La familia, real estate and a trust: what to do, what to do?
There’s ample reason for taking time in making big decisions after a loved one dies. Upon the death of Mom a year and a half ago, first thoughts of what to do with her house: gut the kitchen, new granite tops, tile floor – the intention was to rent it out, make the most of what Mom worked so hard for and keep her legacy alive at the beach.
Let’s face it, beach house + tenants = goldmine, yes? Not so fast, landlord. Time has a way of teaching different perspectives.
Though it seemed logical to keep the beach house for numerous financial and emotional reasons, my bro and I began questioning what he and I really wanted for ourselves. We came to the realization that we each had our own specific goals. Now we had to work together to find the right compromises that would enable us to move forward.
A living trust takes trust. And good faith.
As co-executors, Mom knew very well how well her kids would work together. This escaped me at the time, as one doesn’t think about such things while a parent is living. Once she was gone, brother and sister had to take the time necessary to reconnect with other and to understand where we were in our individual lives. I commend my Mama for taking action and creating a living trust years ago, as well as for having the faith that her children would do the right thing for themselves and for each other. Her preparation has raised a new awareness of our own lives as we now wish to take care of our own kids as she did for us.
The decision to sell Mom’s house, although not easy, now feels right. When a loved one passes on, give yourself time. Breathe, think, feel, mourn. If there’s real estate involved, even more reason. That property ain’t going anywhere. Decisions should be made with clarity. Other people mean well. They may give advice, feel they are helpful yet not understand your exact situation. Most people believe a simple will will allow heirs to handle the sale of a home. Not true. Depending on the situation it’s very likely “probate” will skim some of the sale profits. Consider a trust. It’s a gift of legacy.
Surround yourself with trusted advisors, whether they be personal friends or professionals such as a trust attorney, tax consultant and yes, even a Realtor. Shameless plug? You bet. Call it what you will, pretty convicted about this one. Through my own personal experience, the care and compassion I bring to the table are that much stronger, authentic, to the point and undeniably altruistic. Sharing my personal story of Mom – a way to help you, someone you care about, the objective to simply let others know I understand, I care and if need be, will be there to help.
In the near future, more to share regarding other real estate issues – the purpose, to share, engage and hopefully make one think a little bit, learn a little something. I make a living helping families find their next home. A very cool thing.
Click on link to check out Mom’s house. 🙂