Purchased a new home, now relax?
Have you recently purchased a home? Congratulations!
For the better part of a century, home ownership has been the cornerstone of the American dream. Of course, agent commissions, closing costs, fixed or variable interest rates, and inspections are rarely part of the dream.
For many, the home is not just a place to sleep, raise a family, or a refuge from the world, it’s also the largest single asset of the owner’s estate. To protect the asset, and the underlying capital investment, everyone purchases homeowner’s insurance, but how many see the purchase of a home as time to review their will or have a will drafted for the first time?
In Virginia, without a will, your home will pass directly to your intestate heir or heirs. For some, that will be a spouse, but for others that may be more than one person, or perhaps a minor incapable (that is, legally incapacitated due to their minority) from truly taking ownership and managing the home. The value at stake and uncertainty alone may invite costly litigation.
A consultation with an estate planner will help you achieve the certainty and security you and your family needs to protect your home.Posted by Editor | 0 comments