ESTATE PROPERTY MAY “VEST” 3 YEARS AFTER THE DATE OF DEATH
As a general rule, real estate that has not been transferred by an Executor / Estate Trustee of the Estate will “vest” in the beneficiaries of the Estate 3 years after the date of death. There are some exceptions:
• Vesting will not occur, of course, if the Executor has transferred the property within the 3 years;
• The Estate Trustee may file a “caution” to prevent vesting (note: the Executor will generally need Probate in order to register a caution);
• The wording of the Will may prevent vesting.
If you are the Executor / Estate Trustee of an Estate that owns real estate, please speak to your legal adviser to determine what steps, if any, you need to take in order to avoid having the property vest.
If a property has Vested then this article will give you insight on how to “Unvest” it. Click HERE
Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning, Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.