What happens to the house with the loss of a spouse?
Here are a few different situations.
An older man lost his wife a few weeks earlier. He would not go back into his property and wanted it on the market now! He did not feel the house was his home without her. Asking more questions, he told me he was staying in a rental and could not sleep in the house. We did sell it to a young couple, blissfully in love, and that is what the seller wanted, someone in love to love his place. Hearing who was buying, he sweetened the deal to afford the house comfortably.
For others, when losing a partner, they don’t want to leave the house. They want to stay in familiar/comfortable surroundings. Some suggest waiting at least a year to make a move. Sometimes the luxury of remaining is not possible. Please be sensitive, ask the right questions. Is there family to consult? Does the house have to be sold?
A couple was married for 15 years when the spouse died, leaving the wife as PR personal representative. The children from a previous marriage now want the house. It was not enough to have his widow as PR. The will had the late last wife listed. He never got around to changing it.
Another couple, married over 20 years (second marriage for both), bought and paid cash for their forever home. The husband put his daughter's name on the title so that the house would remain in the family.
Trust was not an issue until it was an issue.
The husband died, and shortly, the stepdaughter forced the sale of the house demanding half of the proceeds. Is this what her father had intended?
It is always good to seek legal advice and check your will. Does it say what you want?
Because when it comes to real estate, trust is not enough.
When it's time to talk about your home
Call Margaret Rome