Estate planning in Brampton
Brampton is the other half of Peel, it is where every Peel estate is probated, and it is a city of multi-generational households, which changes what an estate plan has to do.
What an estate in Brampton is usually made of
A house with three generations in it is not a simple asset to leave. Who lives there afterwards, who can afford to keep it, and whether the others are made whole are the questions, and they are answered with liquidity rather than with a clause.
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What probate would cost on a $1,100,000 estate here
Ontario charges estate administration tax at nothing on the first $50,000 and $15 on every $1,000, or part of $1,000, above it. Take $1,100,000, which in Brampton is often one family home and the registered accounts around it.
$15,750 is payable before the estate is distributed, not out of it. When most of an estate is tied up in one asset, and here it usually is, that is money the family has to find before anything can be shared out. Making sure it is there is most of what the planning does.
- The estate$1,100,000
- Less the first $50,000, which is not taxed$1,050,000
- Divided into thousands, rounding a part up1,050
- At $15 each$15,750
Where that usually starts in Brampton
Asked in Brampton
How do we leave the house to one child without shortchanging the others?
Usually with insurance rather than with a sale. If one child is going to keep the house, the estate needs enough cash to give the others their share, and a policy is the most direct way to create that cash at exactly the moment it is needed. The alternative is a forced sale, which is how these things end up in court.
Is the courthouse in Brampton the one that handles Peel estates?
Yes. The Superior Court of Justice for the Region of Peel sits in Brampton, so estates from Brampton, Mississauga and Caledon are all filed there. Brampton residents are the only ones in Peel for whom that is also the local courthouse.
Ehsan Khandaker is a licensed financial and estate planner, CLU and CHS. He is not a lawyer and does not draft documents. This page is general information about Ontario rules, not guidance about your own situation, and a will is drawn up by a lawyer.
Every area he works inThe first conversation is twenty minutes, and it costs nothing wherever in Ontario you are.