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What Are 4 Good Reasons You Need a Will as a Homeowner According to Experts

  • Nov 08, 2022
  • 10:09 am

When you sign on the dotted line and receive your keys, you have reached a significant milestone in your move to a new home. As you unpack your goods in your home, you wonder, “If I pass away, what will happen to my home?” It is not about a parade, but you may not be alone. One in every four Canadians has not decided what will happen to their home when they die. The appropriate answer to this question might depend on your will.

Be it your first or fifth home, a will is a crucial document to protect your investment. Here, we’ll see the four good reasons you must own a will as a landlord.

1.Decide who will inherit your home if you pass away

Your testament and last will are the legally binding documents that help to divide your estate as you pass away. It includes your home, as well as the assets you own. A will ensures that your new dwelling ends up in the best hands as you leave this world.

Though you’ve owned your house for decades, it’s one of your most expensive assets. But the shocking fact is that almost 49% of Canadian landlords don’t have the latest will. When you pass away without a will, your property is divided as per the laws of your province. For instance, when you don’t make a will in Canada, your real estate is distributed based on the Succession Law Reform Act.

It’s crucial that your residence can have tax implications, which affect the property in your will. In the case of joint ownership, the house would pass to the surviving owner, so you can’t legally gift your property in a will.

2.Protect your loved ones

Making a will for your house can protect your loved ones in the future. Many of your closest relationships are ignored when you die intestate. Dependents and common-law partners are left out when distributing estates, which may not benefit them from your estate. In most cases in Quebec, common-law spouses have no claim to your estate if you die without a will.

Canadians ignore this because they are frightened that their loved ones will have to pay the debt if they die. But the good news is you can’t pass your debt to beneficiaries in Canada. It doesn’t mean your mortgage would disappear if you died. The mortgage remains with the home, not with the person. That is why, if you own a home, your executor can use your estate to pay your mortgages before distributing it to beneficiaries if you die. A mortgage and estate jointly owned get transferred to another person who owns them.

3.Maintain your property

Aside from the testament and last will, the power of attorney document is essential in estate planning, particularly for homeowners. A power of attorney becomes effective when you are alive and medically incapacitated. If you appoint a power of attorney for your estate, they can legally make decisions about your house on your behalf. They can pay your mortgage, arrange maintenance, and sell your home if needed. When you don’t appoint an attorney, a family member can apply to a court to be the POA. It takes time and results in missing deadlines.

4.Put your mind at ease

It would be more fun decorating your new house than making a will, but you can enjoy peace of mind when your home is protected. Since your will is the easiest way to safeguard your house and loved ones, it must be the top priority when purchasing a house.

With Star Elite, you can have peace of mind, as they can make your home-buying process safer and stress-free.

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