Have you been designated as an executor and are wondering how to handle the estate of your loved one? Or perhaps you are preparing your assets for your eventual passing, and want to learn about the costs that are associated with it. If so, you may want to know more about the process of filing probate forms and paying fees in Manitoba. This article will cover what you need to know, and how you can reduce your fees:
In Manitoba, probate fees are determined based on the value of one’s estate. They are adjusted in proportion to the overall worth of the departed person’s assets. Probate forms verify to banks that the will provided is the Last Will and Testament of the deceased person. It proves that the document is valid and that the executor has the authority to make decisions about the estate. If a will is not probated, then banking institutions will not accept that the executor has permission to handle the deceased person’s estate.
A probate fee is paid to the government from the account of the deceased person. To download probate forms, you can find them online from the Government of Manitoba website. They can also be purchased at a Manitoba court centre. Probate fees cost $70 when the value of the estate is $10,000 or less; for every additional $1000, there is another $7 in probate fees. As an example, an estate worth $100,000 would have to pay $700 in probate fees. If the documents are filed successfully, the executor will receive a Grant of Probate, at which point they will be able to deal with the estate assets with any banking institution. Files that are incorrect or missing information may be rejected.
In 2019, the Progressive Conservative party claimed they would abolish probate fees by July 1, 2020. Since their re-election, probate fees have remained mandatory in Manitoba. It may take several more years for this change to be fully implemented. In the meantime, probate fees are still required in Manitoba.
There are a few ways that you can decrease your probate fees in Manitoba. This tax is required when assets are in the name of the departed person alone. Since the cost is calculated based on the value of the person’s estate, someone with no money in their estate would avoid taxes. This could be accomplished if someone were to give away all their assets before their passing, whether that’s to another person or deposited into a trust fund. Certain assets do not require probate; these include the CPP death benefit, life insurance with a named beneficiary, and property that is jointly held with a person who possesses a right of survivorship.
Probate fees can become more difficult when there are complex assets, large investments, or disagreements about the estate. In these circumstances, it is strongly advised to seek legal counsel from a trusted firm. Are you looking to manage or reduce your probate fees in Manitoba? You can benefit from consulting with a criminal lawyer in Winnipeg. The experienced attorneys at Brodsky Amy & Gould can help you prepare your estate to save you from unnecessary post-mortem fees. If you have been named an executor and have questions about your new responsibilities, we can guide you through this difficult process.