I am applying to be the Estate Trustee with a Will - what are some common mistakes people make when applying for probate?
1. Where to apply? Always in the county where the person resided right before they passed away. A common mistake is that people apply in the county where they passed away not where they resided.
2. What forms do I need to use? The forms are available online. Make sure to fill in all parts of the form. A common mistake on the form is that people do not put the name of the deceased the same as the name on the will. You also have to fill in any also known as names. For example, if the deceased used their maiden name and married name. Ensure that all of the information is consistent on all of the forms as well. Things like: date of death, date of the will; occupation of the deceased and occupation of the Estate Trustee(s).
3. What are probate fees and how much are they? The formula for calculating the amount of tax is set out in the Estate Administration Tax Act, 1998. The formula, calculated on the total value of the estate, is: $5 for each $1,000, or part thereof, of the first $50,000; and $15 for each $1,000, or part thereof, of the value exceeding $50,000. A common mistake is people forget to round up to the nearest thousand to calculate the fee.