Recently I was approached by a neighbor, wanting me to list the home that had belonged to her late Father losing him had been difficult for the family, and they really didn't know how to handle any of what was left in the wake after his passing. I realized after our initial meeting, that we had to start at step 1 by having the family file the death certificate and meet with an Estate Attorney, although it had been almost two months since his memorial service, these responsibilities had remained in the large stack of paperwork that had been a burden for them to face. Some of the troubling circumstances were that she had no idea where to even begin, and before his passing he had drawn up a handwritten Power of Attorney that had not been notarized thinking that would be sufficient to transfer all holdings over to her at the time of his death.
I suggested she contact an Estate Lawyer right away, to begin the long probate process. The very sad part of all of this is the lack of information many senior citizens and not so senior citizens have regarding the transfer of real estate holdings to their surviving children or relatives. (Of course this transition would have been smoother for the grieving family had He established a revocable living trust, naming whomever he wanted as the remainder beneficiaries, and then in cases such as this, transferred the home into the trust.) I just saw the frustration spread over her entire countenance upon hearing that this wasn't just as easy as signing listing documents and hoping and praying for a fast sale.
I guess I didn't realize how easy it is for our elderly citizens to just fall through the cracks. This isn't a subject that individuals are well versed in, many people neglect speaking about what to do in the event of passing, Homes are where most of the potential wealth is stored for most Americans, and it's a National tragedy that everyday families are picking up the pieces of their family during bereavement and dealing with a lengthy probate process to boot.
I will make it one of my goals to, have documents available to Senior's regarding Revocable Living Trusts and encourage them to talk to their family and Attorney about Estate planning, if not for themselves for the benefit of their loved ones.
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