Despite the ongoing COVID-19 health crisis, TCZ Law remains open and dedicated to providing an outstanding service to all clients. While you may have previously preferred to deliver your information and meet with us in-person at our office, we recommend other alternatives, such as scheduling a phone call or video conference to substitute for face-to-face meetings, and emailing us your personal information at your convenience.
Real estate is often a significant component of an individual’s estate, and it is essential to plan for its disposition after their death. Real estate can be included in a will, trust, or other estate planning vehicles to ensure that it is distributed according to the individual’s wishes. In Canada, real estate transactions are governed by provincial law, and it is important to consult with an experienced lawyer to ensure that the disposition of the real estate complies with local laws and regulations.
One of the most popular ways to handle real estate in estate planning is to create a living trust. A living trust is a legal document that places assets into a trust to be managed by a trustee for the benefit of named beneficiaries. A living trust can be revocable, which means that it can be changed or terminated by the grantor, or irrevocable, which means that it cannot be changed or terminated.
Another way to handle real estate in estate planning is to hold the property in joint tenancy with right of survivorship. In joint tenancy, two or more individuals own the property, and when one of them dies, the surviving owner(s) automatically inherit the deceased’s share of the property.
A transfer on death deed is a legal document that allows an individual to transfer real estate upon their death without going through probate. The document must be signed and notarized and filed with the appropriate government agency before the individual’s death.