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Important tips on leaving real estate in your will
– moneysense.ca
Q. In my will I am leaving my condominium and all of its contents to my son. I have taken out a life insurance policy so that he can use the money to pay the balance on my mortgage. What are the pros and cons of this plan?
– Annie
A. Hello, Annie. It’s clear that you’ve made your will, but your letter doesn’t mention your age or what other assets or beneficiaries you may have recognized in it. Did you use a lawyer to prepare your will?
A lawyer would work with you to ensure you have a plan for what happens if your son passes away before you or with you—and, if he does, who is your alternative beneficiary? Have you considered whether your son will live in the condo or sell it? And does your son have a spouse or children who may inherit if he does not survive you? If you haven’t already considered these questions with a lawyer with experience preparing wills, I urge you to do so.
You have also asked for my take on the plan to life-insure your mortgage.
If you obtain life insurance from your mortgage lender, it may be only valid while you have the mortgage with that particular lender…
– Annie
A. Hello, Annie. It’s clear that you’ve made your will, but your letter doesn’t mention your age or what other assets or beneficiaries you may have recognized in it. Did you use a lawyer to prepare your will?
A lawyer would work with you to ensure you have a plan for what happens if your son passes away before you or with you—and, if he does, who is your alternative beneficiary? Have you considered whether your son will live in the condo or sell it? And does your son have a spouse or children who may inherit if he does not survive you? If you haven’t already considered these questions with a lawyer with experience preparing wills, I urge you to do so.
You have also asked for my take on the plan to life-insure your mortgage.
If you obtain life insurance from your mortgage lender, it may be only valid while you have the mortgage with that particular lender…
