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Q: I’d like to understand better the most basic scenario of estate planning. Can it be as simple as one of those do-it-yourself online Will and Last Testament kits that you fill out? And if so, does it need to be notarized? Or, is it necessary to see an accountant or a lawyer about this? In case I die, I just want my house and the money in my RRSP (which in total make up 90 per cent of my assets) to be passed on to my kids and/or wife with as little hassle and cost as possible.
3 The key changes
to the
Estates Act are discussed below.
A Small Estate is Set at $150,000
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 Act
4 and the filing
requirement of an Estate Information Return within 180 days
following the grant of probate.
Simplified Probate Process for Small Estates
A new probate proceeding for small estates will be available to
Estate Trustees. The new procedures under the Rule 74.1
Is probate an inevitable cost for a surviving spouse?
By Allan Norman on February 11, 2021
Sandra and her husband have lived in their principal residence for 40 years, but his is the only name on title. A financial planner looks at their options.
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Q. My husband and I have lived in our principal residence for 40 years. The house is held solely in his name, and I am the beneficiary of his will. Would the house have to be included in probate of his estate, should he predecease me?
–Sandra
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A. Your seemingly simple question has a historic twist pointing to the possibility of a second will, which makes it difficult to answer.