Stuart Bollefer joined Aird and Berlis, LLP, in Toronto, CA, in 2000. In addition to his position as a senior tax partner, Stuart Bollefer serves the company as chair of the wealth management and succession planning group and as a member of the tax and estates group. As a member of these groups, he is knowledgeable about Canada’s probate laws governing assets listed in a decedent’s will.
In Canada, probate is a legal process over the course of which an executor is appointed to manage the estate in question. More importantly, probate processes determine whether or not a person’s will can be legally validated. Under ideal circumstances, probate validates a will and the executor distributes assets as described in the estate plan. Probate can be viewed as an investigation, the purpose of which is to determine whether the will in question is authentic and truly indicative of the deceased person’s final wishes. For instance, probate processes might reveal that the will being used is out of date, and that the decedent had authored and formalized a newer will with different beneficiaries and instructions. On the other hand, court challenges could be launched arguing that a will was written under some form of duress, or by an individual in an impaired state of mind. In these cases the courts could determine the will to be invalid, at which point assets must be distributed according to Canadian intestacy law, as opposed to the decedent’s wishes outlined in the estate plan. Not all assets are subject to probate evaluation. Bank accounts and investments, real property, and automobiles are common examples of assets that go through probate. Meanwhile, joint ownership assets like homes and shared bank accounts are exempt. An insurance policy with a designated beneficiary is also exempt from probate processes.
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AuthorExperienced Toronto Attorney Stuart Bollefer. Archives
September 2022
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