Inheriting Property Isn’t as Simple as it Seems

Will and Testament

Podcast Episode 117: Estates Are Tricky!

Real estate can cause all kinds of problems when a family member passes away. First, it can take a long time before the will is executed and the inheritor is actually in control of the property. Second, the person who inherits the property also inherits the financial responsibility (mortgage, taxes, etc.), which they end up responsible for even before they own the real estate! This Tale is about what happened when someone inherited a piece of property and almost went into foreclosure with it.

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Wills, Estates, and Selling Property

Will and Testament

Podcast Episode 105:
Probate Sales Need Patience

This Tale is about the legal process in Alberta (and some other Canadian jurisdictions) of selling property as part of an estate after someone dies. A long-time client got in touch to say that her Dad had passed away. I knew her Dad and had done seven or eight real estate transactions for the family over the last 15 years. Dad was a great guy and I was very sorry to hear of his passing.

My client said it was a simple estate; basically a bank account, some personal possessions, a few stocks, bonds, and mutual funds, and an acreage where Dad still lived at the time of his passing. There was a Will appointing my client as sole executor and an estate lawyer was already on working on probate.

Download the audio file HERE.
Download the handout HERE.
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Wills and Estates

Will and Testament

If You Can’t Afford a Will,
You Can’t Afford to Die!

Did you know that in 2012 the law regarding Wills & Estates changed dramatically?

Did you know that these changes are retroactive?

A colleague of mine who specializes in Wills & Estates, Avideh Musgrave, had a lot to say about these changes to the legislation that could affect you. “Barry, how can people use Will Kits?! Don’t they realize the mess they could be leaving their loved ones?”

Ever being the calm voice of reason, I opined as to how most people just don’t understand all that goes into Estate Planning. “Avideh, they don’t know. They believe what the ads say. If you want them to know the risks they’re taking by using a Will Kit instead of an experienced lawyer, tell them!”

And so, in Avideh’s own words… Continue reading