Lesson of the day: How to (peacefully) sell vacation property after a death in the family. There is nothing worse than a family dispute, especially when it involves inherited property.
“People don’t realize how emotional real estate is until they have to make the decision,” said Hansen, founder and owner of Optiv Properties in Palos Park, Ill.
After a parent passes away, middle-aged siblings often have to deal with a mountain of stuff left behind. When a parent’s earthly property includes real estate, specifically vacation properties such as a beloved old lake house, it can get ugly fast. And the significant appreciation of waterfront or lake-view property over the past generation has further raised the stakes, making conflict more likely.
The more specific the instructions you leave, the less likely someone will be upset.
We have personally divided a decedent’s cremated remains on our office postal scale (and ruined the postal scale doing it!) to settle an argument among warring siblings about where their mother wanted her ashes scattered. Wouldn’t have been nice if she’d told us?
Estate planning is not easy, but it’s a whole lot easier and less costly than probating an estate with no Will or Trust.
Got a dispute involving property? Understanding all the details about estate planning in Virginia is best left up to people with years of experience. Call your Virginia Estate Planning Attorney soon, to make your plan. (757) 486-4529.