Winsor Law Group Blog

Written by Matthew K Palfreyman

Your residential communities are beautiful; and they should be considering the association dues paid.  The east valley is an expansive suburban sprawl with more homes on the way as retirees and families from all over the country look for warm weather and close shopping centers without the California or Florida price tag.  Armies of real estate brokers and loan officers follow in suit hoping to get a piece of the action.

Time may have softened the memory, but can you remember what your last home purchase was like? Hopefully it was positive and without challenges, but pretty much all homeowners know how complicated even a basic real estate transaction can be.  When their transaction is complete, Buyers and Sellers usually celebrate, not just because they are happy but also because they are relieved that the process is over!

Regardless of the value of a home, Buyers and Sellers often must coordinate through making repairs, inspections, listing, financing, and title processes; Real estate transactions are a major sector of our economy with multiple industries of professionals that exist solely to coordinate the process of moving a property from Seller to Buyer; however, homeownership does not really end with the closing; like a young child, a home needs a lot of help to look presentable; it needs regular check-ups; and it needs a stream of money to pay for its entertainment gadgets.

Not a single aspect of that complex process goes away if an owner of real estate is dead or disabled; in fact, the transaction usually becomes even more complex and more expensive.  Here are some important, get-real questions about your real estate:

Who is going to care for your home-child if you (collectively or individually) cannot?

Do they know how to care for your home-child?

If you are not available to put your home-child up for adoption, who will?

Can they put the home-child up for adoption without getting help from a judge?

If your home-child is on loan from another set of mortgage parents, how willing are they to work with your heirs?

Finally, if the mortgage parents are not willing cooperate, is there money to pay off the mortgage parents when they hold the home-child for ransom? 

Our firm can help with a plan to answer these questions.  Even if it is merely to coordinate that single, automatic transfer-on-death real estate transaction, an estate plan is the only way to remove or lessen the chaos of the next transfer of that house. That is the cold, hard, real truth about real estate. Creating an estate plan is a selfless activity; the plan is done for them; that is why it is critical and important for everyone. When the planning is done well, the family can prosper.

*The information provided in this article is of a general nature and reflects only the opinion of the author at the time it was drafted. It is not intended as definitive legal advice, does not create an attorney-client relationship, and you should not act upon it without seeking independent legal counsel.