Money Trickling In….and Siblings

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.  Continue reading

What would you do with inherited property?

photo_verybig_106929

I have inherited 1/3 of my parent’s property and my siblings and I are debating what we want to do with it.   The house is situated in a sought after neighbourhood on a hill with a park across the back lane (no houses behind our house!).  The house was built in the 1960s and has not been renovated much.  Everything was original: oak kitchen cabinets, tiled kitchen floors, hardwood floors and copper piping.   Our dad just installed a new roof and a new boiler last year.

With the real estate market being so hot in Vancouver now, I am guessing the house could easily sell for $900K even though it needs a bit of updating.   After all the real estate fees and etc., I am guessing we would each have about $250K in our pockets, if we were to sell it as is.

Continue reading

What I did with my Inheritance so far

Inheriting money and dealing with not having parents around at the age of 30 can be a daunting experience.

Since I have siblings, the money left behind by our parents were split into portions accordingly. Thankfully, they had a will, which made things a lot easier (will blog about the importance of wills and probate costs).

When I had the money deposited into my bank account, I was VERY tempted to just go out to buy a nice second hand sports car (I was seriously thinking about that!).  Instead of buying a big ticket item, I did go for a bit of a spending spree.

Though this is really pretty, I would give anything to have my parents back with me.

Continue reading