Estate Planning 101: Leaving a House
Tags: estate planning, newmarket real estate, making a will, property investments, leaving a property, leaving a house, leaving a house in a will,
For most people, their house is their most valuable asset. So, they want it to end up in good hands, whether that be their children, other family members, or close family friends. Planning long-term will ensure that you can protect your family and leave a legacy. If you do not have an up-to-date will that says how you want your estate to be divided when you die, you should look into getting one. We can put you into contact with fantastic lawyers who can help.
After you die, your wishes will be carried out according to the will. When you include your home in your will, you will also have to name one or multiple beneficiaries. Your assets go through a court-supervised process to ensure that everything is legally transferred to the beneficiaries according to the terms outlined in the will. At this time, any debts you owe at the time of your death will have to be paid for.
Keep in mind that each beneficiary will inherit an undivided interest and must decide together whether to keep it or sell it. It is not unusual for beneficiaries to find coming to an amicable agreement challenging. In some cases, one may decide to take the matter to court in an effort to force a sale. For more navigation through these tricky situations reach out to use at any time. Our real estate agent Joshua Campbell is always happy to help.
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8