Due to the interdependence of the modern world, it is fairly common for citizens of British Columbia to possess assets in many jurisdictions.
When a BC resident dies with overseas assets and requests for an estate grant, two problems arise:
Should foreign assets be revealed when applying for a British Columbia estate grant?
As part of the application for a grant of probate, would costs be due on the foreign assets?
Foreign Asset Disclosure
If the deceased was a B.C. resident at death, the estate grant applicant must record any property that passes to them as administrators of the deceased’s estate, this implies that any foreign assets of the decedent that transfer to the applicant as administrator of the estate must be reported.
The value shown for each foreign asset represents the asset’s worth as of the decedent’s death, converted to Canadian dollars.
TAXES ON INVESTMENTS IN OTHER COUNTRIES
While all foreign assets moving to the executor must be mentioned in the estate grant application, probate costs may not be due on all of these assets.
The “value of the estate” is the gross worth of the property moving to the applicant as estate administrator. Real and tangible personal property situated in BC, and intangible personal property located everywhere.
Consequently, only intangible personal property located outside of British Columbia is subject to probate expenses.
The following shows instances of property entitled to BC probate costs based on the principles above:
Foreign intangible assets
Investments and bank accounts
Private company shares
The Sodagar & Company Law Corporation can assist you. Contact us here and a member of our Wills and Estates team would be pleased to help you if you have any queries concerning probating foreign assets in British Columbia.