Eventually we will all choose or be forced by circumstance to vacate our primary residence. How are you planning for this? Our will states that upon survivor's demise the house is to be sold and the proceeds go to a named charity (not sure if you can leave property to a charity). I have been re-visiting this strategy. At the time we had our wills drawn we were sure we wouldn't still have the house anyway, it was a contingency in case our exit occured at the same time. Now we may be leaning towards spending our final days in the house. I have two grown children, but both live out of state and wouldn't want to live here, and I wouldn't want to burden them with the disposition of a distant residence. A friend inherited an out-of-state home from his mom (he was Executor). He decided the best prospect was to tear down the house, clear the property, and sell the lot. After many trips and a lot of time, he barely broke even. Also wondering if a Reverse Mortgage might be a good option for disposal of a no longer needed residence? Just wondering if others have thought about or planned what they will do with theirs?
Sorry for a meandering post and sobering subject
Sorry for a meandering post and sobering subject