Hi Nlt76,Thanks for the info, Matt. Think me and my other sister could simply ask that our names be taken off the will without going the cash gifting route?
Unfortunately, section 18 of the Succession Law Reform Act states that amendments to a Will need to be signed by the testator (the now deceased parent) and witnessed. Since the testator is deceased, he/she cannot amend the Will.
Unless the one sibling is extremely attached to the home, in scenarios like this, we usually advise the three beneficiaries to sell the home shortly after they inherit it. They are then free to gift proceeds to the first sibling. The first sibling can then purchase another residence, live there, and designate that residence as his/her principal residence for tax purposes moving forward.
Thanks,
Matt
Last edited: