Selling Estate Property to Family Members


As an executor, one of the primary roles in administering an estate is selling any property that belonged to the deceased.

Generally, the amount that the land, home or condo is sold for is administered amongst the beneficiaries in portions pursuant to the will. However, as Lynne Butler of Estate Law Canada addresses in her blog, what happens when one of those beneficiaries wants to purchase the property? Can an executor sell directly to a family member?

She addresses the initial steps an executor must take to determine whether or not he or she is prevented from selling to this individual under the will. If permitted to do so, Butler then explains how an executor can complete the transaction by mitigating risk to to him or herself and the estate. While she mentions having the house appraised, it is also prudent for an executor to consider a personal insurance policy, in case the other beneficiaries assert a claim of negligence during the sale.

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Downloadable Resources

Want more information on planning, preparing and administering an estate? Download our easy to use reference guides and resources to help you along the way.

 

  • Executor Liability Insurance - Return the completed application to our office to find out if you are eligible for executor liability insurance.

 

  • Fiduciary Bonds - Have you been asked to provide a bond for the estate? Download the application and follow the directions to apply for a bond.

 

  • Free Executor Guide - If you have been asked to be an executor or are acting as an executor this guide will help you understand your responsibilities and help track your activities.

 

  • Free Will Preparation Guide - A step to step guide to the questions you will need to address when preparing your will.

  


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ERAssure® is the exclusive Preferred Supplier of Executor Insurance for clients of Canadian Bar Association members.