BIRD TALK

We were told by a Canadian couple who own a home in Florida that your Canadian will does not apply to the U.S. In case of both of our deaths, the U.S. government would sell our house and we would have to pay all applicable U.S. taxes before our estate would receive the remainder. They told us about a “Ladybird Will,” which alleviates this. Can you shed some light on this. What happens in the case of both of us (the owners) dying, with our Canadian will leaving our assets to all three of our children.
Latchman Sanker
Oshawa, ON

Ed.: Your Canadian will does apply in the U.S. Where real estate is owned in the U.S. by a couple, it is usually owned as joint tenancy with right of survivorship. In that event, upon the passing of one of the owners, the property goes to the survivor by succession outside of any provisions in a will. If the property ends up with one owner, that person’s will would determine the ownership. There is no “Ladybird Will,” but there is a “Ladybird Deed” in Florida. Other states have different names for this type of deed. This is a form of ownership of real estate whereby the persons added to the names on the deed do not acquire an ownership interest in the property, but do succeed to ownership interest upon the passing of the last joint owner, as described above.