Transferring property in British Columbia can occur in one of three ways when a family member passes away.
Estate Sale as an Executor Representative
The deceased person will have given the executor the power to manage the estate, including selling the property after they die. The extent to which they can go is often outlined in the will. Before the executor sells, they must be registered as the property owner by acquiring a grant of probate from a BC court and using it to change the title.
After the executor becomes the registered owner, they now have the right to sell the property. The executor is responsible for ensuring the property is sold in accordance with the deceased's wishes and any legal requirements. To prevent misunderstandings, the executor must discuss issues such as whether the beneficiaries want the sale proceeds to remain in the trust or distributed immediately after selling.
Transfer to Surviving Spouse Jointly Owned
A property is jointly owned if the title specifies using the words ‘joint tenants.’ If these words are absent, the BC law considers ownership as tenancy in common. When one spouse passes away and the property is jointly owned, the remaining spouse automatically becomes the sole owner. However, ownership must be transferred with the BC Land Title and Survey Authority (LTSA).
The process entails submitting the original death certificate and LTSA Filing Form 17 to the land title office in your county and paying the processing fee. The LTSA may take days to weeks to process your application and remove the deceased person’s name from the title. If the property is a house that still has a mortgage, you may need the help of an estate professional to determine the next steps.
Gift Transfer as Outlined in the Will to a Beneficiary
A gift transfer of property occurs when the deceased person names a specific beneficiary as the one to receive and own the property. Several steps must be taken before you can own such an asset. The executor must first obtain a grant of probate and apply to become the property’s owner. Afterward, the executor will transfer the property to your name.
The Wills, Estates, and Succession Act (WESA) restricts how soon the executor can transfer the real estate to you. Ideally, the executor must wait for at least 210 days after receiving the grant of probate. However, if the other beneficiaries agree to have you receive the property before the 210 days are over, the executor can start the transfer process. The entire process can take up to a year if you have to wait for the mandatory period to end.