The Alberta Retired Teachers' Association's latest magazine ("News and Views") is carrying an article I wrote about parents appointing their children under Power of Attorney documents. In the article, I talk about how parents need to be more realistic about the potential failings of their children, who are, after all, as prone to human error as everyone else.
Click here to read the article, and scroll down to page 22.
Hello Lynne: Thank you for a most informative blog! Here is my question on behalf of a friend who is both a beneficiary and an executor of his mother's estate. There are 4 siblings 2 of whom are executors including my friend. Another sibling lived in the home with their mother who died almost 3 and a half years ago. Because of family squabbles the estate has not been settled. The one sibling still lives in the home and has not paid rent all this time. One of the executors, not my friend is holding up settling of the estate. Finally probate was done in September. The sibling still living in the home wishes to purchase it. For her purposes it should have been done within 6 months, maximum of year of mother's death because the homes in the area have gone up in value a considerable amount. They finally got an residential appraisal of the home done a few months ago and the siblings agree on the price. Now, does the sibling need to pay her share into the estate only to get it back? Or can the beneficiaries agree to reduce the appraised amount by that sibling's share and transfer title to her? The home is in Toronto. Two of the beneficiaries believe she should have had to pay rent to the estate for the time she has lived there. I tend to agree. Even if it is a symbolic amount of money. It has been an uphill battle for my friend who is an executor to get his brother the other executor to comply with the duties and responsiblities to the estate and all the beneficiaries. What can he do if this continues. The one thing they seem to finally agree upon is the sale of the property to the sibling living in the property. Also, what if one sibling wants to give his share of the property to the sibling buying it out? How could that be done and/or would it cause a problem with estate taxes. Thank you again.
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