I have heard that some assets do not require probate. Is this true and what are they?
The following assets are not governed by a will or the intestacy provisions and as such do not require probate:
Any assets held in joint tenancy where there is a right of survivorship, including:
- real estate held in joint tenancy,
- bank accounts held in joint tenancy,
- any registered accounts that have named a beneficiary (including RRSPs, RRIFs, TFSAs, and life insurance policies), and
- any pension designations that have named a beneficiary.
Ideally, you will get legal advice about these matters as part of the estate planning process.
Any guidance provided is not covered by solicitor–client privilege, nor is it taking into consideration all of the facts of your matter beyond those in the question. The legal information is specific to British Columbia Law. If you want a more thorough and case-specific analysis of your legal matter, please contact us to arrange a consultation.