When I was four or five years old, my mother took me to visit my great-grandfather Hibbert on one of Michigan’s many lakes. He took me fishing on his dock; the first fish I caught was a catfish, which we ate for dinner. (I now hate fishing, but that’s another story)… My great-grandpa was a very kind man. Because he lived across the country, I was unable to spend much time with him and, unfortunately, I didn’t get to know him better. He rode with Teddy Roosevelt and the Roughriders and there was a photo of him in his cottage with Roosevelt to prove it.
He had three daughters, one my grandma, and another, Aunt Da, who lived in the cottage with him and her husband. This aunt never had children. After my great-grandfather and her husband passed, she continued to live in his home. She invited her sister-in-law to move in with her. Unfortunately, my great-grandfather didn’t have an estate plan, and after Aunt Da passed, we learned she left my great-grandfather’s cottage to her sister-in-law, who was not part of our Schuessler family.
Michigan real estate is nothing like the real estate values in California. Cottages on a lake aren’t worth much, so it was really more about the memorabilia. I would have loved the picture of my great-grandpa with Roosevelt. Sadly, the woman, who moved in with my aunt, didn’t offer up any family mementos.
An estate plan is more than just deciding on finances, taxes, and real estate. Estate plans also ensure who will care for children and how family memorabilia is distributed. In the absence of a family trust, your estate will go through the probate process, which is lengthy. There will be serious tax consequences to your estate. If you need an attorney recommendation, let me know.
Learn more about the California Probate Process here
