Dear David,

My elderly father resides in assisted living, and I am currently living in his house. My sister (who lives in the US) and I are set to inherit Dad’s estate, and I would like to use my portion to buy out her share of the home. What steps can I take now to help facilitate this process? Is there a way to designate me as the intended future owner of the house without requiring my father to amend his Will? Additionally, if my father is unsure of the location of the property deed, how can I go about finding it? – HOME TO STAY

DEAR HOME: You are wise to start thinking about these matters now, as early preparation can help to avoid complications down the road. As I often say, this is a time to surround yourself with professionals. The right experts can ensure your father’s wishes are clearly documented and legally enforceable. 

If your father still has the mental capacity to make decisions, his Will should be reviewed and updated to reflect his current intentions, especially regarding the future of the house. Establishing clarity now is an important way to help prevent future misunderstandings or disputes, even though only you and your sister are involved. Assuming travel may be difficult for your dad. I recommend making arrangements for your lawyer to visit him at his assisted living facility. A brief meeting now can help ensure that everything is in order, and confirm that your father’s choices are accurately represented.

In terms of designating you as future owner of the house without rewriting the Will, your legal options may be limited. Check with your lawyer and financial advisor to see if adding you on title makes sense. A lawyer specializing in estates or real estate law can advise you on what other options may be feasible in your specific situation.

If your father is unsure of where the property deed is located, don’t worry. You’ll be able to obtain a copy of this document from the land registry office. Your lawyer can easily locate a copy of the deed and verify the details of the property title. By taking some initial steps with experienced professionals now, you can ensure that your father’s wishes are honored and respected, while setting the stage for a smooth transition of the property in the future.

PRO TIP: It’s easy to postpone difficult conversations, but addressing these important issues early on is key to ensuring your father’s wishes are respected. One of my core principles is to get ahead of potential concerns, which is even more important when several parties are involved. Creating a succession plan for the house with your father’s blessing can put everyone’s minds at ease. It’s the best way to ensure your father’s legacy is honored according to his wishes, and you and your sister will appreciate the clarity. #Advice #AskDavid #TheNegotiator

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Call or text David at 519-577-1212.