Technology Transactions

by Peter G. Miller

Peter G. Miller OurBroker® If it were possible, there"s little doubt that we would each opt for immortality, vitality, and endless good health if such choices were available. We would most likely agree with Clarence Darrow, the defense attorney at the Scopes trial, who once explained that "I shall no doubt act as others do at the last moment of my existence. With my last breath I shall probably try to draw another." Alas, even when it"s possible to avoid accidents and illness, the human body eventually declines -- a stark and discomforting reality that"s best faced sooner rather than later. Over a lifetime we each acquire various goods, some with value only to ourselves, some with sentimental value to others, and some -- such as real estate -- with material value. We would not normally allow such goods to be taken from us in life, why then should we allow that to happen in the event of disability or death? In our society either you make your wishes known through the use of a will or you die "intestate" and allow a state government to use its best judgment in such matters. Since state rules vary -- and given that even with the best intentions state officials have no possible knowledge of your penchants and preferences -- without a will assets earned over a lifetime will likely be distributed in a way that would you would never elect. The only option that makes sense is to plan ahead, but such planning forces us to recognize that we are each vulnerable and mortal. These are discomforting notions, and yet it"s important to speak with an attorney and tax professional regarding such matters, and it"s important to do it now. You need a will so that your wishes at death can be honored, and you need a living will so that only medical care you regard as appropriate will be undertaken. But in practice, however, it"s not enough to have a will or living will. You must tell folks that such documents exist and where they can be found. What else can you do? Write out a family history with names, dates, and stories. Make a list of holdings -- with account numbers and the physical locations where items are kept -- for checking, savings, mutual funds, real estate, securities, bonds, insurance, safe deposit boxes, etc. Make a list debts which need to be discharged. Tell people of your preferences regarding funeral services and burials. Don"t be afraid to make a will or living will now. Such documents can be revised. Tell people of your preferences regarding possessions, donations, and related matters. Consider whether you wish to be an organ donor. Whatever your decision, make your thoughts known in advance and with the forms required in your state. Have a list of people you would like notified in case of death or incapacity, including addresses and other contact information. If you have a cemetery plot, provide information and documentation. Speak to those you love and outline your preferences. There will be a day when such remarks will be enormously valuable. Long ago, when my wife and I married, my attorney and his wife gave us two gifts: There was beautiful kitchenware which we use each day, and there was a will and living will separately for my wife and I. Of all the gifts we received, none has had greater value than the certainty of knowing our wishes will be fulfilled in the event of death or disability. I"m aware that wills and such are difficult and discomforting subjects to consider. But having just combed through an astonishing volume of files, folders, and documents in an effort to determine the wishes and preferences of a loved one, I have no doubt that pre-planning is the best way to assure that your desires are known and respected. The Common-Sense Mortgage The latest edition of The Common-Sense Mortgage is now available in bookstores online and off. In print for nearly 15 years and widely recognized as the standard consumer guide to real estate financing, previous editions have been described as "virtually in a class by itself" (The Philadephia Inquirer) and as "one of the best available guidebooks to the realty financing jungle," (The Los Angeles Times). Whether financing or re-financing, whether you"re a borrower, broker, or loan officer, this money saving, easy-to-read and well-organized guide is a necessity for anyone in the real estate marketplace. For additional information, press here. Question Of The Week Q: I want to buy a single-family property now financed with an FHA loan for use as a rental. My broker says new financing will be needed. This seems unfair. How come? A: FHA 203(b) loans -- the most popular form of FHA financing -- cannot be assumed by investors if originated after December 15, 1989. It"s argued that investors represent more risk than owner-occupants and thus should not be allowed to assume FHA loans. Alternatively, if FHA financing were assumable by investors, say loans at least two years old, then the pool of potential buyers would expand and there would be more demand for properties financed with FHA mortgages. The result might be bigger profits for FHA buyers, something which would make the program more interesting to borrowers. Weekly Resource There"s always a need for sites that explain web page design and layout in terms that everyone can understand. Tips, Tricks, How-To, and Beyond has a nice way of illustrating HTML construction. Also See: Planning Your Estate Giving Your Home To The Kids Many See "home" As Inheritance Problem

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