Share inheritance with spouse?

[ren008]

Originally Posted by Red Bullets

Be cautious. One scenario I am aware of.... If farm lands are involved be sure to stipulate who those lands go to in the future should your estate roll over to your spouse. A relative had farmland that was given to him when his dad died. That land was given to his dad by his grandfather and the same land was given to the grandfather by his great grandfather. When my relative died his estate was rolled over to his wife. Even though they we married for 40+ years she had never worked on the land the whole time, nor did she work elsewhere. Within a couple years his wife decided to sell the land and lived it up instead of passing the generational land on to her sons, like her husband had intended and discussed with her. Their sons had helped with farm work while their dad was alive. She was very frivilous with the large amount of money and she passed away with little money left. She had also taken on a new partner who got the benefit of those moneys. The sons did not receive anything from their Dad's estate even though that was their Dad's intention with the generational farmland.

If you have property you would prefer going to your children in the future make sure it is written in the will. Spouses can remarry and sometimes do the unexpected.

I have heard about more than one farmer who passed away and whose wife went on to sell their land and live it up with new boyfriends or spouses. And the farmers wishes for their lands to go to their kids were disregarded.

Eh and I've seen it go the other way badly and destroy family relations. Father dies and sons are barking up moms tree 24/7 to sign it all over to them as it's "what dad wanted" and "we helped on the farm growing up and it was promised to us". Never mind mom was a lifelong homemaker/farm-wife and would essentially be destitute and surviving off OAS, but the boys didn't care, just wanted that land. Gets to the point where sides were taken and threats are being made...

IMO best thing for farmers to do before get too old and/or sick is just sell or divvy it up themselves and save the family the hassle and heartache. Land does stupid things to otherwise good people.

[huntinstuff]

People dont take the time to get it written out. Spend a few bucks and have a lawyer do your will.

Make it clear. Have a family meeting and read the will out. Make sure everyone gets it.

Get someone you trust and put them on your bank account to avoid probate on the account.

Everyone is gonna live forever until they die.....

[Pioneer2]

No wife,no joint accounts no more being the nice guy sharing my inheritance.What was her's was her's ............what was mine was our's........then she stole the rest. May the Lord repay you according to your works.

[Drewski Canuck]

Originally Posted by ren008

Eh and I've seen it go the other way badly and destroy family relations. Father dies and sons are barking up moms tree 24/7 to sign it all over to them as it's "what dad wanted" and "we helped on the farm growing up and it was promised to us". Never mind mom was a lifelong homemaker/farm-wife and would essentially be destitute and surviving off OAS, but the boys didn't care, just wanted that land. Gets to the point where sides were taken and threats are being made...

IMO best thing for farmers to do before get too old and/or sick is just sell or divvy it up themselves and save the family the hassle and heartache. Land does stupid things to otherwise good people.

You REALLY NEED to send your friends to a better lawyer, or not just believe the stories you are being told and then try relaying them as wisdom.

A Farm Wife CAN HAVE HER CAKE AND EAT IT TOO whether it is death or divorce, while the Farm Husband also ensures the land passes onto the Sons.

I used the approach of a LIFE ESTATE to the Wife in a Divorce for key quarters of farm land in the Andrew area. Life Estate to the Wife, reversionary interest to the Sons. When the EX WIFE passes away, the land reverts (called a reversionary interest) to the Sons. Wife makes money off the land while she is alive, sons get the land after she is gone.

What's unfair about that? Without the Land, the average young farmer faces input costs that mean poverty for the rest of their life as they try to build up equity by paying off huge farm loans.

There is no reason such an approach should not be used in transferring an inheritance especially in an intergenerational farm scenario.

Drewski

[WinefredCommander]

Whoever you are inheriting it from can stipulate. Get them to hire a lawyer.

[-JR-]

My parents kind of past away . Then my three sister backed up their trucks to the 7000. Sq ft house and told their 3 brothers we get nothing ,not even a shovel . Thats when I knew they did not wanted to be related to their brothers anymore .

[smithy]

The new act uses the value at the date of Separation, not the date of Trial. This is helpful on a long drawn out Divorce where assets are increasing in value, as was once the case before the Liberals in Ottawa crushed the Canadian Economy.

But to preserve the Asset why not just buy a Quarter of Land, and put it in the Kids' name? No one can complain about that, and the legacy gift now goes to the next generation as Gand Parents would have probably wanted anyway.

Drewski[/QUOTE]

The date of Trial is still the date for valuation of property (unless a written agreement specified otherwise), as set out in section 7(2.1) of the Family Property Act.

Smithy