Make plans before death
Category Property Advice
Many children have no experience in the property world, so detail your wishes around the family home
Before Ashley Carlson's father died of cancer in 2016, her only experience navigating the property world was finding a place to rent. As executor of his will, Carlson had to clean out and sell his home and a holiday home, both situated a few hours away from where she lives.
Much of the work fell on Carlson, then 28, since the other beneficiary was her older sister, who lived too far away. After finding an estate agent with experience of estate sales, Carlson got up to speed on everything, including the repairs that needed to be made to both homes, and told her father's friend, who had been staying in the holiday home, that he would have to find a new place to live.
"There were a ton of things that were new for me, and it was all overwhelming," Carlson recalls. Fortunately, the house and holiday home sold a few months after they were listed.
Dealing with the death of a parent is challenging, but selling their home can be fraught with unexpected problems, particularly if the parent dies without a will, says Ricky Opperman-Knipe, Sentinal International's group marketing manager.
Grieving relatives may be unable to make decisions, leaving homes that may have already languished to fall further into disrepair, say agents. Siblings may harbour emotional attachments and may have unrealistic expectations about what the property should sell for.
The task can be a difficult and long process, or relatively quick and painless. Much depends on the heirs' ability to ask for help, and hiring a professional who knows the local housing market.
Experts say the sooner the process begins, the easier it will be. Parents can take steps while they are alive to help avoid contentious complications. Nick Gaertner, COO of Knight Frank SA, says: "As people get older it is important to plan for death. Many people don't want to think about it and just brush it all under carpet. They don't think they need to have those conversations, and/ or they think everyone will be able to sort it out once they are gone.
"Planning is definitely a good idea. Having that conversation is important, and so is having your property valued every few years and updating your will accordingly."
Carlson says one regret was that she was in such a "go mode" dealing with her father's property that she failed to anticipate the wave of emotion that would hit when it was over.
"Once everything closed and the final cheques were disbursed, it was kind of this moment of 'Oh my, I haven't even processed anything that has just happened over the last year and a half'.
"You obviously have to let some of the emotions in. "I wish in hindsight that I had allowed that to happen a little bit more, so that when everything was finally closed, it wasn't such a feeling of 'Well, what do I do with my time now'?
Dying intestate means problems for your loved ones
Source: www.property360.co.za
Author: Property360
