In keeping with our previous video, today we’ll highlight the second-biggest real estate trend we’ve observed this year. With increasing frequency, elderly parents are passing away, downsizing their home, or going into some form of a care facility, like an assisted living or a nursing home.
We’ve gone on a number of appointments this year in particular during which an aging homeowner has revealed their plans to move into an assisted living center or nursing home. Along with their children, they’re in need of a little guidance on what steps should be taken and what documents they’ll need to make the transition as smooth as possible.
We as your real estate advisors urge you and your children to have this conversation with us well in advance so that we aren’t scrambling to file the necessary paperwork in time or set up a trust for your home.
We’ve seen these situations unfold in a number of ways—some were good experiences, some were bad experiences. In one instance, a homeowner’s conservatorship was tied up in court for months. In another, no roadblocks came up because the family made sure to take care of all the documentation up front, and that allowed the homeowner’s children to find the best care for their parent(s).
Needless to say, erring on the side of caution and preparing for the future will ensure your situation resembles the latter. This is a delicate subject, but believe us when we say that you don’t want to leave your care up to the courts.
If you have any questions about this topic, please don’t hesitate to let us know. We’d be happy to introduce you to some highly capable legal professionals that we work with. We look forward to hearing from you soon!