Should I sell my house? Or bequeath it in a Will?

This is actually a nice problem to have: a couple want to know if they should sell their home, or bequeath it to their son in their Last Will and Testament? The couple asked an attorney this question, and the response was to hold on to it, for now. 

If you acquire property in a Last Will and Testament, you should consider the following: 

Once you have taken ownership of the property in question, you will need to decide what you want to do with it. You may want to keep the house and live in it, or you may decide to sell it. If you decide to sell the house, you will need to consider any taxes that may be due on the sale, as well as any outstanding debts or liens that may be attached to the property. You should also consider hiring a real estate agent to help you sell the property.

The attorney’s response was that there would be taxes for the son to pay if they decide to bequeath it to their son in their Last Will. Additionally, if they sold the house to downsize(which is what the couple wanted to do), they may not make that much money on that either. The implication seemed to be to hold on to the house, for now. In this day and age where property taxes are rising at an astronomical rate, they may consider just leaving their property behind for their son. After all, many can’t afford a home and their only chance of owning one is through inheriting property from their parents. 

You can read the advice provided to the couple, here. 

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What do you need to know about Estate Planning?

Estate Planning usually conjures up images of mounds of paperwork, legalese, and confusion. It doesn’t have to be, you can ease the process of estate planning, and we can offer you several tips. 

Estate planning is the process of organizing and managing your assets during your lifetime and determining how they will be distributed after your death. It involves making decisions about things like who will inherit your assets, who will manage your affairs if you become incapacitated, and how your assets will be used to provide for your loved ones. After you create a Will, Power of Attorney and Living Will, there are other considerations to make for your estate plan. 

Estate planning typically involves creating a number of legal documents, such as a Last Will and Testament, trusts, powers of attorney, and healthcare directives. These documents allow you to specify your wishes and appoint individuals to carry out your instructions. Estate plans don’t always have to be dealt with upon your passing, and can be created while you’re alive. 

Here are few tips to help you get started with Estate Planning: 

  1. Spouses should inventory their property separately. This will ensure that there is no conflict between each spouse as to what property is owned by who. 
  2. Identify what you are bequeathing as a gift to your child (property, jewelry), as opposed to loans that may have to be payed off through a payment schedule. 
  3. Your fiduciary (the person responsible for your financial affairs) should be chosen wisely. Someone who can manage your affairs if you’re either incapacitated or have passed away.
  4. You’ll probably want to talk about the value of your assets: are they worth anything financially? Are they worth anything of sentimental value? We’ve previously written about how a bolt ring caused havoc within a family. Make sure that your family members aren’t going to get upset about what they’re going to get when you pass on. 

You can read more full details here. 

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Will it take 90 years to read the Last Will and Testament of Prince Philip?

Prince Philip, the Duke of Edinburgh, was the husband of Queen Elizabeth 2. He passed away in 2021.  He was educated in both Germany and England. Like others of royal standing, he was blessed with the privileges of the best education as possible. He married Queen Elizabeth in 1947. 

He’s had a distinguished career and enjoyed a long life, dying at the age of 90 in April of 2021. 

What’s in his Will? Are you curious to find out? You may have a long..90 years to wait. 

The mainstream media in the U.K. has engaged in a legal battle to seal Prince Philip’s Last Will and Testament. The Guardian, a major British publication, filed a lawsuit against Queen Elizabeth 2’s attorney general. The publication was trying to argue that  arguing that the  decision to ban the press violates the “principle of transparent justice.”  In September of 2021,  the British High Court ruled the Will of Prince Philip should not be “accessible to the public for 90 years.” Typically, f a person dies in England, his/her Will is automatically made public. This is done to ensure that the Will is properly executed. The Royal family is exempt from this. 

You can read more about this here. 

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ADHD and Estate Planning

We’ve previously written about mental disorders and estate planning. ADHD (attention deficit hyperactivity disorder) overlaps with the same issues: impulsivity, managing a budget, etc. The ways in which to manage estate planning and ADHD involve a lot of planning. 

Estate planning is the process of organizing and managing your assets during your lifetime and determining how they will be distributed after your death. It involves making decisions about things like who will inherit your assets, who will manage your affairs if you become incapacitated, and how your assets will be used to provide for your loved ones.

People with ADHD (and impulsive people in general) can make snap decisions at a rate that is sometimes faster than those who aren’t impulsive.  This can actually be a benefit when it comes to estate planning. 

Here are a few tips to take into consideration: 

  1. Write down your goals. Always good to start by writing out your goals and plans for your estate plan. 
  2. Talk to someone about  your clear objectives. You may need someone to help keep you in line about what it is you want to accomplish with your estate plan. 
  3. Set a deadline as to what you want to accomplish and when. 

There are many useful tips you can use to help you out. You can find more tips to help you out, here. 

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