Planning For The Future
Recently I have been dealing with Executors of Estates. People usually appoint their lawyer or accountant as the Executor of their estate. The Executor helps to liquidate assets to wind up the estate. This often includes properties.
If one spouse dies and the other inherits a property, they may choose to sell the property and downscale.
Sadly, the alternative is that they may be forced to sell. This could be because they can’t deal with the burden of maintaining the house. The financial and security obligations can become very stressful. This is particularly true for someone who has never dealt with these issues before.
This is a situation that most people would never like to be in. I call it “Never-Never Land” and it creates a lot of heartache and is emotionally draining.
It may be uncomfortable to face, but it is a good idea to talk to your spouse and financial planner. Look at the alternatives and work out a roadmap for the future.
