You Need A Will - Trust Is Not Enough

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

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. 

 

Margaret Rome

 

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Re-Blogged 4 times:

Re-Blogged By Re-Blogged At
  1. Valeria Mola 12/05/2018 01:16 PM
  2. Fred Griffin presently on Leave of Absence 12/05/2018 06:13 PM
  3. Jerry Pinkas 843-839-9870 HOMEGUIDEMYRTLEBEACH.COM 12/07/2018 02:56 PM
  4. Will Hamm 01/09/2019 02:48 PM
Topic:
ActiveRain Community
Location:
Maryland Baltimore County
Groups:
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Tags:
homerome
will
forced to sell
do you have a will
you need a will if you own a home
whos on title
understanding your will

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Ambassador
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
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Such an important post Margaret Rome, Baltimore Maryland . Over the years I have heard some nightmare stories that could have been avoided entirely if there had been a trust or will in place. Just get it done folks.

Dec 04, 2018 03:39 PM #11
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

We have wills, driectives, and trust. I will say that getting a trust set up is something that you can get bad advice on. Make sure your attorney understands all the details.

Dec 04, 2018 05:59 PM #12
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Most of the time deeds are written in my state to prevent a will being needed when it comes to real estate.  In my personal life my house is in our joint names with the deed reading "with survivorship rights" meaning that the real estate is 100% vested to the other spouse upon the death of one of us. 

Of course that doesn't mean I don't have a will.  But it covers real estate in the event my husband has preceeded me in death or the unlikely event we die at the same time.  

Dec 04, 2018 06:56 PM #13
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Frank Rubi
Frank Rubi Real Estate, LLC - Metairie, LA
FrankRubiRealEstate.com

My comment is that to update your Will and even have a second attorney look it over. 

Dec 04, 2018 07:36 PM #14
Rainmaker
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Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

What you don't want...is a trust and a will....and then let the battles begin very extensively and expensively says she from too much experience.

Dec 05, 2018 06:20 AM #15
Rainmaker
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Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

I have had a few recent deals where the seller passed away durring the process.  In the past I have had a few of these die because there was no will, the most recent one was unbelievably easy and only delayed things about a week, the seller was prepared with a will and the executor knew what they were doing... Be Prepared!

Dec 05, 2018 06:39 AM #16
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I hope others will read this post. I am glad it is featured.

Dec 05, 2018 12:39 PM #17
Rainmaker
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Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Do not treat this as teenagers do when their parents are trying to help i.e. in one ear and out the other without any stopover. Listen to Margaret Rome, Baltimore Maryland 

Dec 05, 2018 02:19 PM #18
Rainmaker
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John Henry
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Margaret, you have brought up a serious topic that we all need to address.  Thanks very much.

Dec 06, 2018 04:45 AM #19
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Margaret

You’ve shared some wise advice about having a will. And also updating it when needed since things can and do change. No doubt there are plenty of other sad endings because people did not make sure their wishes were in writing, and enforceable.

Jeff

Dec 06, 2018 01:33 PM #20
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

John Henry It is a very serious topic. We, as RE professionals, are able to help others with our advice.

Dec 06, 2018 01:50 PM #21
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

 

Jeff Dowler, CRS  So true..."No doubt there are plenty of other sad endings because people with not make sure their wishes were in writing and enforceable.

Dec 06, 2018 01:52 PM #22
Rainmaker
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Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I have begged and pleaded with my husband to write a will and he just won't do it. I have a will and have amended it just for that reason. How selfish to leave your wife in a predicament of having to figure out what to do with all of your shit? Excuse my French.

Dec 06, 2018 08:48 PM #23
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Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Great words of wisdom from Margaret Rome as usual!!!

It is always good to seek legal advice and check your will.

Does it really say what you want? 

Trust is not enough. 

Dec 07, 2018 03:47 AM #25
Rainmaker
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Joyce Marsh
Regal | Christie's International Real Estate - Orlando, FL
Regional Manager Regal Christie's Int'l Realty

Good advice and something that we all need to take care of.  Congratulations on the feature post.

Dec 07, 2018 07:02 AM #26
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sham Reddy Always good to see you my friend.

Dec 07, 2018 12:29 PM #27
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Thanks Joyce Marsh, Daytona Beach Florida Real Estate We need to share this with our clients. For agents, make sure the person selling has the legal right to do so.

Dec 07, 2018 12:30 PM #28
Rainer
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Anthony Kirlew
Keller Williams Legacy One Realty - Gilbert, AZ
Helping You Make Fiscally Sound Choices

One of the thing that I offer my clients is financial coaching. I ask them questions including, "do you have a will?" If they don't one of the tools I offer them is a Legal Shield Membership. For those who don't know, Legal Shield is a legal services plan that is worth it's weight in gold. For a small monthly fee (usually under $25 per month - varies by state) my customers get access to a legal team which assista with a host of legal issues. Including in this membership at no additional cost is the preparation of a Will AND updating it annually. There is a $20 per year cost for a spouse, which is still a steal.

This helps my customers (who take advantage of this) to have their Will prepared, but also to help ensure they don't run into issues like this with their Will being outdated.

Oh yeah, and the extra bonus for me is that I do get paid a commission by Legal Shield for these sales plus their renewals which creates a passive income for me. Keep in mind, I don't just do this for money. I do it because I believe in Legal Shield as much as I beleive in real estate and sincerely beleive that every family in America should be protected by it. (In fact, I should probably do a separate blog post on this.)

If anyone is interested in offering this to their clients, feel free to reach out to me. You can also register as an Associate or Purchase a legal service plan yourself at: http://thefinamarkgroup.legalshieldassociate.com/.

Dec 16, 2018 07:29 AM #29
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Anthony Kirlew Good to see you. This comment would be better as your own stand-alone blog post.  

Dec 16, 2018 07:40 AM #30
Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Margaret. This is soooooo important, dare I say married or not.

Jan 10, 2019 05:43 AM #31
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