Property inherited or received as a gift is excluded under the property family concept.
What will be happening if it is lived as a matrimonial home?
Upon the assumption that the property is owned by A, who is married to B, occupied as a matrimonial home by A and B, then A dies:
- B gets to live in the house for 60 days by way of possessory rights under the FLA,
- B has rights under the Succession Law Reform Act to participate in the equity, if there was no exclusion under a domestic agreement,
- A’s estate receives A’s interest in the property and has the opportunity to exclude it from their own family property, should they choose to do so (actually, most don’t).
Brian Madigan LL.B., Broker