Welcome to SALO's Monthly Legal Newsletter. We want to bring you the most news we can in an easy to read one-pager. We'd like to hear your feedback, topics you'd like to see covered, etc. This month we address - What is probate?
Introducing our new Paralegal Specializing in Probate
Thanks to all of our clients for trusting us with your legal needs this year.
It was wonderful to see you at our Open House, and we wish everyone a healthy and prosperous New Year!
Probate is a method of estate administration that allows your debts to be paid and the remainder to be properly transferred to your beneficiaries. It applies to any estate regardless if the individual died with or without a Will.
With a will, your wishes are followed. Without a will, the laws will govern who benefits from your estate.
The probate process determines what property and money truly belong to your estate. The residual sum after paying debts, fees, and expenses is distributed to your beneficiaries.
Probate costs vary per province, and in Alberta it increases based on the estate worth. There is a minimum of $25.00 for estates valued at less than $10,000, and a maximum cost of $400 for estates of $250,000 or more. Legal Fees (fees above and beyond the Government Probate Fees) will also vary per Estate.
In some cases with a will, where no property is involved, and the estate value is less than $10,000, the bank involved along with the executor of the will may waive probate.