As parents, it doesn’t matter how grown up our children are; they are still our children, and we’d do anything to protect them and make their lives easier. From providing unconditional love and guidance to even financial help along the way, we do whatever we can to set them up for a happy and fulfilling life.
The thought of what they will do when we are no longer around can be too much to think about. Nevertheless, it’s another fact of life that everyone will face at some point. In this area, too, we want to ensure our children will experience as little heartache and upset as possible during a time of grief. In this post, we’ll talk about what you can do to help your adult children sell your house if the unthinkable happens.
Do you have an urgent situation where you need to sell a house quickly? Learn more about our selling services in Peterborough and Kawartha Lakes right here.
Ask the Hard Questions Now
Do you remember that line from the serious-faced little boy in the very funny movie, Kindergarten Cop? “Everyone dies, you know,” he informs the stern principal. “Yes, but not for a very, very long time,” she calmly replies.
We all may hope to stick around for a very long time, creating new memories with our family members and friends. Still, it doesn’t hurt to plan some of the details now, even if those events won’t unfold for several decades.
Talking about it now may not be pleasant, but it’s far less painful than leaving your adult child to make significant decisions while dealing with a world of grief. You want your loved ones to know your wishes and be empowered for every scenario, whether you have passed away or come to the point where you need extra care and support.
The way we see it, the sooner you get your affairs in order, the sooner you can get back to your everyday life, secure in the knowledge that your children will not have a heavy burden to bear when that day arrives.
Here are some questions you can start to consider.
- Who will be the Executor of the Will?
- Should you assign a Power of Attorney now?
- Is your Will up to date and current? Do your loved ones know where to find it?
- Have you spoken to a financial adviser about estate planning?
- Are all of your account numbers in one place?
- Do you have a real estate agent in your contact list to guide you through an estate sale?
The following resources can be invaluable if you or a loved one has to sell a house with minimal preparation.
- Beyond Staging: Adding the Most Value for the Least Effort
- What Are the Implications of Selling an Inherited Home?
- Can You Sell Your Peterborough Home Remotely?
Make Your Wishes Known
You love your family, which makes the thought of them fighting over your assets after you’re gone unbearable. That said, more conflicts arise out of uncertainty rather than greed, which means you can avoid the worst of them by making your wishes known in advance.
Working with a lawyer to create an up-to-date Will is essential, but it’s only the first step. You’ll also want each family member to know who gets what when it comes to your items of sentimental value. For example, it may seem obvious that you leave your fishing pole to the child who has spent hours with you on the lake rather than to the one who hates the water.
But as you walk around your house, you’ll find many less obvious items with beloved memories attached, like a necklace you received from your grandparent that you want to keep in the family. Your loved ones will never know what these items mean to you unless you tell them. Knowing the stories and the people behind them can mean they’ll be cherished for another generation.
Is selling the family home part of the plan? Download our free seller’s guide right here.
What Will You Do With the Family Home?
With those sentimental items out of the way, let’s talk about your house. Your real estate and any investments are likely your most financially valuable assets. Here’s where you want to be absolutely clear about your wishes.
For example, do you want your loved ones to sell the house and divide the proceeds evenly? This may be the best solution if all of your children have since left the nest. However, if one child is still living with you and helping to cover the bills and maintain the property, you may feel that they deserve a greater percentage.
It’s not being unfair; it’s just being unrealistic, and conflicts are less likely when everyone knows your reasoning behind the terms of the Will. A good lawyer will help you outline each term so that it is as ironclad and uncontestable as it can be.
You’ll also want to keep your lawyer and your family members up to speed whenever something changes. A quick check-in on a regular basis will help to keep the peace by ensuring that everyone is on the same page at all times.
Need to learn more about estate planning? The resources below will help you and your family know what to expect:
- Do You Need Power of Attorney for Peterborough Real Estate?
- What Are the Best Practices When Handling an Estate Sale?
The Practicalities of an Estate Sale
Planning out the practical details of a future estate sale can be challenging because so much can change between now and then. No one can predict the future, but you can help your loved ones be prepared to meet these challenges head on.
Connecting with a local real estate agent means you’ll have instant access to the latest facts about the market. This up-to-the-minute data will enable your children to make quick decisions that will likely result in a successful sale with minimal effort.
In the meantime, you might start by getting a home evaluation so you have an idea of what your property is worth today. Though it will likely rise in value, knowing how much your house would sell for right now is a great way to see the big picture. Every small detail you attend to today will help your loved ones in the future.
Do you want to know more about estate sales or the current market? Our Peterborough real estate agents are happy to answer any questions you have. Reach out to team@jeffandkatie.ca or call 705-243-9797 to get in touch today.
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Curious about your real estate options? Relocating to the Peterborough area? Our experts are ready to help.
