Toronto Estate Sales – Part One Applying For Probate

I have sold dozens of homes where the owner has passed away and where the executor must sell the property in order to settle the estate.

First Thing – Applying For Probate

Now, long before the house ever hits mls I am usually called by the executor to establish a market evaluation of the home.  For most, their home was their most important financial asset and what my function is to provide a Letter of Opinion regarding the home’s value – I provide this at no charge as I will be most likely selling the home.   This Letter of Opinion becomes part of the court document and for those where a will is available it is called a Certificate of Appointment of Estate Trustee With a Will.   So the procedure is to have a lawyer include my Letter of Opinion as part of the estate application.   Nothing can be done without first determining what the estate administration tax will be.  This would be the entire evaluation of the estate and for this blog I will assume the property represents the largest asset.   The administration tax is submitted with the court application, there’s no way around this, so here is a quick table of possible tax payable:

Estate Value Administration Tax
$350,000 $4,750
$400,000 $5,500
$450,000 $6,250
$500,000 $7,000
$550,000 $7,750
$600,000 $8,500
$650,000 $9,250

 

Once your lawyer has completed all the documentation it will be submitted to the court, and if there are no issues the certificate should be issued within 12 to 16 weeks.  The next question to ask, is can you sell a home prior to probate being completed?   The quick answer is yes.   Check out my next blog which outlines the selling and buying process while probate is before the courts.

The key issue which will hold up probate is if someone decides to challenge the will.   One of the parties who is to receive a part of the estate may feel that they desire more or that someone feels there are issues with the will itself.