Someone else living in your house? We don’t mean the kind of uninvited house guest that eats your food and sleeps in your bed (um, rude!).
Is there someone living with you that relies on you for accommodation? Perhaps a parent, grown up child, or other loved one. This is something we can cover in your estate plan.
In our heart-to-heart consult we discuss your financial and family circumstances, and your goals for your estate plan. We’ll ask a bunch of questions so that we understand your arrangement with the person living with you and what you want to achieve with your estate plan. Questions like…
• Do you own your home? (It’s ok if you’re unsure. We do a property search to be certain)
• Do you intend for this person to continue living in your home after you die?
• How will rates and utilities be paid? Insurances? Repairs?
• If you don’t own your home, do you want your estate to contribute or cover living expenses for that person?
• What might this person need long term for their care and living arrangements?
Once we have that important info we can walk you through the various options and talk through what they might look like in practice. Taking the time to reality check is an important step! There’s no point recording a highly detailed plan if it doesn’t meet your loved one’s needs or if your assets can’t fund the plan.
There are a LOT of different options when it comes to providing for your loved one. For example, you might consider leaving a gift to assist funding all or part of their living expenses or granting a right for that person to live in your home after you’ve died.
There are so many variables here that you need legal advice for your specific circumstances. Someone else living with you? Get advice and include your loved one in your estate plan.
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