Planning for the Future

In real estate we deal with high emotions and high dollar amounts. Oftentimes, a real estate investment is the largest asset someone owns. When someone passes without a will or without a properly updated title to a property, an already sad situation can turn complicated as this process may not align with your wishes or the needs of your loved ones.

A will is a legal document that outlines how a person’s assets, including real estate, should be distributed after their death. It can be an important tool for ensuring that your property is passed on to the people or organizations you choose, and that the process of transferring ownership is carried out smoothly and efficiently.

I have been involved in many situations where probate could have been avoided or where precious months in a strong market have passed while disagreements have caused long delays.

I have identified 3 issues that can cause problems when selling real estate when someone passes away:

1. No Will

It’s generally a good idea to create a will if you own real estate or other significant assets. A lawyer or other legal professional can help you draft a will that meets the requirements in your state of residence and reflects your wishes.

2. Naming Co-Executors for the same role

When appointing executors, it is common for parents to want to include all the siblings, so as not to show favoritism. In my experience, when selling real estate, having one person who is the decision maker and appointed signer for a real estate transaction can reduce conflict and ease the decision making process.

3. Not Updating Title

Adjusting title after relationship changes, marriages and divorces is also a consideration to help make the home-selling process a bit smoother.

An estate planning lawyer can guide you through this process and answer questions about probate, when to create a trust for a property and so much more. Remember, I am not an attorney but do have a lot of real life experiences with all of the above. If you ever have any questions in regards to your real estate holdings, I am always happy to chat through your situation and refer you to a lawyer who can help set you on the way to getting your affairs in order for peace of mind for you and your loved ones.