Assisting with your Probate Fees
Being the Executor (Executrix) of an Estate is expensive. Government fees can range from hundreds of dollars to tens of thousands of dollars.
In order to complete your tasks as the Executor (Executrix) of an Estate, you first need to be given approval by the government. You must apply for this approval and with your application, you must pay the governments fees, know as “Probate Fees” in order for your application to be considered.
Most Canadian provinces calculate these Probate Fees by looking at the overall value of the Deceased’s Estate. If the Deceased owned a home, the overall value of the Estate could easily exceed $500,000 or even $1 Million, depending on the size and location of their home. In Ontario, the Probate Fee is $14,500 for an Estate valued at $1 Million and in British Columbia, the fee is $14,000. Each Canadian province/territory calculates Probate Fees differently.
Upon death, the bank accounts of the Deceased may be frozen meaning you as the Executor (Executrix) must personally pay these Probate Fees to get permission to take control of the Deceased’s bank accounts. At First Inheritance, we don’t believe you should be out-of-pocket for this expense while the government takes weeks or even months to consider your application.
We give you the opportunity to have First Inheritance assist you with a loan so you can pay the Probate Fees. All fees are then re-paid by the deceased’s estate once you have been given permission to act as the Executor (Executrix).
Here’s how it works
Simply fill out the application form attached and send it to First Inheritance. Within 24 hours, we will contact you to advise on the pre-approved loan amount and the next steps in the process.
STEP 2: Advance Approval
Once your Probate Advance has been fully approved, we will send you, the executor and the solicitor the documentation we need signed to provide you the loan proceeds. Simply sign and return the documents to us and within 48 hours of receipt, we’ll deposit the money into your bank account.
STEP 3: Loan Repayment
You don’t need to make a payment until the Inheritance is disbursed or after 1 year from the advance date. We are repaid the money we advanced to you as well as our fee directly from the estate trust account. Any money that is left over will be paid to you by the estate.
There’s no reason you should have to pay for Probate Fees out of your own pocket. Click here to fill out the First Inheritance Probate Advance application today.