What Will I Need to Provide if the Nova Scotia Probate Court Requires me to get an Estate Bond as Security to act as Executor or Administrator of an Estate?

/ Highlander Law Group/

Nova Scotia Probate Court Can Require an Executor or Administrator to Post Security Prior to Opening the Estate

The Nova Scotia Probate Court can require a person applying for a Grant of Probate (Executor, when there is a Will) or a Grant of Administration (Where there is no Will) to post security in the amount of 1.5 times the value of the deceased person’s estate. Most commonly, this happens where there is no Will or the Executor(s) reside out of Province.

You can Waive the Security Requirement in a Will

You can waive the security requirement in your Will, which is one of many reasons it’s advisable to draft a legal Will.

Typical Requirements to Obtain an Estate Bond for Security

Before an insurance company will issue an estate bond, they will need to gather information about you (primarily your financial standing), the composition of the estate (debts and assets) and the beneficiaries.

Every insurance company’s requirements will be slightly different and may vary depending on the circumstances, but in general, you should be prepared to submit the following:

  1. The application – This will include the basic details of what you are applying for and outline your responsibilities if the bond is issued;

  2. A Personal Net Worth (PNW) Statement – the insurance company will want to know what assets you have access to, and what outstanding liabilities you have to determine whether you are a good credit risk;

  3. A copy of the Death Certificate and Will, if there is one;

  4. List of Estate Assets – the insurance company will want to know the size of the estate they are bonding and what the assets are comprised of. You may be asked to provide proof of the existence/worth of some or all of the assets.

  5. Court Documentation – the insurance company will often want to see the Application for Grant of Probate/Administration, along with any necessary consents/renunciations and any other court filed documentation relevant to the estate.

Not all estates will require Security, and not all estates even require Probate. If you are attempting to manage an estate and you aren’t sure what is what is required, it’s advisable to speak to a lawyer in the province in which the deceased person lived and/or owned land.

If you have more questions about the Probate Process in Nova Scotia or how to Administer an Estate if you the executor or personal representative, check out our other blogs on the topic:

DO I NEED TO PROBATE MY ESTATE?

A REAL-LIFE HORROR STORY – HE DIED WITHOUT A WILL

WHO GETS IT WHEN YOUR GONE? DEALING WITH YOUR HOME IN NOVA SCOTIA WHEN YOU PASS AWAY

WILL THE PUBLIC TRUSTEE IN NOVA SCOTIA HELP ME PROBATE AN ESTATE?

HOW DO I KNOW IF A NOVA SCOTIA ESTATE REQUIRES PROBATE?

WHAT HAPPENS TO MY HOUSE IF I DIE WITHOUT A WILL IN NOVA SCOTIA?

WHAT IS PROBATE IN NOVA SCOTIA?

How is Probate Tax Calculated in Nova Scotia?

If you have any questions about opening an estate in Nova Scotia through the Probate Court you can call us at (902) 826-3070 or email us at info@highlanderlaw.ca to set up a meeting with one of our lawyers at our Tantallon law firm. You can also schedule a no commitment Issue Review Consult for $250+HST where you have the opportunity to explain your situation to a lawyer and get basic advice before deciding whether or not you'd like to retain us.  

By: Dianna M. Rievaj, MBA, LLB - Founding Lawyer

The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. Nothing contained on this blog is legal advice or constitutes a legal opinion. While it is our goal to provide information which is current, legislative changes and court decisions, among other matters, may result in some information no longer being current or accurate. You should consult a lawyer before relying on any information. The views expressed herein by individual contributing lawyers posting entries to the blog are solely those of the authors and should not necessarily be attributed to or considered representative of the firm of Highlander Law Group Lawyers