5 Lessons Learned in Dealing With My Parents Estate

Portrait Andrew Schulhof

#303-1338 West Broadway
Vancouver
British Columbia
V6H 1H2

Based upon my last 1.5 years serving as one of the Power of Attorneys for my parents, I received an invaluable education on dealing with wills and estate planning. I would love to share this real life education with you.

This is not just about being a POA (Power of Attorney). It is about the many other aspects of dealing with an estate, before and after you and or your loved ones’ have passed. These are important lessons to learn, and plan for well in advance. I hope that you find these lessons helpful to navigate these often-choppy waters.

5 Critical Lessons 

1. Legal Advice

Always seek professional legal advice from an estate lawyer/professional. There are several necessary documents to ensure the one’s affairs and estate is dealt with properly. These documents include a will, representation agreement (aka living will), Power of Attorney (POA), and Nomination of Committee.

2. Have Clearly Defined Roles

Appoint the right individuals to the Key Roles. It is critical to ensure a smooth process, so choose wisely the individuals that have the personality and skill set to fulfill the roles. Even though it cost the estate money, we as a family appreciated having an estate professional act as the executor of our parents will. It is an emotional time and there are so many estate aspects to navigate through, such as probate, selling the family home, dealing with all the financial aspects, etc. As mentioned above, some of the other key roles to be filled are your POA, Nomination of Committee.

3. Communicate

Make your wishes known and document them with as much detail as possible. Sharing and discussing your thoughts with your spouse and children regarding this whole part of life is incredibly helpful in moving forward for everyone. This would include ALL funeral arrangements, bequeathing personal & household effects in pre or post passing, disposing of assets.

4. Have All Essential Documents Organized

Document, gather and place all your important financial and personal information in one These days it is incredibly easy and helpful to amass the information into digital format so that you can provide it to your POA and executor. This list could be quite extensive, but these are just some starters: All personal and business financial bank accounts and credit cards, investment accounts, digital assets such as loyalty and rewards, websites and passwords.

5. Start Planning Right Away

Simplify and Do it NOW. Start removing things NOW that you no longer want or use in your life. Give them away to those that want them, could use them, or can provide value to others. Put yourself in your loved ones’ positions and consider what they need to do once you have passed. Trust me it’s a daunting task.

I could write a small thesis on this, but put simply, whatever you need to do to get your estate in order, start NOW. Because of this experience, I am personally now removing “stuff” that no longer serves me, but could however help someone else. Also, I have developed great connections with various helpful parties for this process. If you are interested, please email me to obtain my connections.

Important Documents

I would be happy to provide you with any or all of these invaluable documents. Click here to request copies.

  • What is a life estate?
  • Will Planning Questionnaire
  • Executor Checklist
  • Typical Estate Settlement fees checklist
  • How much you should pay an executor- article

Get in Touch

If your are interested in investing in real estate, or looking to list your current home, I can help you form the appropriate strategy and answer any questions you may have. 

Related Posts

My Real Estate Investing Losses, Wins, and Lessons Learned!

Becoming a successful real estate investor means learning from your losses and understanding why you were successful. This knowledge doesn’t have to be limited to your own experience, but you can learn from the trials of others.

Seven Profit Centres of Real Estate

Real estate investing is a great way to safely solidify your portfolio no matter what your goals are. Use the 7 profit centers of real estate to help formulate and actualize your investment strategy.

A Recipe of A Blue-Chip Investment Property

Blue Chip investment properties are among the best ways to secure your long-term financial goals. Find the right economic conditions, in the right location, at the opportune moment in the real estate life cycle and you can build a high performing portfolio.

Real Estate Investment VS Speculation

What does it mean to be an investor as opposed to being a speculator of real estate? The differences are substantial but many speculators masquerade as investors or even first time buyers.

Opportunity Knocks In The Perfect Storm!

While the pandemic has created and continues to pose major challenges to the economy and housing prices continue to rise across many sectors, there are still opportunities for smart real estate investments.

FOMO in an Intense Seller’s Market! What can you do?

Making emotional purchases always comes with risks. While the real estate market may be busy right now, that is not the sole reason you should be making your purchase and you should not abandon your strategy for the sake of purchasing a property.

8 Critical Statistics for Profitable Real Estate Investing

Successful real estate investors understand that there are market forces and drivers that are beyond their control but are presented as statistical measures. These statistics can used to better understand the market conditions and trends so that the investors can make informed and astute real estate investing decisions.

5 Lessons Learned in Dealing With My Parents Estate

Based upon my last 1.5 years serving as one of the Power of Attorneys for my parents, I received an invaluable education on dealing with wills and estate planning. I would love to share this real life education with you.

How to Capitalize on Real Estate Cycles

Knowing there is a real estate cycle, and understanding the phases of the cycle, is fundamental to knowing what to look for to make strategic real estate investment decisions.

Bulletproof your Investment Real Estate Portfolio

While no one knows exactly what will happen in the various housing markets across the country in the next few years, taking steps to mitigate risk within one’s real estate portfolio will definitely help you weather changes that occur.