Do you have your affairs in order? That's a hard question to ask a friend.
After a long illness, a friend of mine passed away this week. Sadly, I did not think it was my business to ask him if he had his affairs in order. Additionally, we Realtors can't give legal advice. That is called practicing law without a law degree. My friend was a brilliant man, so I assumed he had done his homework when he learned he had terminal cancer.....he figured all he needed was a will...not so.
Hindsight being 20-20...yesterday I learned that since his home is in his name--and although he has a will--in Florida, the home needs to go through the probate process before it can be sold. This will absolutely hold up the sale of this home, something the family wish they could avoid but can't in this state. Understand that all states are different!
Patricia Hernandez of the Law Firm of Berlin Patten in Sarasota says that if the owner had signed a "deed of interest" (if no mortgage) or put the property into a trust, then his parents would have avoided going through the probate process. Ms. Hernandez says that putting the property in trust would have taken only a few days. As soon as the trust documents were signed, then the owner would have signed a deed to get it into the trust and recorded it immediately. The family could have done this all last week.
Last year, a good friend in Atlanta called me and asked me how she could be sure her daughter-in-law would not get a dime of her inheritance. I told her I didn't know but she needed to see a lawyer and ask about estate planning and trusts for her sons.
With the elderly population in Florida, one of the first things that I learned as a Realtor was about preparing real estate contracts when there are Powers of Attorney and trusts. A couple of times a year, I sell property that is in a trust, and the sale is easy and trouble-free. So please talk with an attorney and decide what's best for you and your family. This is something homeowners should not put off.
Have an awesome week, and let me know if I can assist you in selling or buying a home in Sarasota, Siesta Key, Nokomis, or Venice, Florida.
Most sincerely yours,
Linda Holley, Realtor, GRI, 941-914-4914
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