Memory loss, death & home selling? Key Tips to Know
As we age, we think of many things such as retirement and health. One area that gets missed can be what happens to my home if something happens to me. The following steps can be of use as you consider near future needs.
According to the Alzheimer’s Association 2017 Facts and Figures and B.D. James, Neurology, the number of Americans with Alzheimer’s is projected to triple to 16 million by 2050. Someone in the United States develops Alzheimer’s every 65 seconds. By 2050 this is projected to be every 33 seconds.
Alzheimer’s is not just a disease of old age: 200,000 people under age 65 have early-onset Alzheimer’s disease, and the disease affects the entire family.
If you, a partner, or family member, have been diagnosed with memory loss, dementia or Alzheimer’s, assigning someone, as a durable power of attorney on your behalf can be a beneficial step when selling a home. For a contract to be valid all parties need to be mentally competent. Choosing someone you can trust to look after your home is best done when you are still able to determine who that person should be.
When the home is being sold, the power of attorney certificate will need to be provided to escrow and will be returned after the transaction is completed.
In case of death, an original death certificate will need to be provided to escrow before closing. This will also be returned to you after the completed transaction. There is a long form and a short form the short form strictly validates facts of death, which is the form that is required to be provided to escrow. Only certain family members are allowed to order it from the county or state office: spouses, children, parents, siblings, grandparents, grandchildren and next of kin.
With memory loss on the rise and death being inevitable like taxes, knowing how to plan will make each step a little easier if and when the time arrives.
By Kimberly Shute: If you would like to learn more about real estate and move management services, please contact Kimberly at 971-227-1302 or visit www.pdxmaturemoves.com. At PDX Mature Moves, we serve seniors through real estate and move management services.