Quote:
Originally Posted by Slava
I don’t know about having the life insurance with “estate” as beneficiary. One of the main benefits of life insurance is that it goes to the beneficiary outside of the estate. That can be particularly important if the estate could face challenges or be held up in the process. Life insurance gives the beneficiary (or beneficiaries) liquidity, which might be important as well in those situations.
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Outside the estate means they get it when they are eighteen, outside the control of your trustee. Most parents would rather delay this inheritance until an age where they are more mature.
Probate can get done in Calgary currently in two months. No inheritance tax, and maximum court fee is five hundred dollars. The estate is getting probated anyway if there is real estate or investments. The bank should allow a limited estate account to pay immediate expenses until probate is complete.