Top facts about probate wills in alberta

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Top Facts about Probate Wills in Alberta
https//www.albertawillsonline.com/
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• When the clients go to meet the lawyers in order
  to do the estate-planning and write the will,
  there is one thing that is very clear in their
  mind avoid the probate. They have every reason
  to think that way. First of all, this process is
  very time-consuming. It might require the
  beneficiaries to spend a lot of time doing the
  rounds of the court and lawyers. Secondly, it
  could be very expensive as well. This is
  something that most of the people will want to
  avoid. Thirdly, most of the proceedings of this
  process are public and thus anyone who has an
  interest in the estate will get to know about it.
  Here are some of the top facts that many would
  like to know about it.

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It is the process of changing the asset titles
In the simplest words, it is the process of
renaming the titles on all the assets that were
owned by the person who has demised. At the time
of the death, if the person had the investment
accounts, bank accounts, real estate or for that
matter any assets in their name then it will not
be possible for anyone to gain access to them
until the executor has been assigned to it by the
court. This is one very important thing to know
about probate wills in Alberta. The executor is
also sometimes called Personal Representative.
Once the representative has been appointed, he or
she will be able to change the name or the
ownership of the bank accounts, real estate, or
the other assets. Also, the personal
representative is the legally appointed
representative of the deceaseds estate.
Therefore, they are authorized to clear the debts
or pay the bills of the deceased person on their
behalf.
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Probate is not required for all the assets
This is another thing that one will want to know
about probate wills in Alberta. All the assets
owned by the deceased need not be probated. For
example, if the spouses had a joint bank account
and one of them passes away then the other person
will automatically own the bank account. No
probate will be required in this case. Also,
certain investments on which the name of the
beneficiary is clearly mentioned do not need to
be probated. For example, if there is a life
insurance policy with the name of the wife as the
beneficiary, in the event of the demise of the
husband, wife will get the claim money without
any probate. However, if the named beneficiary
has predeceased and no new beneficiary has been
declared then the asset will be probated.
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Probate can be time consuming and expensive as
well
While it may only take a week after the demise of
the person to start the process, the completion
may take several months. In fact, the easiest and
most regular probate also may take many months.
Until the probate has finished no one has the
access to the assets. Therefore, several payments
such as mortgage repayment may go pending.
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Contact us
310 15th Street NW Calgary, AB T2N2A9 Country-
Canada City -Calgary State/County -Alberta Zip
code(Post code)- T2N2A9
admin_at_albertawillsonline.com
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admin_at_albertawillsonline.com
https//twitter.com/abwillsonline