Reality of Family Growth: Empty Nesting

 

The concept of an empty nest is a significant milestone in the lives of many retired individuals and families. As adult children move out to pursue their own lives and start their own families, the family house that once bustled with activity becomes quieter. This transition often brings about a mix of emotions, ranging from nostalgia for the bustling family life to excitement for newfound freedom.

For retirees, an empty nest can open up a world of possibilities. With fewer responsibilities tied to raising children, they have more time and resources to focus on their own interests and hobbies. This newfound freedom allows retirees to embark on new adventures, such as traveling or spending holidays with loved ones.

Financially, an empty nest can also bring about changes. Retirees may find themselves with a larger home than they need or want to maintain. In such cases, downsizing becomes an attractive option. By selling their larger property and moving into a smaller one, retirees can not only reduce maintenance costs but also potentially free up funds for other purposes.

Furthermore, downsizing can provide additional income through rental opportunities. Retirees may choose to rent out part of their property or even explore becoming landlords by investing in smaller rental properties. This can supplement their retirement income and provide financial stability.

It is important to note that while the term "empty nest" often refers to the absence of children in the family home, it does not necessarily mean an absence of companionship or responsibility. Many retirees find solace in the company of pets or engage in community activities that foster social connections.

In conclusion, the empty nest phase offers retirees a chance to redefine their living arrangements and lifestyle choices. Whether it's embracing new experiences or making practical decisions regarding housing and finances, this stage presents opportunities for personal growth and fulfillment in retirement years.

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What A Vacant Home Means to the Community

 

Leaving a home vacant can have detrimental effects on both the property itself and the surrounding community. Neglecting a property can lead to various issues such as blight, increased crime rates, theft, and even squatting. Additionally, a vacant home may require costly repairs due to lack of maintenance.

From a financial standpoint, keeping a home vacant is not an ideal strategy. Property owners may miss out on potential rental income or profit from selling the property. Furthermore, vacant properties often incur additional expenses such as property taxes without generating any return.

To address these challenges, it is advisable to consider alternative solutions. One option is to sell the property to a buyer or investor who specializes in fixer-uppers. This allows for a fast transaction and provides cash for the home without the need for extensive repairs or renovations.

By selling to an interested buyer or investor, homeowners can ensure a safe and easy closing process while also contributing positively to their community by revitalizing neglected properties.

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Reasons To Avoid Probate

 

In this post, I’ll first cover what probate is and the alternatives to probate. I’ll then cover five good reasons to avoid probate for your estate plan.

But before we get into that, let’s start by defining what probate is. Probate is a court-supervised process for transferring a person's assets after they die.

When is probate required?

When someone dies, their estate must go through probate before it can be passed on to their heirs. Probate is a court-supervised process for transferring a person's assets after they die. It can be a long and expensive process, so many people try to avoid it if they can.

There are a few ways to avoid probate. One is to create a living trust. Another is to transfer ownership of your assets to someone else before you die. But even if you take these steps, probate may still be required in some cases.

Probate Is Required When:

• The deceased person owned property in their own name • The deceased person had debts that need to be paid off • The estate is large and complex • There are disputes among the heirs about who should inherit the deceased person's assets

Steps To Avoid Probate

There are a number of steps that can be taken to avoid probate. First, it is important to have a clear understanding of what probate is and how it works. Probate is the legal process through which the estate of a deceased person is distributed to their heirs. The court oversees the distribution of assets, and debts are paid off from the estate.

Probate can be a lengthy and expensive process, so avoiding it is often in the best interest of the heirs.

There are a few key ways to do this:

1. Transfer ownership of assets to a trust: This can be done during your lifetime or upon your death. Doing so will ensure that your assets are distributed according to your wishes, without going through probate.

2. Make beneficiary designations on all accounts and insurance policies: By doing this, you can ensure that these assets will go directly to the designated beneficiaries upon your death, without going through probate.

3. Hold property jointly with another person: This includes joint tenancy with the right of survivorship or community property with the right of survivorship. With either of these arrangements, the surviving owner will inherit the property outright, without having to go through probate.

4. Give gifts during your lifetime: You can give away up to $14,000 per year per recipient without incurring any gift tax liability (this amount may change in future years). These gifts will not be subject to probate because they are not

Questions About Probate

If you're like most people, you probably have a lot of questions about probate. What is it? How does it work? What are the benefits of avoiding probate?

Let's start with a definition: Probate is the legal process of distributing a person's assets after they die. The court appoints an executor to oversee the process and ensures that debts are paid and assets are distributed according to the deceased person's wishes.

There Are A Few Good Reasons To Avoid Probate:

1. Avoiding probate can save your family time and money. The probate process can be time-consuming and expensive, so avoiding it can spare your loved ones some hassle.

2. Probate can be a public process. which means that the details of your estate will become a public record. If you want to keep your affairs private, avoiding probate is a good way to do that.

3. In some cases, the probate process can be contested by family members or creditors, which can delay the distribution of your assets and cause additional stress for your loved ones. Avoiding probate can help prevent these disputes from arising in the first place.

Conclusion

We hope this article has given you some good reasons to avoid probate. Probate can be a time-consuming and expensive process, and it's not always necessary. If you have questions about whether or not to probate a will, talk to an experienced attorney who can help you understand the pros and cons of probate in your specific situation.

About Author

Jim Turner is a USA-based author of Legal issues related to estate planning, will & trust, business law, and elder law. Jim Turner does his best writing on these topics last will and testament Michigan which helps users to find the best solutions to their FAQ on estate planning, probate process, living trust, and more about legal family issues.

The author can be reached through rochesterlawcenter.com

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How To Find The Best Residential Moving Company

Moving into a new home for many people means a fresh start. It’s an exciting experience, but at the same time, it’s stressful and overwhelming.

There is a huge checklist when it comes to moving. For example, if you’re a homeowner, you have to sell your old home first before moving into a new one.

When you’re moving from one residential unit to another, you need to hire a residential moving company. Some people decide to move on their own, but this practice has proven time, energy and money-consuming.

Also, the process of going through a list of potential movers can be intimidating, especially if you’re moving for the first time.

So keep reading to learn how to choose the right moving company for your needs and avoid scams.

3 Steps to Finding the Best Residential Moving Company Do Your Research

You don’t want to hire a residential moving company right off the bat. It’s imperative that you do thorough research on any movers you’re interested in.

You can do this by doing a simple online search. Pay special attention to the customer reviews. These will tell you exactly what to expect from a mover and where they fall behind.

For example, a simple Google search for the Small Moving Inc company will show you a pretty decent customer satisfaction record along with comments and ratings.

Also, ask around for recommendations. Ask your family, friends or co-workers if they’ve had a good experience with a moving company. Then, compare your online and in-person findings to narrow down your choice.

You can also call the companies directly and ask them anything you want to know about their moving process.

Don’t neglect the research – it can save you a lot of headaches, time and money.

Compare Prices

So now that you have a list of movers, it’s time to get some estimates.

Estimates are provided by the residential moving company based on the items you’ll be moving to a new home.

An estimator from the moving company will come to your house and look around. Don’t hesitate to show them every single thing you intend to move. This way, you can avoid paying a lot more money on moving day if they believe you have more stuff than you originally reported.

At this point, many people make the mistake of choosing the cheapest company in an attempt to save money. But doing so can actually cost you more in the long run and you risk being scammed.

The priciest option is also not the best. See where the extra money goes and whether it’s justified. Moving companies have a lot of competition, so you may be able to negotiate the final price.

Pro tip: If you have a lot of stuff you don’t use or need immediately, consider placing it in storage units. This way, your things will be safe and you’ll save on your moving estimate.

Don’t Pay a Large Deposit

If a residential moving company requires a deposit, this should not exceed 20% of the estimated price for the move. Anything higher is a red flag for a fraudulent company.

If you have to pay a deposit, put it on your credit card for added security.

Most reputable movers don’t ask for a deposit and ask for full price payment after the move has been successfully completed.

Bottom Line

Moving is not an easy feat, but with a little organization and a lot of information, it can be done.

Your most important decision is choosing the best residential moving company out there so your move goes as smoothly as possible.

Once you’re all moved in, check out our many resources on simple home improvements!


By Dale Harris

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Too Good To Be True? How To Find a Legitimate Cash House Buyer You Can Trust

 

No realtor? No commission? CASH?

No way!

You’ve probably seen those cash house buyers signs that say “We Buy Your House For CASH” along the side of the road. But is this really legit?

Not only is it legit, but for some sellers, it’s the perfect solution to sell their home.

Those Cash House Buyers May Be Your Best Friends

If you’ve ever sold a home, you know the deal. You clean your home, you purge, you stage. You make all those costly repairs that you’ve meant to do for years. You hire a realtor, stick a sign in your yard, and sign a binding contract to hand over 6% of your sales price as commission.

And then, you wait….

Every weekend, you grab the dog and the kids and get out of the house in anticipation of a showing. If you have a good realtor, you are inundated with them. At first. The showings taper off. And then, nothing….

I Don’t Have Time for This

Sometimes you just don’t have the time, the economic situation, or the incentive to wait for the traditional real estate dance. You may be:

• Going through a divorce, job loss or transfer

• Going through financial woes such as a bankruptcy

• Your home may be in foreclosure or you just want to get out of a troublesome mortgage

• Your home may be a repair nightmare and not very marketable.

• Your home may be vacant and eating precious resources

You may simply have tried the traditional route and your listing expired. If you’re thinking “I’ve got to sell my house fast,” then you know you’ve got to act quickly!

You’ve Heard the Phrase “Buyer Beware”

In this case, it’s “seller beware”. Unfortunately, your cash house buyer may be a scam. Make sure you are your own best advocate.

Do your homework. Is your cash buyer not local? Do they seem too eager? Are they unprofessional? Look for warning signs before you sign on the dotted line.

So How Do Legitimate Cash House Buyers Do It?

Even in hot markets, there are homes and economic situations that make a traditional real estate sale lengthy, complex, and overwhelming. A traditional mortgage lender looks for a pristine borrower and an equally pristine home and follows stringent qualification guidelines. This may rule your home out entirely.

It may be time to take a different approach.

Cash house buyers are professional investors and can offer a legitimate solution to some sellers. They don’t charge fees. They don’t need to wait for mortgage approval. They don’t care if your home is pristine.

What Should You Look For?

The advantage of a cash house buyer is you will get an as-is, cash offer and a quick closing with no closing costs involved. But how do you know if the company you are looking at is a legitimate company that you can trust? Here are some things to look for in a reputable company:

• Do they have a website that clearly states their business name and physical address?

• Check public records to see if they have any recorded conflicts or issues.

• Check Better Business Ratings and local review sites.

• Look for testimonials and check actual client reviews. Call them to see what their experience was.

When you can’t wait for a traditional real estate sale and need a quick, reliable sale, cash house buyers can be the answer for sellers who want to sell their house fast. Share your tips for quick house sales with us below.

By Dale Harris

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Don’t Forget to Plan: The Top Estate Planning Tips Everyone Needs to Know

After the funeral of a loved one, you’re left with the business side of death. And with 60% of Americans not owning a will, chances are you could be left unprepared and in a feud with other family members.

Estate planning is a vital part of ensuring that everything is organized after your death. Read on to discover these estate planning tips to ensure your wishes are carried out.

What Is Estate Planning?

You might not think estate planning is necessary, but everyone is encouraged to do it.

Estate planning means you create a plan for your assets after your death, or to prepare for an event that leaves you unable to manage your affairs. Upon your death, your assets and belongings are given to the heirs you’ve decided in your will.

When you don’t have an estate plan, this means your assets will become the property of the state according to the law, and they decide who inherits your estate. These might not be your wishes, but unless you have a plan and a will, it could get ugly.

If you’ve suddenly realized how important having an estate plan is, but don’t know where to start, never fear! There’s still time for you to create a will and plan your estate the way you please.

1. Create a Will

Without a will, anything and everything can go wrong with your estate. In your will, it’s you who determines who will receive or inherit property, valuables, children, and anything else. Without a will, everything you own is fair game for your state according to the law.

2. Get Life Insurance

Many people don’t consider the benefits of life insurance. Life insurance protects families in the event of your death by paying the benefit of the policy to your family. Most families would benefit greatly from life insurance, but life insurance can even help single, older adults as well.

3. Find a Lawyer

If you’re starting out building your estate plan, it can be very tricky to figure out precisely what you need. Hiring an estate planning attorney, like one from this law firm, will help you asses the best route for your estate. Having an attorney on your side can point you in the right direction.

4. Decide Your Beneficiaries

A beneficiary is the recipient of the benefit of a will or insurance policy. There are typically two different beneficiaries; one is the primary, and the other is the contingent. If the primary is unavailable, the benefits will go to the contingent.

If you have a large estate or multiple people you would be interested in sharing your estate, you can have more than one beneficiary. Take some time to think and talk through your options with your family or estate planning attorney before deciding.

5. Set Up a Living Trust

A living trust allows a person (called the trustee) chosen by you (called the settlor) to manage your assets when, for some reason, you cannot. A living trust is active when the settlor is still alive. Having a living trust eliminates the time spent in court managing your affairs.

6. Find a Power of Attorney

If you’re unable to manage yourself and your finances, you must name someone your power of attorney. It’s even more helpful if you have both a medical and financial power of attorney.

Your financial power of attorney can maintain your finances, and your medical power of attorney will make medical decisions for you.

7. Decide Who Gets What

All your belongings in your estate (think cars, homes, money in the bank, and the like) have to go somewhere when you pass away. Consider your assets and assign them to whom you think is best.

8. Take Care of Funeral Costs

With the average funeral costing nearly $9,000, many families are not prepared to take on this heavy financial burden. Before you pass away, you can set money aside to pay for funeral costs after your death by creating a payable-upon-death account at your bank. The funds transfer to your beneficiary and can only be used to meet funeral costs.

9. What About the Children?

For families with young children, it’s critical that in their will they declare where they wish their children to go and who the guardian will be. Take some time to discuss this with your spouse if you’re married. If you have life insurance, you’ll need to decide where the funds will go as well.
10. File All Forms

Finally, remember to keep all your estate planning documents in a safe place. Anyone who may need to access them (lawyer, beneficiary, power of attorney) can find them easily. With everything neatly organized and accessible, this is a massive help to your family.
Is Estate Planning Necessary?

Planning for your death or even unforeseen life events, which could leave you incapacitated, is rarely on your mind, especially if you’re young. Estate planning could offer you that peace of mind if something were to happen to you. In short, not only does estate planning ensure that your wishes are carried out after your death, but also that your loved ones are not left burdened with complicated matters.
Put These Estate Planning Tips to Use

Estate planning doesn’t have to be difficult, though there may be plenty to comb through. With these estate planning tips, you can feel confident that your estate is handled according to your wishes.

Are you looking for more articles on legal information? Keep reading our blog!

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How to Sell Your House on Your Own: What to Know

Putting your home on the market is easy enough. But everything else? Well, not so much.

Selling a home usually requires the assistance of a real estate agent. But if you’re looking to maximize your profits, you’ll be glad to hear that you can learn how to sell your house on your own!

Keep reading to learn more.

Sell Your House to a Company

If you’re looking to sell your home quickly, you might not need to go through the entire staging and purchasing process. Instead, you can choose to sell your home directly to a company that specializes in buying houses, no matter what condition they’re in.

This method can be advantageous for several reasons.

Chief among them, you won’t have to spend a small fortune fixing up or marketing your home. Not having to go through the repairs process also means you’ll sell your home faster and get your money sooner.

Plus, since you’re still selling your home yourself, you won’t have to split fees with an agent. Your money is yours and yours alone!

There are plenty of businesses that buy homes as-is, so do a quick Google search to find buyers in your area. Most sites can get you started in mere moments.

Get Your Home Ready for Staging

If you’d rather put your home on the market, you’ll need to make sure your home is buyer-ready. Unfortunately, that means going through a ton of viewings and open houses.

As if it isn’t weird enough to have strangers going through your home, it gets weirder. To prepare for the staging process, you’ll want to start by removing just about everything that makes your home…well, yours.

Your home needs to look as open and friendly as possible so that interested buyers can picture themselves living there. Having a family portrait or a massive couch in the way can make that difficult.

Likewise, don’t forget to give some love to the exterior of your home. Curb appeal is a big part of the selling process and can make or break a buyer’s decision.

Be Prepared to Haggle

Understandably, you want to get the most money possible for your home. But selling yourself means that you won’t have an agent to help you barter.

Instead, you’ll have to do your best to haggle a fair price. Because as harsh as it sounds, you probably won’t receive your full asking price.

Most homeowners choose an asking price that’s a little higher than what they’re after. This is a great tactic, as it gives you some breathing room to negotiate.

How to Sell Your House on Your Own: What to Know

Selling a house is hard work. But if you’re dedicated to figuring out how to sell your house on your own, these tips should point you in the right direction.

When all is said and done, selling a home solo is quite doable if you know what to expect.

For more helpful tips and great content, make sure to check back with our blog!

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