 for every $1,000 of value of the estate.
If the estate is worth $250,000 - the probate fees are $1,750 payable to the court house.
Note that this only applies to assets that go through probate - the court can't charge you for assets that pass directly to the beneficiary. For example, they can't take a cut out of a life insurance policy with a beneficiary listed.
To file an application for probate, you'll need to pay a $200 court fee. You'll have to pay another $25 if you request a Certificate of No Infants.
Finally, if the will transfers property to another person, the estate might have to pay Land Titles fees to make it official. If you're the estate executor, make sure you account for these fees before you make any promises to the beneficiaries. Otherwise, they might end up getting less than they expected. An attorney might be able to give you more information about the fees involved and how they could impact the estate.
Thinking about hiring an attorney to file probate?
In Saskatchewan, attorneys can't charge more than $1,500 in estate administration fees, plus 1% of the first $500,000 of the estate.
For the next $500,000, they can't charge more than 0.75% in fees.
After that, they can't charge more than 0.50% for the rest of the assets. Some attorneys might charge lower fees, but they can't accept more than the maximum.
ClearEstate can help you navigate every step of the entire estate settlement. With our team of estate planning professionals, accountants and other professionals, we can help you minimize fees and go through probate as soon as possible. Contact us today for a free 30 minute consultation - where you can ask any question you may have!