Just Bought Or Sold A Home Now What

Dated: 12/11/2015

Views: 579

From Our Friends At Dominion Law GroupAfter You Buy or Sell a Home


Image title

Your real estate closing is finally done, you’ve moved on to the next phase in life, and are getting settled.  Where should you put all those closing documents?  Your realtor told you to keep them in a safe place, as you will need to keep them for many years.  He told you to put them in the same location as your Wills, perhaps in your safety deposit box.  You do have Wills, don’t you?


Buying or selling a home is a major life event that should prompt you to review your estate plan or create one if you haven’t done so already.  Your estate includes all of your personal and financial assets, including your home and your retirement plans.  Your new home may be the largest asset in your estate.  You need to consider how you want your estate divided among your beneficiaries. You should consider carefully who you want as guardian for your children if you are unable to raise them, and give instructions on child rearing goals and principles that are important to you.  You should designate someone to make health care decisions for you if you are unable to do so.   


Basic estate planning starts with the following “must have” documents:

  • a Will or a Living Trust

  • a Durable Power of Attorney for financial decision making

  • a Health Care Power of Attorney to name an agent who makes decisions on your behalf

  • Living Will to express your health care preferences if you are unable to

  • a HIPAA Privacy Authorization to identify those who should have access to your health records and health care providers  

Estate planning is an ongoing process that calls for reviews and adjustments for life changes such as:  marriage, purchase or sale of a home, birth of a child, marriage of a child, divorce, re-marriage, death of a family member, job change, retirement, opening a business, moving to another state, etc.  Consult an attorney experienced in Wills and Trusts for assistance in putting together your estate plan. 


Eileen Swicker and Anna Freska are estate planning attorneys in the Leesburg office of The Dominion Law Group. We focus on estate planning, probate and advising small businesses in Northern Virginia and the District of Columbia. We are available to consult on the planning needs of young families with small children, established mid-career couples, those beginning to plan for retirement as well as those already enjoying the “golden years”. We analyze each situation for its unique needs and then devise custom solutions to estate planning needs. Our objective is to design the estate plan that meets each client’s needs so that the State does not serve as the estate planner by default. http://www.thedominionlawgroup.com/ 

Blog author image

Melody Visser

Melody Hall Visser is a passionate Realtor who lists, sells, and dwells in Northern Virginia. Currently, she serves as a REALTOR at eXp Realty, LLC. As a life-long resident of Virginia, Melody has t....

Latest Blog Posts

3 Points to Ponder Before Starting Your Kitchen Remodel

For the third time this week, you’ve found yourself cursing the unusability of your kitchen. The drawers come out in all the wrong directions, the cabinets are so shallow that you can barely

Read More

September 2018 Market Update

September 2018 Loudoun County Market Trends Report: Inventory continues to tighten as prices increase and closed sales declineOverviewContinuing the recent trend, inventory in Loudoun County

Read More

Do You Need An Emergency Plumber To Save The Day?

You didn’t do anything different, but all of a sudden the garbage disposal is smoking and water is backing up in the sink. Is your plumbing possessed? Should you just set the whole house on

Read More

Don’t Be A Victim of the HGTV Effect

You might ask, “what is the HGTV effect?”  The HGTV effect applies to both buyers and sellers.  For sellers it could mean, thinking you can fix up your house and then sell it

Read More