Sunday, October 28, 2012

Who Gets "IT" when you re marry? Toronto Houses

The Situations captioned below are happening every day in Toronto and Etobicoke with families going to war over who inherits the FAMILY HOMESTEAD. Planning and Communication are the key.

For instance, stick with the old standard of a joint tenancy agreement where the surviving spouse gets the house, where does that leave your kids if that’s your second spouse? “In joint tenancy, you own an equal undivided tenancy and the survivor gets the full title,” says Mr. Leclair. “You have to think where this is going.”
For a couple on their second marriage, a better option may be a tenancy-in-common ownership solution where the couple choose the ownership split on a property. Each parent can then have their share of the property go to whoever they want, including children from a previous marriage.
“There is nothing that obligates you to keep a will forever,” says Mr. Leclair, about agreements spouses may make to pass on wealth to children from another marriage. A surviving spouse who got the whole house can update their will later on, he notes. “All of the sudden, the second person’s children are disinherited from their natural father or mother’s assets.”

These situations become very complicated with multiple families having a perspective. The legal fight is never about whether who gets the heirloom or dining room but who received the bicycle or red wagon in 1963.
All of these create life long rifts. Have a family meeting. Ask the kids who gets what; Who wants what.... It will saves thousands in legal fees.
Best advice? Spend the money on a proper will now. I've seen too many that cheap out on a will only to have it rendered invalid by lack of proper signatures, details or remarriage. Govern yourself accordingly has never been more appropriate.
David Pylyp
An Etobicoke Real Estate Agent
Accredited Senior Specialist

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