You Need A Will - Trust Is Not Enough
Margeret Rome came up with a great blog that you should all read!
If you are in a marriage and own a home...make sure you have a will. You need to see, understand and possibly change the previous will.
Lately, I've had two situations that could have been prevented by a simple will...as opposed to these words...
''Don't worry honey, you'll be taken care of."
For both of these...please seek legal advice.
First example:
A couple was married for 15 years when the spouse died leaving the wife as personal representative. Sounds OK right...nope. The heirs from a previous marriage now want the house. Hmmm, let's see the will. It was not enough to have the present widow as PR. The will has the previous wife listed. OOPS. The second wife is probably screwed except for survivor benefits.
Second Example:
A couple married over 20 years bought and paid for their home. There was no mortgage. It was in the wife's name and they both agreed to put the daughter's name so that it would remain in the family.
Husband died and in a very short time, the daughter is forcing the sale of the house demanding half of the proceeds. Is this what her father had intended? Probably not.
It is always good to seek legal advice and check your will.
Does it really say what you want?
Trust is not enough.
Sell Your Home With Margaret Rome
Broker-Owner HomeRome Realty
Author of Real Estate the Rome Way
mrome@HomeRome.com
410.530.2400
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