Estate Planning
Preparing your parent's estate: a guide for adult children
Your Guide to Navigating the Estate Sale & Probate Process
As our parents age, many of us find ourselves thinking about difficult but necessary topics like estate planning and eventual property management. While these conversations can be challenging, being prepared can significantly reduce stress during an already emotional time.
Getting Started
Getting started doesn’t have to be overwhelming—these steps will help you find your footing.
Starting the Conversation
One of the most difficult steps is simply beginning the discussion. Consider these approaches:
Choose a relaxed, private setting for this conversation
Frame it as planning for the future rather than focusing on end-of-life
Emphasize that preparation helps ensure their wishes are honored
Acknowledge that this is an ongoing conversation, not a one-time discussion
Understanding the Probate Process
Probate is the legal procedure that verifies a will and distributes assets, including real estate.
In British Columbia:
Probate timelines typically range from 4-12 months
Estates without a will may face longer delays and additional costs
Probate taxes must be paid before the estate can be distributed
Key Documents and Information to Gather
Being organized early can prevent scrambling for information later.
Work with your parents to locate:
Will and Testament
Confirm where the original is kept and who is named executor
Property Deeds and Mortgage Information
Understanding property ownership structure is essential
Financial Accounts
Create a list of bank accounts, investments, and insurance policies
Digital Assets
Passwords, online accounts, and subscription services
Contact Information
Their lawyer, accountant, financial advisor, and insurance agent
Choosing the Right Professional Team
Having the right support makes a significant difference in the probate process.
Estate Lawyer
Look for someone who:
Specializes in estate law in your region
Has experience with real estate in probate situations
Communicates clearly and provides regular updates
Real Estate Professional
An experienced real estate agent can:
Provide an accurate property valuation for probate purposes
Advise on potential property improvements for maximum value
Coordinate local services if you live outside the area
Important Considerations
From finances to family communication, these key considerations can help you make confident, informed decisions.
Property Management
If your parents own their home, consider:
Who will manage the property if they become unable to do so?
Is the property insured appropriately for potential vacancy?
Are utility bills and property taxes set up for automatic payment?
Who has spare keys and security system access?
Financial Considerations
Understanding the financial aspects ahead of time can prevent surprises:
Determine if there are sufficient funds to cover probate taxes and fees
Consider how property maintenance will be funded if necessary
Discuss preferences regarding property improvements before sale
Understand how assets will be divided
Communication Among Family
Clear communication helps prevent conflicts:
Schedule regular family meetings to keep everyone informed
Document decisions and share with all relevant family members
Consider prof. mediation if disputes arise
Be transparent about the process and timeline
Next Steps for Adult Children
Remember that preparation is an act of care. By taking these steps now, you’re helping ensure your parents’ wishes are honored and reducing stress for everyone during a difficult transition.
1. Start conversations early while parents can fully participate in the decision-making process
2. Gather and organize important documents in a secure but accessible location
3. Meet with key professionals like estate lawyers and real estate agents
4. Create a communication plan for all family members
5. Prepare financially for potential costs during the probate process
Download our guide
Your Guide to Handling the Estate Sale & Navigating the Probate Process
Download our comprehensive guide for more detailed information on managing every aspect of an inherited property.
For personalized guidance on navigating estate planning and probate real estate, contact the Brian Lamb Real Estate Team at [email protected] or 604-328-5032.
Disclaimer: This information is provided as a general guide based on our 45 years of real estate experience and should not be considered legal, financial, or tax advice. Every estate situation is unique, and we strongly recommend consulting with qualified legal, financial, and tax professionals for specific guidance tailored to your circumstances. Property laws and probate procedures vary by location and change over time.
