If the deceased named a beneficiary on a life insurance policy on the deceased’s life, the surviving beneficiary receives the proceeds directly. The insurance proceeds are not included in the value of the estate for purposes of calculating probate fees. However, if the beneficiary has predeceased and no contingent beneficiary has been named, the insurance proceeds are payable to the estate and are included in the value of the estate for probate purposes. (more…)
Archive for the ‘Probate’ Category
Avoiding Probate Fees on Insurance Proceeds
Thursday, January 14th, 2010
Everything You Wanted to Know About Probate
Friday, December 18th, 2009What Is Probate?
Probate is the process of legally establishing the validity of a will. As a result, the Court confirms the appointment of an Estate Trustee (or Executor). The Estate Trustee administers and distributes the estate of the deceased person. An Estate Trustee may be appointed with or without a Will. If there is a Will, the Court issues a Certificate of Estate Trustee with a Will. If there is no Will, the Court issues a Certificate of Estate Trustee Without a Will and the estate is distributed according to Ontario’s intestacy laws. When a person dies without a Will, they are said to have died “intestate”.