Since June of 1992 when Ontario tripled its probate fees, people have been looking for ways to avoid paying probate.
Probate fees in Ontario are $250 for the first $50,000 of the estate and $15 for each additional $1000 WITH NO UPPER LIMIT.
Here are some tips to consider:
- Have named beneficiary(ies)
- Gift assets during your lifetime
- Have jointly held assets for property transfer to a trust
- Prepare multiple Wills
Each of these have pros and cons. The question whether probate should be avoided depends on many factors. As is always the case with Estate Planning, it is very important to work with legal, tax, insurance and financial professionals to optimize your particular estate transfer.