Real Estate and Readiness: Why It Pays to Get Your Ducks in a Row Early

If there’s one thing I’ve learned lately, it’s this: the need for proactive planning around real estate is growing. More and more adult children are stepping in to handle the sale of their parents’ homes due to long-term care transitions, memory care needs, or unexpected health changes. And in many of those cases, one missing piece of paperwork can make an already stressful time even harder.

Let’s talk about a few ways you (or your loved ones) can plan ahead to avoid complications down the road.

1. Survivorship on a Deed
In Ohio, how a property is deeded makes a big difference. If it’s titled as Joint Tenants with Rights of Survivorship, the property passes directly to the surviving owner without going through probate. But if it’s not set up that way—or if it’s solely in one person’s name—it may require probate, which adds time, cost, and stress to the process.

2. Funding a Trust
Some homeowners choose to place their property in a trust, which can allow for smoother transitions of ownership and management if they become unable to make decisions themselves. This is something that should be discussed with an attorney, but it’s often worth exploring if long-term planning is on your radar.

3. Power of Attorney (POA)
Granting a trusted person POA to handle real estate decisions can be invaluable. If a loved one ends up in a situation where they can no longer sign or manage documents, having a POA in place allows someone they trust to step in and handle the details. Without it, you're likely heading for a legal standstill.

Important Note: I’m not an attorney, and this isn’t legal advice—but I do recommend speaking with one who specializes in estate planning, elder law, or real estate-related matters. They’ll be able to help you prepare the right documents and ensure everything is properly executed to match your goals.

Ask Yourself (or a Loved One) These Questions:

• Is the home titled in a way that allows it to pass easily to another person without probate?

• Have we discussed who would handle the sale or maintenance of the property if I’m unable to?

• Is there a current Power of Attorney that includes real estate decisions? Has it been reviewed to ensure it's compliant?

• If a move to long-term care were needed, is there a plan for what happens to the home?

• Have we consulted an attorney about placing the home into a trust or updating the deed?

• Do my loved ones know where to find these documents if needed?

These conversations aren’t always easy—but they’re a lot easier now than during a crisis. A little proactive planning can save time, money, and heartache later.

Need a referral to a local attorney who handles these matters with care and clarity? Reach out—I'm happy to connect you.  Recently, my clients have used David Freeburg, the attorney with Infinity Title Solutions.  He can be reached at (216) 270-5005.

--Stacey

P.S. The best time to plan was yesterday. The second-best time is before the kids are frantically digging through your filing cabinet looking for a deed.