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December 6, 2013
The Dispatch/Maryland Coast Dispatch
Page 45
MONEY SENSE
Strategies To Utilize When Selling The Family Home
or other professionals, and – most imOCEAN CITY – Among life's transiportant – of making sure all family tions, dealing with a family estate – and members are informed of each develthe sale of the family home – may be opment. the most trying. Few transactions have Build a professional team. For the potential to be as emotionally some families, the primary goal is to charged. Yet those emotions can intermaximize the profit on the fere with the many important home sale; for others it's to decisions that family memsell quickly, Liersch notes. bers must make together. "Your financial advisor can "Even if you all agree that help the whole family think it's necessary to sell the through that process and house, you may disagree on a reach a common goal. In addirange of details, from which tion to your advisor, your team real estate agent to use to how should include legal help and long to wait before lowering a good real estate agent with the price if it doesn't sell quickexperience in estate sales." ly," says Michael Liersch, diBRIAN SELZER Ross adds that because prorector of behavioral finance for bate rules vary from town to town and Merrill Lynch. court to court, "an experienced estate While it can be difficult to deal with lawyer will guide you through the prothe sale of a family home, planning for cess and help you avoid delays and unhow its proceeds might fit into your necessary costs." financial strategy can help you separate Take an emotional roll call. "Have your emotions – and your memories of happy times spent there – from the practical decisions that need to be made. Here are eight strategies to help you and your family manage the process. Establish a leader. Whether the executor is named in the will or chosen by heirs, he or she must be willing and prepared for a complex, time-consuming task, says Merrill Lynch Retirement and Personal Wealth Solutions National Sales Manager Amanda N. Ross. Whether you hire a professional executor or handle the duties yourself, one family member should take charge of conveying family decisions to the executor, real estate agent, contractors each family member write down what the house means to them, the good memories as well as any negative ones," Liersch suggests. Getting these feelings out in the open will help everyone understand where the emotions lie, and how those emotions could affect such decisions as agreeing on a fair price for the house. Give everyone a voice. Set a clear process and ground rules for sharing opinions and reaching consensus. Depending on where people live, meetings could be face-to-face or via e-mail or Skype, but everyone should have equal access to information and the opportunity to be heard. Set a time frame. Establish that there is a beginning, middle and end to the process. Set deadlines for each crucial phase. Secure the home. Change the locks as soon as the house is vacant, since you don't know who might have obtained keys over the years. Make sure the home stays fully insured against theft and natural disasters. Thieves tend to gravitate to empty homes, so consider installing alarms or even alerting local police as to who is authorized to enter the house. Continue maintenance. Maintenance lapses often lower the curb appeal and potential sales price. Develop a strategy for the proceeds. After the house has been sold and all the creditors are paid, the executor may then distribute funds to heirs according to the terms of the will. Speak with your financial advisor about the best ways to put your share of the proceeds to work toward a new generation of family goals. – Brian Selzer Special To The Dispatch (A Merrill Lynch Wealth Management Advisor who can be reached at 410-2138520.)
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