2. Real estate is always an executor headache in Ontario

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As executor, you have to keep real estate insured with fire insurance at all times. This makes you responsible to carry out inspections to protect yourself from liability.

What if a pipe bursts in the house and floods a neighbour’s property? You could be sued if proper insurance doesn’t cover that liability. What if the property is to be sold? Price and the timing for sales are always issues.

Problems Dividing Real Estate

Johnny lives in the house he thought he would inherit. But Johnny’s father’s will said the executor must sell the property and divide the proceeds equally between Johnny and his sister, Betty.

Betty wants the house sold as quickly as possible. Johnny says he is waiting for a car accident settlement in the New Year and that he will buy out Betty’s half interest in the property.

Valuing Real Estate for Buy Outs

Betty has heard this all before. She says that Johnny hasn’t worked in five years and cannot afford to pay the property taxes or rent to the estate. Do you really want to be involved in going to court and trying to evict Johnny, who will not cooperate?
Perhaps you’re better off telling Johnny and Betty to get lawyers to work things out.

For more about executor headaches (and how to avoid them), read my pandemic blog and get my free report Suddenly You’re An Ontario Executor.