For ordinary people, Real estate planning Involved in similar tasks Allocation beneficiaries Financial accounts, making wills, through housing and other legal and administrative responsibilities. But Bette Capaldo, chief operating officer of the real estate registry of real estate planning platform, said there are many non-misunderstanding financial issues that can be ignored during the planning process.
Whether it’s jewelry passed down from generation to generation, or your mother’s recipe book, sensuality and heirloom work are as important as a bank account. Disagreements about who can keep family photos The damage caused Regarding family relationships, it is like those relationships in money.
“If you don’t have the proper documentation…these gaps do cause disagreements among family members,” Capaldo said.
Disputes can also slow down the inheritance process, especially if you have already phased out who gets whom. That’s a real change in real estate planning. Other intangible substances you may want to consider passing include information about family heritage or family tree, as well as accompanying photos, documents and stories of ancestors; important family beliefs and values; and digital assets such as social media accounts, online writing, websites, photos, videos (and passwords for all accounts).
Exceed To decide who gets what, it is important to keep all of these things, and more can be used by future generations. At that time, it made sense to find a place to store in the digital or physical world. That said, Capaldo recommends using multiple copies in different locations just in case. For example, physical photos can be scanned and stored online.
“We see clients using real estate registry tools to store things like old family recipes or leave voice messages for grandchildren so they can hear what they sound like in the future,” she said. “It’s not always a financial impact, it’s that emotional impact.”
Begin small
To limit potential conflicts, Capaldo urges families to start immediately, rather than wait Some distant dates in the future. She said there are three basic documents to be created: a will, a power of attorney and a health care directive. This can be done cheaply online without the need for expensive attorneys or financial advisers to help.
“It’s important to just start, you don’t need all the answers to take the first step,” she said. “And then over time, your plan will be made and you will have everything you need.”
Once you have done this, keep the files organized and in one place. If they are inaccessible in an emergency, then it adds little value to them, she said. This will also make it easier to update and manage them over time.
“If you create a will or power of attorney, or even only designate a beneficiary of a life insurance policy for life, make sure you are updating them,” she said.
There are a lot of online services now that can do this, providing a centralized place for everything (of course, if the service is no longer in existence for decades, you need a backup), or you can visit a real estate planning lawyer. some people Just keep the instructions In their home. If you choose this option, make sure that people you trust know where you store them.
If you are looking for a real estate planning attorney or consultant, Capaldo recommends seeking advice from family and friends first; word of mouth is usually the best way to find someone you can trust. She said, and don’t be afraid to interview some people and then settle in someone who is willing to discuss very sensitive information with. After all, your legacy is at stake.
