What happens to my home when I die?

What happens to my home when I die?

What happens to my home when I die?

by | Inheritance, Will Basics 101

If, like my well organised and thoughtful customers, you have written a will, one of your biggest concerns may well be your house.  I am often asked “what happens to my home when I die?”

Here are a few basic facts to set your mind at rest.  Or to prompt you to action!

Dealing with a property is just one part of administering a deceased persons estate.  However for most of us it will be our most valuable asset.  It will also require a substantial amount of paperwork!

If you have written a will, the person(s) you nominated as your executor will be responsible for your home.  If you have not written a will (and why not?), a nominated administrator will act.  This person will be legally and financially responsible for the correct distribution of your estate.  They may also refuse or nominate a professional administrative service.

They will have to deal with everything related to the house.  For example paying the last bills, ceasing utilities provision or arranging a new insurance policy as the deceased persons policy will end with them.  They may have to clear the contents of the home, distributing specific gifts to loved ones.  If something were to happen to the property whilst under their care, for example fire or flood, they would have to deal with these problems as well.

If you wanted the house sold and the monies distributed to your loved ones in the will, executors will need to arrange valuations and put the property on the market.  Or they may have to arrange transfer of ownership to your intended beneficiary.  You may need a court ordered Grant of Probate to achieve this.

Just from this short list of general requirements, you can see how complex the administrations of your home can be.  Make sure you choose executors who are willing to act.  Talk to them about your wishes and make sure they know where your important documents are.  You might want to consider a professional service to relieve the burden on your loved ones at a difficult time.

 

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"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK...

Jenny Pearson, Consultant, Cambodia

2018-06-05T07:59:04+00:00

Jenny Pearson, Consultant, Cambodia

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK tax specialist) to keep my English and Cambodian assets completely separate. Cindy was able to work through all of that with me and I am confident that I now have everything properly covered."
"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and...

Jayne Hilton, Engineer, UK

2018-06-05T08:30:28+00:00

Jayne Hilton, Engineer, UK

"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and was always on hand to offer guidance and support. All in all an excellent service."
"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a...

Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid...

Moray Iles, Vietnam

2018-06-05T08:42:23+00:00

Moray Iles, Vietnam

"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid putting pressure or hassle to complete the Will quickly which allowed us to consider everything in our own time. Best of all, Cindy's professional support and thorough and clear explanation of the laws pertaining to our situation were very helpful. We would look forward to working with Cindy again on documents personal to our family."
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