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What are the new Probate Procedures for small estates?
What is a small estate for probate?
Will Ontario's simplified probate process make estate administration easier?
What's new in Ontario probate 2021?
How do I apply for probate?
What is Ontario's simplified probate procedure?
If the estate is valued at $150,000 or less, you can apply for probate through the optional and simplified small estate court process. For estates of any value, you can apply for probate through the regular court process (Application for a Certificate of Appointment of Estate Trustee).
The process to probate a Will in Ontario or to deal with the estate of an individual who died without a Will has been made faster and less formal in the case of estates with a value of less than $150,000. Such estates are referred to in the legislation as ‘small estates’.
- A “Small Estate” Is Set at $150,000
- Simplified Probate Process For Small Estates
- Easing The Bond Requirement For Small Estates
- Before Choosing The Probate Procedure For Small Estates
A “small estate” will mean an estate that does not exceed $150,000 in value. It should be noted that the introduction of small estates will have no impact on the calculation of the Estate Administration Tax (often called, “probate fees”) under the Estate Administration Tax Actand the filing requirement of an Estate Information Return within 180 day...
A new probate proceeding for small estates will be available to Estate Trustees. The new procedures under the Rule 74.1will include a new simpler application form, removing requirements for certain supporting documents to be filed, and giving guidance to applicants on filing of small estate probate applications. Under this process, the court will i...
The filing of a bond will not be required for small estates if there is no minor or incapable beneficiary. A bond is intended to protect the interests of creditors and beneficiaries of an estate and guard against Estate Trustee’s mismanagement of the estate. Under the current Estates Act, the filing of a bond is required under many circumstances. W...
It should be noted that the new probate process for small estates will be optional and the existing probate proceeding will remain available to estates valued under $150,000. As a Small Estate Certificate will list the estate assets to be administered thereunder, it is critical for Estate Trustees to properly investigate and determine assets and li...
May 11, 2021 · The Ontario government’s simplified probate process for estates valued at $150,000 or less will make administering small estates less costly and easier for estate trustees (as executors are known in Ontario), estate practitioners say.
Feb 12, 2021 · The changes, which include setting the limit for a small estate at $150,000, will help people receive their inheritances faster and make Ontario's probate process for small estates simpler and more accessible.
May 4, 2021 · As of April 1, 2021 a new simplified process for small estates was introduced in the Province of Ontario. For probate purposes, a small estate is now defined as an estate that is valued at $150,000 or less.
Feb 22, 2021 · The amendments, and new regulations, establish a simplified probate procedure for “small estates”, which have been set by regulation at a maximum value of $150,000. This is an alternative to the existing probate system, and is said to have been designed to reduce time, costs and to make the system more user-friendly.
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