People buy homes for many different reasons. Most buy for the sole purpose of living the American Dream, others use the home buying market as an investment tool, and some even use the margins inherent in real estate transactions as their daily income.
Fund the Trust: One of the most often missed steps in the estate planning process is FUNDING THE TRUST! Failure to properly fund the trust can create a huge void in the plan which will often require a trip to the probate Court after death.
If you die and are survived by a spouse and children, the estate will most likely be divided between your spouse and children, as determined by the courts. The split of your estate between your spouse and children can cause problems for your spouse, who may have to sell a family home in order to pay out the shares to the children.
Prepare a Will and include the appointment of a Guardian. While a Will and the appointment of a guardian is important for anyone with minor children, it is doubly so if the child is disabled. Finding the right guardian can be difficult. In some cases, the care needs of the child may be so demanding that he or she will need a different guardian from his or her siblings. The parents need to make these determinations while they can.
Here’s a typical situation – a family meets with their estate trusts and wills. The mom and dad are in their 90’s. The only planning they have ever done was a will purchased from an office supply store and cobbled together with pieces of paper containing notes, items that had been marked out and pages that were missing – about 15 years old. Anything amiss here?
Does the neighborhood include easy access to public transportation? Is the neighborhood so busy that it will be difficult for you, or your guests, to find parking on the street? If the answer to the former question is no, then think about how you will access all of the places you go. And if the answer to the latter is yes, then think about how much time you or your friends will spend just walking between your home and your car.
Browse our database on homes for sale in Westchester NY city by city. You’ll find that we’ve neatly categorized your options for an easy to navigate online experience. You can contact us by calling, emailing or texting. We’ll be happy to accommodate you today.