Today it is not uncommon for people to have other real property in the form of rental or investment properties and/or vacation homes. The initial information on our earlier pages of property mortgages and/or rentals applies to rental properties and vacation homes.
Additional Aspects to Consider
Whether you own investment property outright, own a time share, or are part of an investment partnership to purchase real property, your ownership will need to be addressed with your death.
We suggest that the following information be included in your preplanning form or if you use our When I Leave You (see pdf below). At the very least, include the information with your financial papers for those you leave behind.
The primary challenge with these types of properties is with selling them if the estate chooses to follow that path. Depending on the jurisdiction of the property, there may be many challenges to evict any current tenants.
Some people have second and even third homes, and these may be a trailer on a lake front property, a hunting cabin, or a year-round home.
Those that will be responsible for disposing of your assets will need to know all the legal details and maintenance requirements for these homes.
Many are similar to critical data for any real property in general. However, the information is still important for those who who are responsible for disposing of your assets to know:
And don't forget, for the mortgage:
1. The name of the mortgage company or bank or lien holder
2. The account number
3. Contact information for the financial institution
In some regions it is common for these homes to be on leased land, owned by a third party. While this is not technically a mortgage, you need to also ensure that a copy of this land lease, along with the contact details for the lessor and how the lease is paid and the payment frequency.
If one or more of these real property investments - whether rental or investment property or vacation or second home - is to be left to a specific beneficiary, discuss this with your lawyer and ensure that this is explicitly included in your will and/or estate planning document.
Alternatively, if you blessed with a long life and are looking to simplify or downsize at some point, consider transferring the ownership or selling the property prior to your death.
Again, all of these details are best dealt with in a preplanning document - when you have time to consider what needs to be included and how you can make the emotional event of your death easier for those you leave behind.
The Police should be notified if the deceased was living independently. Irrespective of whether or not someone will continue to reside in the home, for security purposes let the police know of the death.
Whether the deceased owned or rented or owned the home, mortgages and rental obligations still need to be paid and settled.
Like mortgages and rent, utilities and maintenance need to be addressed.
Step-by-step guide to what to do first. Calls, paperwork, Care Arrangements, etc.
Detailed guide to prepare or fulfill final wishes
Where do you start? Physical remains, funeral options, death certificates, memorial services and more...
Next hurdle -how to handle financial records and accounts
What you need to know to protect and eliminate the deceased's digital presence
Don't forget subscriptions, memberships and more...
Funny, helpful, special stories others have shared to help you through the process
For each section, download and personalize a ped checklist