Zoom Call With Larry Story When A Spouse Passes

By
Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

Zoom Call With Larry Story    When A Spouse Passes

The Zoom call this past week was a more than sensitive subject as it dealt with the issues that can rise when a spouse or partner dies.  Sometimes it involves more than just having a will, especially of there many heirs and a more than typical estate.

Larry Story is an experienced  Broker and real estate professional. His work area is in North Carolina and as such deals with more than just residential properties but also larger parcels of land on which can be multiple residences as well as working farms.

He has developed a niche in dealing with probated properties and is connected to several probate specialty lawyers.  He has come to recognize typical problems that arise when people pass without a well detailed will in place.

While offering a few examples of poor planning, he also stressed that depending on situations, dealing with a lawyer that is recognized as a qualified estate planner would be the best approach.  His suggestions were to seek out a qualified estate planning lawyer and then interview each to get the best feel for the lawyer who's service would be best for individual circumstances. To find this particular lawyer would be best through friends that have used one and get their comments on a qualified source.  Reaching out to the lawyers that we are acquainted with in our real estate dealings may also offer a qualified service provider.

Having a well detailed will is essential and would expedite the process when someone passes.  Even with a will, a probate court may be required, but is considerably easier once the will is recognized.

With larger parcels and larger families, having all on board with the wishes of the deceased is easier with a will especially once the executor of the will is defined and the desires are understood.

 

When choosing an executor, the specifics as to what they are required to do must be presented as well as so as to avoid excessive costs and delays.

Larry does farm estate and as such must also deal with the care and tending of livestock and the proper appraising of the estate and livestock.  In his area, he can seek assistance from the Carolina Farm Credit Bureau, which is the local affiliate in North and South Carolina for the USDA Farm Source Agency.

In would be through this agency that a proper appraiser would be obtained to properly place a value on a working farm with livestock.  Particularly in these situations, a qualified executor would see to the maintenance and care of the livestock as they can be worth a lot of money.

Of importance here was the proper selection of an estate attorney, as well as qualified executor or executors.

It was a very interesting presentation and offered bits to guide all that listeners in handling their own  personal or client's needs.  In today's society where there may be previous relationships that may seek a portion of the inheritance, having a well detailed will is very important.

Zoom Call With Larry Story    When A Spouse Passes

 

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Ed Silva  Mapleridge Realty, LLC,   203-206-0754

Comments (24)

Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Ed Silva  This was a very informative Zoom meeting I am sure many of us have run into these types of situations. Larry guided us into several different situations and what type of will or trust may be best. So glad my schedule allowed me to attend this educational meeting. Thanks for this detailed re-cap for those who were not as fortunate to attend 

Oct 27, 2021 05:48 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Ed Silva - You always do such a great job with these summaries.  Thank you so much!  It sounds that Farm estate planning and appraisal is pretty complicated.  This is a very interesting topic. 

Oct 27, 2021 06:24 PM
Anna Banana Kruchten CRS, Phoenix Broker
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Ed great recap of Larry Story ALC presentation.  This is an extremely complex issue and Larry outlined many of the major things to consider.   Sorry I misssed this one.  We deal with quite a number of these situations and thankfully most have a trust in place and all is in order.

Oct 27, 2021 09:35 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

This is pretty sobering but Lilly important nevertheless problem is you have a spouse that we care about and lov to the end of the earth

Oct 27, 2021 11:32 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Ed - Larry certainly had some good examples and people should make proper plans with a quialified estate attorney.

Oct 28, 2021 03:43 AM
Brenda J. Andrew
ULTIMA REAL ESTATE - Corpus Christi, TX
Professional Realtor in Corpus Christi, TX

Good morning Ed.  I am missing out on these calls.  I have an on going class during this time right now, but will have to attend. This is a great recap and I wish I would have been on this one.  Thanks for doing the re-cap!

Oct 28, 2021 04:31 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Thank you for the overview - I took some notes and left with a few action items! I'm glad I was there to hear this one first hand.

Enjoy your day!

Oct 28, 2021 04:48 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That was a really good zoom meeting and Larry certainly is quite knowledgeable.  Did I hear him say that he is going to fix NAR too?

Oct 28, 2021 05:11 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Ed - you are obviously running for ActiveRain class secretary with your exceptional note-taking ability.  Good luck with the campaign!  🙃

Oct 28, 2021 05:16 AM
Dorte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Ed,

Thank you for summarizing this. I have never thought about farmers passing without anyone to handle their animals. I would think this quite rare, but for sure there are others, who also have immediate needs after the passing of a loved-one. Having a big tree fall, leaves the understory exposed for good or ill.

Oct 28, 2021 05:20 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ed, another great speaker and topic that would have been good to hear!  

Oct 28, 2021 06:21 AM
Ginger Harper
Coldwell Banker Sea Coast Advantage~ Ginger Harper Real Estate Team - Southport, NC
Your Southport~Oak Island Agent~Brunswick County!

Thanks Ed

Wish that I had known you about 3 years ago.  It has been a dificult experience

Oct 28, 2021 07:00 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Ed,
Thanks for the recap. I was hoping to attend this presentation but I was going about 80 MPH on the highway between Utah and Idaho. 

Oct 28, 2021 07:22 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

I wasn't able to attend the meeting, but appreciate your summary of his presentation. You take great notes!

Oct 28, 2021 07:27 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

HI Ed... as always, thanks for the summary, as I was not able to attend Larry's presentation. I do just enough estate sales that I'm very familiar with the little items that can possible derail a transaction if you don't know the right questions to ask.

Oct 28, 2021 07:32 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

There are few things more important than estate planning.  Over my past 40 years in real estate, I've witnessed some real nightmares, when homes were forced to market because of bad planning.  

Oct 28, 2021 08:32 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Ed, on having this blog FEATURED in the Old Farts Club group!  

Oct 28, 2021 08:32 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Ed:

Thanks for a well-done and thorough recap of Larry's presentation. Wish I didn't have to miss it. It can get pretty complicated when you have to deal with a will when selling a property and someone has died. It's clear having a good attorney to refer clients to makes lots of sense and to deal with potential issues before they happen.

Jeff

Oct 28, 2021 12:47 PM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Ed,  Lots of good information on a delicate subject.  Some simple planning ahead can make an already difficult time for loved ones much simpler.  Mark

Oct 28, 2021 06:09 PM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Good evening Ed! Sounds like I missed a great informative call last week

Nov 01, 2021 05:25 PM