3. Investments and Commercial Real Estate

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If there are investments, you will need to prepare a prudent investment plan. If not, you could be held liable for losses on any stock portfolio.

You must obtain a proper rate of return on estate investments. Don’t think you can just sell the stocks and put the cash under a mattress.

If commercial properties are involved, will you have the time to collect rent and deal with tenants’ complaints? Can you go on the first of the month to collect all the rent checks in a five-unit apartment building?

Instead, consider if:

  • you can hire a property manager under the will
  • the property manager’s fees will be deducted from your compensation
  • you will be liable if the manager is negligent

With commercial property, environmental issues and concerns may exist.

If the estate, for example, owns a gas station, will you be responsible for handling an environmental cleanup of the site before it can be sold? Will you have to sue a previous owner to help with the cleanup? What if the adjacent owner sues the estate for costs of cleaning their property?

For a complete list of the other Ontario executor headaches, read my pandemic blog and get my free report Suddenly You’re An Ontario Executor.