I have a question that I'm someone may have some insite on. It involves Canadan realestate laws and inheritances.
A little background:
My wife's father died last week and his sister rushed the funeral and pushed for the Will to be read Friday afternoon. This was about 4 days after the death and 2 days before the funeral. The reason for the rush is because my wife's father left some land to her in the Will. We all knew about it and as the land is in Canada; actually off of the coast of Canada, and she would never see it, much less use it.
Aside from a few bequest, the land goes to the sister, everything else, included a heatedly contended 10 year old Catalac, which my wife is happy to give to the sister, everything goes to my wife. We are not yet sure what the total estate is worth, but it's not really a concern until the estate is settled.
The lawyer handling the Will has told us that settling the Will may take between a year and TWO years to settle because the land is in Canada and the Estate is here in the US. This seems excessively long to us, and so...
How is involved is the transfer of realestate via inheritance in Canada, and how does realestate taxes work?
We know that taxes are paid up to the first of this year, there are no debts or liens connected to the property; the realestate was actually purchased by the family in my wife's great-grandfather's time and passed down to the grand-father, father to the Aunt. It's an island wholely owned by the family... I think that there are currently 5 owners in what would be, in the USS, in common.
It would seem that the transfer would be neither lengthy, nor overly complicated overall, much less take a year to complete. The lawyer is, according to his woding, concerned about the taxes involved, as we are because the taxes will come out of the Estate and leave no obligation on the sister while potentially liquidating all of the other assets (That are coming to my wife). There are terms that doesn't allow fo the sell of the property, except to another family member, so any other outstanding debt, if any, becomes OUR responsibility... or so the attorney states.
So... anyone know anything about transfering land and taxes associated with it in Canada? It would seem that, as taxes are not owed until after the first of the year... and if the estate takes a year to settle, that we may be paying taxes on land we don't even own twice. Should this take a year to two years to settle?