Buying rental properties may be one way individuals can boost their assets and income. Alberta residents who are thinking about the future should know how to handle these properties when it comes to their estate planning and administration. Executors dealing with rental properties need to be prepared as well. They not only have to think about beneficiaries, but also have to think about the people currently renting the properties.
Executors need to know something about the laws that govern rental units in Alberta. When rentals are a part of testators' assets, executors can't simply sell these properties and disseminate the profits to beneficiaries. Tenants have likely signed leases and the particulars of those leases are still in effect after the owners of these properties die. In essence, executors become the landlords of these rentals and assume the obligations associated with that role.
It can be a sticky situation since the role of an executor includes doing what is best for beneficiaries in a timely manner. But, also suddenly being a landlord, an executor can't kick tenants out of a building if he or she believes renovating a building will bring more money for beneficiaries once the property sells. A tenant must be given a certain amount of time when asked to vacate a property and not obeying those rules could cause problems for everyone involved.
An Alberta lawyer who is experienced with estate planning and administration would be able to offer a client in such a case prudent legal advice. Administering an estate can come with a host of possible issues for which an executor has no answers. A lawyer may be able to provide guidance and advice in such circumstances.