Managing a legal estate can be time-consuming and quite exhausting, especially when you’ve just experienced the loss of a loved one. In this article, we discuss 5 things to know when inheriting a property through legal succession.
What is a legal estate?
The process of legal succession occurs when a person dies and bequeaths his or her debts and inheritance to his or her heirs. Although laws may vary from province to province, certain things are normally expected in this process, regardless of where the property is located. To legally own a home following a death, you may need to go through the legal succession process. If there is a will, an executor will have been appointed. However, if there is no will, the court will appoint one to simplify the process.
The will must be declared valid
When someone dies, the court must be informed and a legal succession file opened. The will must be provided to the court, along with any documents proving its validity. Criteria determining the validity of a will include age at the time of signing and the presence of witnesses. A will must also be drawn up voluntarily by a person of sound mind for it to have legal force before the courts.
You must inform creditors and their heirs of the death.
When a person dies, creditors and potential heirs must be informed of the opening of a legal succession file. In some cases, even a written warning is required. The property will have to be sold to pay off the deceased’s debts, whether credit cards or personal loans. In addition, you will need to complete an income tax return for the deceased.
You’ll need to make an inventory of the entire property
The court won’t just ask about real estate. He’ll also want to know about other investments such as stock market investments, bonds, shares, bank accounts and other high-value items. These items will be taken into account when repaying creditors and distributing the inheritance among heirs. To ensure that this part of the process is properly handled and accounted for, hiring an estate lawyer is highly recommended.
The process can take up a lot of your time
If you’ve been named executor, you may find yourself buried in paperwork, appeals and court hearings. If there’s a will, you’re in luck; things should settle down more quickly. The will indicates the path to follow, leaving the court little room for discussion. Some legal succession cases can be settled in just a few months, while others take up to two years of work and waiting. The better prepared you are, the smoother things will go.
You can sell your property even though it is a legal estate
A quick and easy way to manage a house inherited through legal succession is to sell it. If the property has been bequeathed without a will (intestate), it must be sold within the regulations prescribed by the court. Fees will have to be paid and specific procedures followed. Procedures may vary depending on the province in which you live.
If, on the other hand, the property has been bequeathed under a will, the executor will have the option of applying to the court to sell the property outside the scope of the courts. This is the ideal method if you want to avoid court fees and have more control over the sale process. If you want to save even more, selling your inherited property quickly to a professional buyer accustomed to the legal succession process may be your best option. If you do business with the Vendre Maison Vite team, you won’t have to incur any of the expenses you would normally incur working with a real estate agent in Montreal. Among other things, you’ll save on commissions, renovation costs and promotion fees.
Sometimes an heir is surprised to receive a property. Sometimes they don’t want to keep it, or simply can’t manage the costs. If you’re on a tight budget, spending money to renovate, modernize and advertise the property for sale is probably out of the question. By selling your Montreal inherited home directly, you’ll have the chance to sell quickly, pay off debts without delay and divide the profits among the heirs as required by the court.
Before organizing the sale of an inherited property in Montreal, make sure you have the right to do so.
