Three siblings find themselves as the beneficiaries of their parents' estate, which encompasses multiple properties and investment accounts. The challenge lies in the equitable division of these assets. The parental wealth portfolio, comprising five properties, five cars, numerous bank accounts, and various wealth management accounts, is

intended to be divided into three equal parts, as per the parents' wishes. However, the task isn't straightforward due to varying asset values and differences in preferences regarding retention, sale, and different timeframes.

To address these complexities, a consideration arises for establishing a trust to consolidate all assets. The primary concern is ensuring equal distribution, especially if any assets are sold. Each sibling's name is

listed as the primary on assets, with the other two designated as successor beneficiaries.

The division of an estate between beneficiaries is a complex process. Wills often grant trustees discretion to manage and sell estate components as deemed fit. A trustee may also distribute specific assets to beneficiaries, allowing for flexibility in choosing assets of interest. However, given that the siblings' names are already on the properties and

accounts, they possess the freedom to make decisions.

Regarding joint ownership or selling of assets, selling and distributing the remaining cash to beneficiaries is a common practice after settling taxes and estate costs. If sentimental value is attached to real estate, direct distribution to multiple beneficiaries might be considered.

For continued joint ownership of real estate as investments, options include joint tenancy with the right of survivorship or joint tenants in common, providing control even after one sibling's demise. Alternatively, a

co-ownership agreement can be crafted to address potential disagreements or expenses.

While the idea of setting up a trust has been mentioned, it may be deemed burdensome and unnecessary due to associated legal and accounting fees. A more straightforward option could be to agree on selling the assets and

dividing the proceeds or housing specific properties as part of the inheritance.

Considering investment accounts, which have a primary owner and successor holders, potential complexities arise in managing joint accounts. A suggestion is to divide the funds into individual accounts, providing autonomy

over investments.

Given the dynamic nature of life and changing intentions, the suggestion is made to reconsider holding all assets jointly. Naming each other as beneficiaries might not be the most optimal long-term approach. Exploring

the division of investments and potentially real estate, while seeking legal and tax advice, is recommended to navigate this intricate situation.

Source: www.moneysense.ca