Wills
 

Hi: wonder if someone might know the answer to a question.

I'm helping a friend, who is not fully fluent in English.... the following is her situation:

She has lost her husband and has a will that does not require probation as property/bank accounts were jointly owned, however, each owned under their own name, very few shares of same company and now she needs to transfer her husband's stocks under her name. The total shares amounts to very little, but she has been told that she will have to pay for the transfer for being a non-probated estate. The fee is:

2% of current stock value [for writing an Indemnity Bond[.
$105 for processing fee.

The processing fee is understandable, but wonder if she can avoid the 2% by obtaining the Bond herself, can she and if so, how to go about it? The 2% is just under $500, but why pay if there might be a way to save herself this fee.

Thanks in advance.

Re: Wills
 

Why not just probate the will?

Re: Wills
 

Thank you Almost Canadian. I thought probating would require more time/money. No idea what the steps are for probating nor does my friend, however, as you suggested it, I'm guessing it can be done for less with no lawyer involved. Will research what it entails. Thank you!

Re: Wills
 

I would go with the 2% fee, you would have to pay that if you could sell them. If thats the only questionable asset go with the offer and save yourself time and effort.

Re: Wills
 

Thank you Keith!

Re: Wills
 

This link might help her decide!

http://www.scotiabank.com/cda/conten..._LIDen,00.html

:)

Re: Wills
 

Thank you Siouxie, the link was useful.

I always had a general idea about probations and wills, but not until I was approached with questions, did I realize how little I actually knew, hence I went to the library and borrowed a book called: "Complete Idiot's Guide to Estate Planning in Six Simple Steps for Canadians." Very informative to say the least.

Anyone can recommend a good book about tax calculation, in particular one that explains how to calculate acb/capital gains/dividends/drips, etc?! It's easy to calculate when someone buys/sells once, but calculation gets a little more complicated when there are numerous transactions involved. I got "Tax Tips for Canadians for Dummies" but it was very basic IMO.

Thanks again!

Re: Wills
 

http://www.amazon.ca/Byrd-Chens-Cana.../dp/0132147521

It is the tax text book for most accounting and tax courses. Not cheap, but it is the best available.

Re: Wills
 

Thank you JonboyE. Expensive indeed, so it must be comprehensive!