What Is the Probate Law in Ontario?
Probate law in Ontario mandates that probate is necessary when the court needs to approve the vesting of assets of the deceased's estate, Miltons Estate Law Firm explains. The necessity for probate is usually needed when there is a dispute about beneficiaries, or when there are beneficiaries who cannot consent to the will on their own, such as people with disabilities or minor children.
Probate law in Ontario also regulates the cost to file a probate application as well as probate tax that may be imposed on the estate, Miltons Estate Firm explains. The probate tax, or estate administration tax, varies depending upon the size of the estate. Legal fees often apply, and bonds may need to be secured.
In early 2015, the probate law in Ontario changed to reflect the fact that anyone who received a Certificate of Appointment of Estate Trust must provide a list of assets, showing how the value of the estate was calculated when filing for probate, the Hagel law firm explains. Under the old rules, only the estimate was required. The law also mandates that after receiving the estate certificate, the executor must file the Estate Information Return with the Ministry of Finance within 90 days.