A Will, Trust or Power of Attorney Can Protect Your Privacy and Wealth

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“Everyone knows when a husband or wife passes away, the home and other assets go to the surviving spouse.”

“I have several investment properties in my name. If a tenant sues me, my home owners insurance will protect me.”

“I’m a professional athlete and I recently had a fan show up at my home. I don’t know how this fan found my home address.”

Does this sound familiar? These are common misconceptions held by people of all ages and backgrounds. Below are three examples that highlight the risks and liabilities that can occur without having a will, trust or power of attorney.

Example 1: After my grandfather passed away, my mother and her siblings learned that even though two people are married, the home and other assets are not automatically the right of the surviving spouse and can go to probate court. My grandfather’s will was last updated five years prior to his death. During this five year period, he purchased stocks, bonds and other assets that were not detailed in the will. Many of these items were only in my grandfather’s name and did not designate a beneficiary or trustee. Luckily, their home was in both of my grandparents names. There were countless hours and thousands of dollars spent fighting for these other assets and to update my grandmother’s will.

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Example 2: My client is a professional real estate investor and owns ten rental properties worth approximately $8 million dollars. She is married, but all of her rental properties and mortgages are in her name only. She has no will, trust or power attorney. If a tenant was to get hurt and decides to sue, all of her real estate assets are currently exposed; because they are in her name and she does not have a will, trust or power or attorney to protect them.

Example 3: Another client is professional athlete and recently called to tell me that a fan had showed up at his home. Luckily, the fan was stopped at the gate by a guard and did not make it to the front door. His security guard informed him that the fan obtained the address in the county tax records. He was alarmed and asked how this could happen. After a few questions, I had determined that he had bought the home 2 years ago with the help of another Realtor. He had a will, but did not have a trust or power of attorney and therefore his home was recorded in his name.

All of these examples have two things in common: real estate and other assets worth thousands to millions of dollars and no plan to protect each persons privacy and wealth. Planning ahead with a will, trust or power of attorney will protect your privacy and wealth that you have worked so hard to acquire.

The following is a list of suggestions to assist you in finding an Attorney or legal professional to assist with preparing a will, trust or power of attorney. Consult professionals who are legally qualified to provide you with the appropriate information.

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• Consult a state licensed Attorney or legal professional to select the best ways to protect your real estate and other assets with a will, trust or power of attorney.

• Conduct research to select an Attorney or legal professional to best serve your needs. For example, if you are a professional real estate investor, consider selecting an Attorney or legal professional that has other real estate investors as his/her clients instead a family law attorney.

• Prior to meeting with your Attorney or legal professional make a list of needs and wants to ensure that you can meet your objectives.

• Consider asking the Attorney or legal professional if you can complete some of the leg work like collecting documents or obtaining the deed to your property to save time and money on the overall cost.

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• Contact your Assessor’s office for the county in which you reside to obtain the proper documents needed to record you will, trust or power of attorney.

• If you are a professional real estate investor with one or more properties, find out the best way to protect your assets from any lawsuits that could be brought by a tenant or visitors of a tenant. Ensure that your assets are protected against such loses.

• Prior to purchasing new investment properties speak with your Attorney or legal professional to determine how the title will be held. Also provide this information to the settlement company or settlement Attorney.

• Provide your homeowners insurance provider with a copy of your will, trust and power of attorney.

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Having a will, trust or power of attorney or trust before purchasing your next investment property will provide an added layer of protection. It will also ensure that you will protect your privacy and wealth.

For more information or assistance with setting up a real estate investment team (REIT), mortgage planning options or property management, contact Jennifer Johnson, your trusted real estate investment advisor.

Copyright© 2006 by Jennifer V-E Johnson. Others may not copy this material without written permission of Jennifer V-E Johnson. The views expressed in this RE News are those of the author(s) and do not necessarily reflect the official policy, position, or opinions of RE/MAX. If you currently working with a Realtor® this is not intended as a solicitation.

Ms. Johnson has been a licensed Realtor since 2004. She currently holds real estate licenses in Virginia, DC and Maryland. She is a member of Dulles Area Association of Realtors (DAAR). With over 70 active clients, Jennifer specializes in working with Professional Investors, while increasing their net worth and diversifying their real estate portfolios.

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She was voted 'Most Favored Agent' to work with from the top producing Loan Originators among internet Mortgage Brokers in 2005. She is well known for her commitment and 'mastery of detail,' and has a deep interest in helping others achieve wealth through homeownership. She is committed to providing excellent customer service and strives to meet and exceed the expectations of all of her clients. She possess a “can do” attitude and an outgoing personality.

Ms. Johnson is from Reston, Virginia and has resided in the Washington Metro area since 1982. She received her Bachelor of Arts Degree in History from the University of Virginia in 1994.