{"id":16842,"date":"2019-09-25T11:28:59","date_gmt":"2019-09-25T15:28:59","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16842"},"modified":"2022-08-30T13:18:49","modified_gmt":"2022-08-30T17:18:49","slug":"a-guide-to-estate-planning-for-new-homeowners","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/a-guide-to-estate-planning-for-new-homeowners\/","title":{"rendered":"A Guide to Estate Planning for New Homeowners"},"content":{"rendered":"\n


By Willful<\/strong><\/p>\n\n\n\n

Congratulations on your new home! Buying your first home is one of life\u2019s major adulting milestones. It\u2019s exciting to finally have a place that\u2019s all yours – but it also comes with a list of responsibilities like maintenance and repairs, renovations, mortgage payments, and insurance, as well as one task that many new homeowners often forget about – estate planning. If you\u2019ve recently purchased a home or property, here is everything you need to know about estate planning:<\/p>\n\n\n\n

Making a Will
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Your home is your most valuable asset, both financially and sentimentally. Many of your fondest memories will take place at your home, and it\u2019s also likely that the market value of your home will increase over time. Making a will allows you to choose a beneficiary\/beneficiaries to receive the financial and sentimental value of your home – without one, there\u2019s no guarantee that your home will be passed on the way you want it to. You may also want to leave your home to someone who isn\u2019t a direct heir (a parent, sibling, cousin, friend, etc.) and the only way to do so is through a will. <\/p>\n\n\n\n

Getting a Power of Attorney for Property <\/h2>\n\n\n\n

If you become incapacitated, for example through illness or an accident, you\u2019ll need someone to make decisions about the property you own – to pay the mortgage or bills, or to sell the home. The only way to ensure you have someone you trust who will step up to take make these decisions is by appointing a Power of Attorney in your estate plan. Your POA has to manage your property for your benefit and can be legally required to account for and explain how they\u2019re managing it. With a POA you also have the power to create limitations for the person making decisions about your property – you can outline exactly what you\u2019ll allow your attorney to do and when. <\/p>\n\n\n\n

Your attorney is required to be the age of majority and mentally competent, but they should also be someone with solid<\/g> judgment that you fully trust. This could be your spouse, sibling, parent<\/g> or close friend – someone you are confident has your best interest at heart. It\u2019s important to have a conversation with this person before appointing them as your attorney to make sure they\u2019re both willing and able to take on the responsibility of being your attorney. <\/p>\n\n\n\n

Create these Documents Using a Lawyer or an Online Platform<\/h2>\n\n\n\n

The decision to create a will and Power of Attorney documents using a lawyer or an online platform depends on the complexity of your estate. An online will<\/a> platform is ideal for people with simple estates – if you\u2019re not sure whether your estate is simple or not, we have outlined some helpful criteria:<\/p>\n\n\n\n