Very often when I'm working with a senior client on the sale of their home, I'm also working with at least one other family member, which is usually an adult child.
Unfortunately more often than not, there has been very little estate planning done so if my client's health should fail sometime between the time that we list the house and the time we clear escrow (by the way, homes are on the market much longer than they used to be), it becomes a logistical nightmare for the family. During a time of crisis the last thing a fearful grieving family wants to talk about are quitclaim deeds, capital gains taxes or durable power of attorney forms.
And trust me, the last conversation I want to have with a grieving adult child is, "We have a signed purchase agreement on your mom's house. Because the house is not in a trust, if she should pass before we close, we will have to cancel the purchase agreement. The house will then go through probate court before we can put it back on the market."
I've had this conversation with two different families in the last 6 months.
Is your parents' home in a trust?
Have you talked with an Elder Law Attorney to see if your home should be in a trust? Don't do it for you, do it for your children.
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