MUST READ: Peel Region Votes To Lower Development Charges By 50%

Estate Planning

Explore estate planning in Canadian real estate, how to protect property assets, reduce probate delays, and ensure your wishes are followed.

Estate Planning

May 30, 2025


What is Estate Planning?

Estate planning is the process of arranging for the management and transfer of a person's assets, including real estate, upon their death or incapacitation.

Why Does Estate Planning Matter in Real Estate?

In Canadian real estate, property often represents a significant portion of one’s estate. Proper planning ensures assets are distributed according to one’s wishes and can help avoid probate delays and tax liabilities.



Key estate planning tools include:



Without a clear estate plan, real estate may pass through probate, causing delays, legal costs, and unintended outcomes.



Understanding estate planning helps property owners protect their assets, ensure family security, and streamline the inheritance process.

Example of Estate Planning in Action

A homeowner adds their spouse to the title as a joint tenant to ensure the property passes automatically without going through probate.

Key Takeaways

  • Organizes asset transfer after death.
  • Avoids probate with proper title setup.
  • Involves wills, trusts, and joint ownership.
  • Helps reduce legal and tax burdens.
  • Key for homeowners and families.

Related Terms

  • Right of Survivorship
  • Joint Tenancy
  • Legal Title
  • Tenancy-in-Common
  • Ownership Rights

Additional Terms

Budgeting

Budgeting in real estate refers to the process of forecasting and managing income and expenses associated with owning, operating, or developing a property.. more

Tenant Improvements

Tenant improvements refer to custom modifications or build-outs made to a leased space to suit the tenant’s operational needs, often negotiated as. more

Highest and Best Use

Highest and best use refers to the reasonably probable use of a property that results in the highest value, provided it is legally permissible,. more

Gross Lease

A gross lease is a commercial lease where the tenant pays a fixed rent, and the landlord covers most or all operating expenses such as property. more

Brownfield

A brownfield is a property that was previously used for industrial or commercial purposes and is now vacant or underused, often requiring. more

Record of Site Condition (RSC)

A Record of Site Condition (RSC) is a formal document filed with a provincial environmental authority certifying that a property meets required. more

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MUST READ: Peel Region Votes To Lower Development Charges By 50%
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