Darren Robinson | Mortgage Blog
on May 30th, 2024
When you inherit a house or property, especially if you inherit one with siblings, dealing with these assets is often not the first thing on your mind after losing someone close to you. But, unfortunately, finances come into question almost immediately, including wills, taxes, and funeral expenses. There are also many complex legal and financial issues to deal with, especially if you’re inheriting a house with multiple heirs.
Even if you’re close to your sisters or brothers, inheritance issues can cause a rift that will last for years so I’m here to offer advice along the way to try to ease your stressors and guide you through.
There are several options open to you when you inherit a property – one of the siblings could buy the home or cottage, you could agree to sell and split the profits, or you could use it as a rental income property that you divide between you.
No matter which path you choose, it’s important to consider the financial implications of each option or idea.
Whether for yourself, your parents, or someone else close to you, it’s important to have plans in place. According to Statistics Canada, only 55% of Canadians have a will. A will ensures that your assets are distributed according to your wishes. Without a will, dividing assets becomes a more complicated, costly, and a stressful process for your family and loved ones which can become a bigger problem when a property is involved.
Darren Robinson, Mortgage Broker, Oriana Financial Group of Canada
