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Answered in 59 minutes by:
11/24/2010
D.A.M., Lawyer
Category: Canada Law
Satisfied Customers: 2,762
Experience: Cross-Border (US/Canada) Lawyer
VerifiedHello,
No, the estate and home would remain in the name of the decedent (held
in trust). It would be dubious to transfer the full estate in the executor's name and I'm not aware of any benefit to doing so ( but can see some definite risks for the other beneficiaries). The executor must effect the probate of the estate as soon as practicable that would first entail settling debts,, taxes and other liabilities.
With respect to the home, for the protection of the other three heirs I would prefer to see the sale to the one heir dome outside of the estate with the purchasing heirs paying the others directly. Now, it is possible that some tax advantage may exist by handling the transfer of the house from within the estate but I'm not quite sure how they would impact the overall estate, if at all.
I would actually meet with a separate Estates lawyer to review the leopard changes since they may be better able to identify what the actual consequences would be based on the details of the estate.
Regards
No, the estate and home would remain in the name of the decedent (held
in trust). It would be dubious to transfer the full estate in the executor's name and I'm not aware of any benefit to doing so ( but can see some definite risks for the other beneficiaries). The executor must effect the probate of the estate as soon as practicable that would first entail settling debts,, taxes and other liabilities.
With respect to the home, for the protection of the other three heirs I would prefer to see the sale to the one heir dome outside of the estate with the purchasing heirs paying the others directly. Now, it is possible that some tax advantage may exist by handling the transfer of the house from within the estate but I'm not quite sure how they would impact the overall estate, if at all.
I would actually meet with a separate Estates lawyer to review the leopard changes since they may be better able to identify what the actual consequences would be based on the details of the estate.
Regards
D.A.M., Lawyer
Category: Canada Law
Satisfied Customers: 2,762
Experience: Cross-Border (US/Canada) Lawyer
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