By Leon Merian, Compass Realty
You may wonder why, as a Realtor, I care about estate planning. At first, it might seem like an unusual connection, but trust me – estate planning and real estate are closely tied, especially when helping families navigate life’s biggest transitions. Whether it’s downsizing, passing a property to the next generation, or selling a family home, having an estate plan in place makes all the difference. And this isn’t just something for older generations. Estate planning matters for everyone.
My children love to roll their eyes when my mother brings up her famous file entitled “Death!” It’s a collection of her contacts, important documents, passwords, and even her pre-written obituary (yes, mom is a serious planner). While it may seem like overkill to some, her thoughtful preparation shows how much she wants to ensure that her wishes are honored. And honestly, it’s a blessing for all of us who care about her.
In my work with elder care attorneys, the common theme is clear: planning is key. People often put more effort into planning a family vacation than they do into planning their financial or legal future. But imagine the peace of mind estate planning can bring to both you and your loved ones.
Here are the three key documents everyone should consider:
- A Will: This outlines how you want your assets, big or small, distributed after death.
- Power of Attorney: This document grants someone authority to manage your financial matters if you become incapacitated.
- Advanced Healthcare Directive: This allows your loved ones to make medical decisions for you if you’re unable to do so yourself.
If you think you don’t own enough to need a will, even the smallest possessions, like a cherished car or sentimental family items, are worth planning for. And when working with siblings, believe me, having these wishes laid out is truly a gift. It prevents confusion and even potential disputes, especially in families that seem close-knit. Yes, even the “Hallmark” families need the clarity of a solid estate plan.
Estate planning also goes beyond your physical property. Have you considered who will care for Fido if something happens to you? What about your social media or email accounts? How will your loved ones access them? Planning for these details ensures your family doesn’t struggle to figure things out during difficult times.
One important thing to remember: Estate plans aren’t set in stone. Life changes, and so can your plan. Whether you’re adding a new partner, adjusting beneficiaries, or changing your financial situation, it’s essential to keep your estate plan updated. Once you’ve chosen your executor, ensuring they have both digital and physical copies of your documents will make things much easier for them when the time comes.
As a Realtor, I’ve seen the importance of estate planning when it comes to real estate transactions. Families who are prepared make smoother transitions, whether they’re downsizing, selling, or transferring property to the next generation. Estate planning is not just about passing on your hard-earned wealth; it’s about making sure your family is taken care of and that your wishes are carried out in a respectful, thoughtful manner.
Planning for your estate is a loving way to take care of the people who matter most. It’s about being prepared, so those you love don’t have to worry. Whether you have a bank account, a pet, or a few prized possessions, having a plan in place gives peace of mind. Start the conversation now. Together, we can help ensure your future and your family’s future are both well cared for.