What is probate?

Probate is a process by which a court authenticates the last will and testament of a deceased person. This process includes locating and determining the value of the deceased’s assets, paying their final bills and taxes and distributing the residual value of their estate to the rightful beneficiaries. Many Canadians have concerns about the probate process¹: 

It lacks privacy

The probate process is a public process which can increase the risk of a court challenge from family members or creditors.

It can be costly

Probate fees plus other estate, legal, accounting and executor fees – not to mention payments to other specialists and possibly unintended beneficiaries – can add up quickly.

In Ontario the fees are $250 for the first $50,000 of your estate and $15 for each additional $1,000 with no upper limit.

It can cause delays

The probate process can be lengthy and cause delays in payments to your beneficiaries.

All of this means that your heirs will inherit administrative responsibilities and lower payouts which are delayed!
 
The Solution: Guaranteed Investment Funds

by naming a beneficiary on a Guaranteed Investment Fund (GIF) policy, the investments bypass probate upon death – which saves your heirs time and money. Combined with death benefit guarantees and creditor protection,

Guaranteed Investment Funds … can be an integral part of a wealth transfer strategy.

Talk to us for more information…