Probate and Estate Administration

inventory of estate assets form
There are several important factors to know about Probate and Estate Administration:
 
1. Probate is the process whereby the court grants legal authority to act as an executor and also confirms the validity of a Will, if there is one.
 
2. Only because you are the surviving spouse or adult child of a deceased person, you are not automatically entitled to administer the estate of the deceased. You must be formally appointed by the court, if probate is requested for an asset of the deceased.
 
3. With a well-prepared estate plan during your lifetime, you can ensure that probate/probate tax is minimized and the administration of your estate facilitated for your loved ones.
 
4. Expenses related to the administration of the estate, such as costs for hiring a lawyer to obtain a probate certificate, can be reimbursed out of the estate. The executor is not personally liable for these expenses.
 
5. The executor of an estate can be held personally liable for mistakes made during the administration of an estate, such as missed timelines, unpaid debts or incorrect estate accounting, etc. If you have been appointed as an executor, it is very important to consult with an estates lawyer in a timely manner to learn more about your duties and the estate administration steps.
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About Buzaker Law Firm

Buzaker Law Firm strives to provide high-quality legal services with integrity, professionalism, and respect for our clients and the community. Our law firm focuses on ethics while solving and negotiating any situation with significant knowledge and skills gained through years of practicing law in Toronto, Ontario.

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