Over the weekend, my siblings and I bit the bullet and moved most of the money from our father’s estate account into our own accounts. We set up a joint account to pay for all the expenses we incur from keeping the house.
It cost about $12,000 a year to maintain a house in the Greater Vancouver area. This includes paying property tax, house insurance, alarm monitoring system, lawn maintenance, electricity and gas.
We are in the process of moving things out of the house into a storage locker that we will be renting. Hopefully, by summer next year, we can have the house rented out.
I talked about our choices of what we will be doing with the house in this post and now, we have decided that we will:
Have some minor renovations done (fresh coat of paint, new carpets) and rent it out to a family.
As much as I wanted to sell the house and split the money up, I don’t think it’ s a good time to sell the house just yet. I just know that the property value will go up once a nearby development is finished. Though I may be losing some money or even just breaking even by renting out the house now, I will be losing more money if we decided to sell the house now.
Even though we have disbursed the somewhat last bits of the estate money, I still view the money I inherited as “not my money”. I wrote a post on what I have done with the money I inherited so far here. All the accounts where I put the money in are in a separate account. I didn’t count the money I inherited towards my net-worth. It just felt wrong:
I didn’t save this by myself. It’s my parent’s money.
It’s the feeling of being financially independent for a long time and all of a sudden, you parents swoops in to help you out and buys you a place or paid off your debt.
It still saddens me that my parents were unable to enjoy what they have saved up over the years and they left so much behind for us (not just money, but things in general that we have to take care of). It’s like their “unfinished business”. Both of them were going to turn 65 this year if they were still alive. They could have retired and reap the benefits of their life savings, instead, their life savings went to us kids who feels guilty from benefiting it.
It’s close to the one year anniversary of my father’s death. Though my relationship with him has diminished since his depression, I am still struggling to overcome the guilt of accepting the things he has left behind for me.
~The Money Pincher~