Dealing with probate isn’t typically an enjoyable experience for anyone. But if you do have a probate property in Edmonton, read what follows for some helpful pieces of information that will give you a broad overview of the process!
The duties and responsibilities of a personal representative can be very demanding considering most people will only navigate the process once, or not at all.
If you are dealing with the probate process in Edmonton, Spruce Grove or Sherwood Park, Alberta the process can feel confusing, overwhelming, and stressful. Many people don’t know what to expect or how things will be handled. While the process varies province to province, and on the value of the estate, there are a few basic things that you can count on. Keep reading to learn more about the key elements and steps you should know when dealing with a probate property in Edmonton!
If There Isn’t A Will…
If there isn’t a will, the property will go into what is called intestate. Someone must ask the court to appoint them as the administrator of the estate. This is typically the spouse or child of the deceased. In some cases, the court can also be ruled the legal representative of the estate. A notice of hearing will typically be published, notifying any heirs and giving them the chance to come forward. At this time, creditors will also be notified of the death and given a chance to come forward with a claim against the estate.
In some cases, the property will be tied up in probate court for months at a time. During this time, the executor will need to attend hearings, validate heirs, discover assets, and pay off any valid creditors that have come forward. It can certainly be a time-consuming role. The courts can move pretty slowly, making the process drag on and on over time. Some executors will claim a fee for their involvement in the process. This fee covers the time spent as well as any other fees incurred carrying out the duties and responsibilities as the executor. Some executors may waive the fee in order to make the process move more quickly and to keep the peace with other heirs involved.
Handling Claims Against The Estate
Often times when someone passes away, there will be claims of repayment against the estate. Creditors are notified upon the death either directly or via an ad in the local paper. These creditors must then properly file their claims against the estate in a timely manner. Once the court has deemed the claims valid, they must be paid off by the estate before any portion of the inheritance is distributed to the heirs. The claims can be debts that have been incurred by the deceased as well as any final arrangements and medical expenses for the deceased.
If there is a will, the heirs and beneficiaries will be clearly defined. If there is not a will, all living heirs must be found and notified of the passing. The executor must see to it that proper notification is provided to anyone who may have a claim as a living descendant. If the court deems them to be a qualified heir, they will receive their inheritance once all other debts have been paid off.
The executor must see to it that proper notification is provided to anyone who may have a claim as a living descendant.
Accounting For All Assets
In some cases, it may be a challenge to account for all the assets a person owned. Things may not be laid out nice and neatly, especially if the death was sudden. The executor of the estate will need to do some detective work to make sure all assets are accounted for. In some cases, there could be investments, bank accounts, and other assets that only the deceased knew about. Family members can sometimes be surprised by what they find. After that is settled, executors will likely find themselves asking, “Can I list or sell a(n) Edmonton probate property?”. Click this link for some further information specific to Alberta.
Dealing with the probate process can be stressful and time-consuming. Knowing what to expect and what your roles and responsibilities are can make the process go much more smoothly.
If you do find yourself appointed to the executor position and need guidance, reach out to us. We do have experience dealing with probate houses in Edmonton, Alberta. And perhaps more importantly we have experienced contacts who are directly involved with the probate process on a daily basis that can be very helpful to you in navigating your way through the process.
If you’d like to know more about selling an Edmonton, Alberta inherited property that will have to be given a Grant of Probate before you can sell it, CALL US TODAY and we can discuss it with you further. We can even connect you with one of our trusted partners to help guide you through the process.