what not to do when buying a home

The first home that I bought with my husband was a very difficult learning experience. We purchased the house as-is and worked directly with the owners instead of using a real estate agent. About a year later, we learned why the former owner sold the house for so much under market price and why they didn't want to use a real estate agent to sell it. Our blog outlines the many mistakes that can be made if you purchase a home without a real estate agent or attorney working with you. Hopefully, our mistakes will help you learn what not to do.

Three Tips For Estate Planning As A Single Person

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If you are single, thus meaning that you are not financially responsible for anyone else, it may seem silly to go through with estate planning. However, estate planning is important even for you to ensure that your wishes are met not only after you have passed, but even before. Here are three tips to ensure that these wishes are protected:

  1. Have a Health Care Power of Attorney: Should your health severely deteriorate, you are going to want to ensure that someone is able to help pay for the medical bills, as well as make certain health decisions. This even includes the decision on life support. You will want to appoint someone you trust to make these decisions for you so that your wishes should you find yourself in this situation will be met. 
  2. Don't Leave it to State Law: If you simply do nothing to determine what is to be done with your assets after your passing, it will be left to state law. Chances are, this means your wishes are not going to be met. Most likely, the assets would automatically go to the spouse or children, which you likely do not have, so it would simply go to the closest blood relative. However, many people aren't close to their closest blood relative if it isn't a spouse or child, but instead would rather their assets go to a friend they trust. If this is the case for you, then estate planning is important in order to establish this. It's even important if you would prefer the assets go to a charity rather than elsewhere. 
  3. Understand the Laws: If you are simply unsure what your wishes are to be done with your assets should you pass, you still want to estate plan. An attorney can help you establish a well thought out plan that you can be comfortable with. Talk with your attorney about what would happen if you don't make this plan. Your attorney can tell you what will likely happen to your assets in this situation. If you aren't happy with this, then it's time to form a properly documented plan. 

With these three tips, you can be sure that you can live in a better peace of mind, especially should medical problems arise in the future that might not allow you the time to develop an estate plan you are happy with. When it's already established, you know that your wishes are going to be met even if you have no close blood relatives to do it for you.

Contact local wills attorney services for more information and assistance. 

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29 November 2017