The Overlooked Importance of Estate Planning in Real Estate
Wednesday Jan 24th, 2024
In the world of real estate, there is a topic that often gets overlooked: estate planning. Recently, my family experienced a situation that highlighted the importance of having emergency contact information up to date for elderly friends, family members, or neighbors who live on their own.
We found ourselves in a situation where a family member's emergency contact information was not filled out, and it significantly impacted the time it took to locate and assist them. This simple oversight caused a sense of urgency and a run-around when it came to accessing their property, and it made us realize just how crucial it is to ensure that emergency contact information is current and easily accessible.
In our case, the strata management company had to break down a door to access the property, and they were unable to reach anyone due to the lack of emergency contact information. This experience served as a wake-up call for us, and we now understand the importance of ensuring that all emergency contact information is up to date with the strata management company, as well as with any current employers.
Additionally, it's essential to ensure that wills are up to date. If someone does not have a will yet, even a simple pre-plan package can ensure that their wishes are carried out in the event of their passing. It's a small but significant step that can alleviate stress and uncertainty for loved ones during a difficult time.
Estate planning is a topic that is often overlooked, but it is crucial for ensuring that our loved ones are taken care of in the event of an emergency or passing. By taking the time to update emergency contact information and create or update a will, we can provide peace of mind for ourselves and our families. Let's not overlook the importance of estate planning and take the necessary steps to ensure that our loved ones are prepared for whatever the future may hold.