One of the hardest things to do is pick guardians for your young children. A guardian is a person that you trust and empower to take care of your minor children. Parents are left paralyzed in an effort to figure out who could take on the role of raising their children. Often times, when planning for the future, parents leave the guardianship nomination blank and without a nomination the decision will be left up to the probate court. This means that if something were to happen to both parents, the arrangement for the children will be decided without parental voice or opinion. The individuals that seek guardianship over your minor children will then have to go to the probate court to ask the judge to appoint them as guardians. This will be occurring during a time where the children have presumably lost both parents and now, they are going through a court battle where relatives may be fighting over them. Although intentions may be good, the children will be pulled in multiple different directions when it is important that they have a stable atmosphere.
This all stems from not proactively dictating what happens. To avoid this, as a parent, it is important to create a stand-alone guardianship nomination that tells the court exactly who you want to have guardianship of your minor child.
Another option is a temporary guardianship nomination. It is useful if you are on a trip and your children are at home and need medical care. This temporary nomination also covers the 60-day period after your death before the court officially appoints a full time guardian. This helps to avoid pulling the children between all these well-intentioned individuals at a time when they need to grieve.
We have recently launched a website that focuses on estate planning, www.stiles-estates.com, where you can find more information and a contact form, or you can contact us directly to schedule a consultation.
If you have any questions about estate planning, contact Stiles Law by calling (781) 319-1900.
A question came up during our Real Estate class asking, “What is the difference between a nominee and an assignee?” A buyer usually has the right to nominate a nominee to purchase the property. This has no impact on the seller. Common nominees include estate planning revocable trusts, real estate investment trusts, LLCs or corporations. A nominee is ordinarily a related entity to the buyer named in the purchase and sale agreement.
An assignment occurs when the buyer assigns their interest in the purchase and sale agreement to someone else. An assignee is an entirely different person or entity. As a seller, with an assignee, be aware that it may be someone else at the closing. What does that mean? The assignee will “step into the shoes” of the buyer, attend the closing and be bound by the terms of the purchase and sale agreement. The purchase and sale agreement may not permit an assignment without permission of the seller.
Using a nominee can be helpful with estate planning. Buyers who may want to name a nominee should include “or my nominee.” Without this language, a buyer may be forced (depending on the circumstance) to close in your name.
If you have any questions about selling your home or buying a home, contact Stiles Law by calling (781) 319-1900.
A question came in from a viewer this week asking, “Can we reject an offer because the buyer is obtaining financing from the VA?”
You are able to reject an offer from anyone, but why would you want to reject an offer from a veteran? The VA is offering mortgage financing for our veterans and rates and terms are extremely attractive for our veterans. In some cases they are lending up to 100% of the value of the home. If they are receiving 100% financing, that does not make them a weak buyer. It makes the veteran a strong person who is receiving wonderful benefits as they should.
Another misconception is that the appraisal will be difficult. The appraiser will simply be protecting the veteran as they do not want them to get swindled.
Have pride when selling you home. Your home should be in its best condition when it is put on the market. If you’re selling your home and there is something wrong with it, you may want to fix issues that are likely to attract the attention of a VA appraiser and other buyers. You should feel great about selling your home to a veteran!
If you have any questions about selling your home, contact Stiles Law by calling (781) 319-1900.