What is probate?
Probate is the legal process that validates your Last Will and Testament, and grants your chosen Executor the authority to serve as your estate administrator. During probate, the Executor is issued a "Grant of Administration" or a similar document, depending on your province or territory.
Once probate is completed, the Executor gains the legal authority to collect and distribute your assets as per the instructions in your Will. The Grant of Administration serves as a crucial document that is presented to banks and financial institutions to confirm the Executor's authority. This ensures that the assets are rightfully transferred to the designated person and that the Will has been recognized as the official Last Will and Testament.
How does the executor distribute funds to the beneficiaries?
In some cases, the Executor may require beneficiaries to sign a beneficiary release, which acknowledges receipt of their share of the estate and release the Executor from any further liabilities. These forms serve as legal documentation and can help streamline the distribution process, ensuring that beneficiaries receive their rightful share in a timely and organized manner. The Executor must adhere to the laws and regulations governing the probate process and act in the best interests of the estate and beneficiaries throughout the distribution process.