Estate planning is something people do to make things easier on their families once they have passed on. If all the i’s are dotted and the t’s are crossed, estate administration should go smoothly. The one big thing in a British Columbia resident’s estate plan is the family home and it is one with sizable worth, there may be some things testators can do to ensure the family home can be passed down while keeping the family peace.
If adult children are the heirs of their parents, then it is likely they have homes of their own. In such cases, the executor of the will could sell the home and distribute the proceeds to the beneficiaries of the estate. There might be a chance, however, that one child may want to keep the home. Parents might do well to discuss these things before planning their estates. An executor who isn’t a family member may be a wise decision if someone anticipates problems arising.
If the home is worth millions, testators should consider if beneficiaries will be able to pay the taxes along with maintaining the home in proper order. Upkeep is costly. In these cases, it may be wise to consult an accountant. A lot is at stake when it comes to a family home.
There are various ways a lawyer could help with this kind of scenario. A lawyer is aware of different things like trusts and how they can help in estate planning and ultimately with estate administration. A British Columbia lawyer can explain all the complex issues around estate planning.
Source: theglobeandmail.com, “How to keep the family home from becoming a lightning rod in estate squabbles“, Kathy Kerr, Oct. 20, 2017