How to pass on your primary residence fairly
It can be a big challenge to keep your will fair when you’re leaving one home but have several children. These strategies can help you to achieve it.
Many of us understand the importance of having a will: around half of Canadians have one. However, drawing up a will that’s completely fair to all your beneficiaries (the people who are in line to receive your belongings and assets, usually your spouse and children) is considerably more complex.
It can be particularly complicated if you have just one property (your home, or primary residence) and several children. Many parents want to leave the same amount to each child in their will; this is not just a question of treating each child the same, but doing so can also avoid leaving behind resentment among siblings or even prevent your will from being contested.
This can become particularly complicated if any of the children are living in the home or want to live there.
The emotional and practical aspects of dividing one property among several children can be challenging. Let’s explore various strategies that can help you pass on your primary residence fairly.
Written and published by IG Wealth Management as a general source of information only. Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice. Seek advice on your specific circumstances from an IG Wealth Management Consultant.
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