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Latest Info from Karin Barlow & Associates, Newport Realty 250-385-2033

Probate Issues

Byadmin

Nov 11, 2022

Backlog!

Tejpaul Wirk from Mullin Demeo came and talked to us regarding Probate.  As of March 31st most probate forms have changed, resulting in a backlog during the transition period.  There is currently  a three month wait according to Tej.  If you are currently in this situation contact your lawyer to see how long the process might be.

Selling prior to probate

It is highly recommended that a property not be marketed until probate has cleared.  Selling prior to probate can cause collateral issues on all ends.

Avoiding probate fees:

A question came up regarding estate tax and probate. A property owner may consider putting their children’s names on title in order to save the probate fee (currently 1.4%). Tej said this can open a number of issues including exposure to Capital Gains Tax, and credit issues caused by debts incurred by a child.  In most cases it is safer to leave the title as is.  It is always prudent to talk to your lawyer and financial planner regarding estate issues.

By admin