Buying a new home is a very significant and exciting life event. Whether it is your first home, or if you are selling your old home and moving somewhere new, there are a lot of things that need to be handled throughout the process. Between transporting your belongings, signing paperwork, and handling finances, it is easy to forget about other essential steps to take when buying your new home. One very important step that needs to be taken is updating your estate plan.
A home is often one of the most notable assets that we own, and it may make up most of your estate. If you do not include your home in your estate plan, you lose your right to decide who receives it in the event that you were to pass away. In these cases, assets that aren’t listed in a Will or added to and owned by a Trust are distributed to beneficiaries who are determined by state law, leaving your wishes out of the decision. To further complicate this process, it will be necessary to go through probate court which can be expensive and stressful for your family during grief stricken times.
Updating your estate plan helps to prepare yourself and your family for the future. According to research by Statista.com, over 6.5 million homes were sold in the United States in 2020, and the homeownership rate was just over 65%. However, according to a 2016 survey conducted by USLegalWills.com, 8.6% of Americans have a Will that isn’t up-to-date. Combined with the 63% who have no Will at all, over 70% of Americans do not have a current and legal Will.
What this means is, that while the majority of the population owns a home, an even larger majority does not have an up to date Will. This leaves most Americans at risk of losing their say in who receives their home when they die. We know that protecting yourself, your wishes, and your assets is a priority, which is why Gentreo makes creating and updating your estate plan easy and affordable for everyone.
Steps to Update Your Estate Plan When You Buy a Home
Buying a new home is a huge life event, and with it comes many life changes. At Gentreo, we know that protecting your loved ones and your wishes is a top priority, and want to make sure that you have all the resources needed to ensure that you are prepared for anything. Gentreo makes it easy and affordable to create, update, and store your estate documentation. With the Gentreo Digital Family Vault, everyone knows where to turn in the event of an emergency and instant access is always just a few clicks away. Sign up today!