Other Real Property

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:

• Address of property
• Mortgage(s) or liens on the property
• All information regarding utilities, including any security systems
• Name and contact information for any tenants and maintenance/support staff or companies

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.