No Will? What’s Wrong with That?

In one case, deceased’s children could not agree who was to sell the family’s home for two years.

On the day we appeared before a judge to decide who would list the home for sale, the siblings changed whom they would support. A new arrangement was made on terms that were cobbled together at the last minute with lawyers at extra costs.

In the two years following the parent’s death, the police had raided the home. It was being used as a crack house. All valuables in the house had disappeared. There was plywood on the front door. The children wanted to know when they could meet to collectively decide how the contents would be distributed. I advised them that the home had been uninsured, vandalized and raided by the police. There were no valuables left in the house.

So, why do people who own real estate not make wills? Let’s guess since they are not around to tell us.

They figure they don’t need a will yet.

You make wills for those you leave behind. Because you never know when they need your will.

Perhaps you don’t realize what happens to your real estate. In Part 1 of this post, there was a condominium. Monthly fees must be paid. Who is going to do that? What happens when there is a default and the condominium hires a lawyer to sell the property? There will be additional legal charges.

Will the condominium contents be insured? Who will pay for the insurance? When can the condominium be listed for sale?

Who is going to sign the listing agreement if there is no estate representative? The condo will sit empty for months, or more, until courts appoint an estate trustee without a will.

Nobody is in charge if you do not name an estate trustee or executor in you will.

Discover ways to save taxes and expenses in your estate. Set up an initial meeting to discuss your will options.

As a Certified Specialist, estate law is all I do.

Ed Olkovich