When it was time to settle my parents' estate, the heirs, my siblings and I, were very fortunate. My father was a compulsive engineer who loved everything to be tidy, and that included my parents' estate.
We were able to list the house as soon as it was painted and staged and ready for prime time. Everything was in a trust, so there was no probate procedure, minimal legal fees, and we could miss out parents like crazy - without being annoyed with them for leaving their estate in a mess.
But it doesn't always work that way.
Soon after selling my mother's house, I got an ActiveRain referral for a condo in one of my favorite DC buildings. It was being sold by a really nice woman whose sister had recently died. And we soon learned that she'd left three, count 'em, three invalid wills. About a year later, and after a huge legal bill, we were finally able to list the unit - the week after the condo board promulgated some onerous restrictions on owners renting their units. It took months to sell in a market that, except for this building, was white hot.
The seller missed her sister terribly, and I can only imagine how annoyed she must have been with the whole situation.
Last weekend, I sold a condo that had been owned by wonderful old lady who died just short of her 100th birthday, after living an exciting life that included a job in an iconic president's White House. And in a very scary moment, the listing agent and I realized we weren't sure what the deal was with the estate. And it turned out that the unit was in a tidy trust, and we'll be able to settle in a short time.
But what if she'd had a boy toy instead of trust? What if she'd gotten annoyed with her children for being rotten kids and never visiting her and left everything to the young man who doted on her in her dotage? When it comes to estates, pretty much anything is possible, though the best possibility is a will and a trust.
If you are charged with selling a property to settle the estate of a loved-one, the time to have "the conversation" is while Mom or Granny or Uncle Lenny is still with us. That way, the money can go to the intended heirs, instead of the probate lawyers!
If you are planning a move to or from the Washington area, I can help. I am licensed in DC, Maryland and Virginia. Please email me at Housepat@mac.com or call 202-549-5167.
Search all listings in the DC Metro area.
Comments(62)