It’s the last thing you want to think about at such an emotional time, but when a family member passes away the house legally changes over to care of the executor and it’s time to make some hard decisions.
With more than 400,000 Canadians born between 1947 and 1966 in the baby boom, more and more families will be dealing with aging family members.
There are a few steps the family and executor need to take to help the process of sale go smoothly:
1. Check the will for any instruction on how to proceed: benefactors, personal items.
2. Protect the home. Change the locks immediately and inform the insurance company of the owner’s passing. Most insurance companies cancel home insurance after the home has been vacant for more than 30 days. Put valuables into storage.
3. Clean the home and empty it of any unnecessary items. Stage the home to look lived in, but also full of possibilities for prospective buyers.
4. Do any renovations you think are necessary to help the house sell. Keep receipts so you can claim the cost from the estate.
5. Get a few quotes. Check out any other homes for sale in the neighborhood. Watch how quickly the homes sell at their listed price and price your loved one’s home accordingly.
Help ease the pain of dealing with a loved one’s estate by taking the time to inform yourself on the process. Your loved one will be happy you took care of their property the way they would have wanted.