Should I Make My Will Before Downsizing?

If you are downsizing, or plan to, there’s a lot more to consider than your house. While buying and selling are significant projects, this is a time when many homeowners reflect on the big picture.

Downsizing a house and estate planning often go hand in hand. Since you will be sorting through all of your belongings at some point to decide what to keep and what to pass on, it also helps to outline your wishes for your most significant assets, namely your family home.

We don’t normally discuss making a Will in the same conversation as downsizing, but in many ways, it makes perfect sense. In this post, we’ll talk about how and why to handle your estate planning and your upcoming move simultaneously.

Did you know that helping seniors move is one of our specialized services? Whatever your situation, we are here to help streamline your entire transition.

You May Have More Assets Than You Realize

As homeowners, we may have a clear idea of how much our investments are worth, including any funds in bank and investment accounts as well as the value of the house.

However, some people are surprised at exactly how much they own that has value. It’s not just real estate or liquid cash. Take stock of the everyday things you use without thinking about them, such as any electronics, jewellery, watches, artwork, and even cookware around the house. Even sentimental items have value depending on the person.

Downsizing gives you the ability to fully evaluate everything you have. If anything has value, monetary or otherwise, make note of it and create a plan.

Do you want to know more about probate, Power of Attorney, and other estate planning terms and how they might affect you? The posts below can bring some clarity:

Life Can Change in the Blink of an Eye

When you’re young (relatively speaking), healthy, and busy, a day when you might no longer have the same capabilities may seem a long way off. However, no one is immune to illness or an injury that changes your life in a heartbeat.

That day hopefully never comes, but it is always a good idea to be prepared for the worst. Having your affairs in order starts with finding people you trust to manage your finances and other decisions if you become unable.

If you’re still living, a Power of Attorney can step in.
If you have passed away, an Estate Trustee will settle your estate and ensure all of your loved ones receive what you want to bequeath to them.

A Will is at the heart of all estate planning. When it’s legally sound, clear, and concise, there is little room for doubt or conflict as to your wishes. These indisputable instructions help the Estate Trustee perform their duties, probate is typically faster and more streamlined, and more of your assets go to your beneficiaries rather than the government or lawyers.

Are you helping your parents or another family downsize? Learn more in When Is The Time Right To Sell Your Parents’ Home?

You Will Save Your Loved Ones a Lot of Heartache Later

Planning for who gets what and who will take charge will make everything easier for everyone involved when and if the time comes. However, it’s not just the legal details that have an impact on your loved ones.

Cleaning and decluttering are a huge, essential part of downsizing. Doing it now will make moving less stressful, but there is another benefit. You will also save your children and grandchildren the anguish of having to sort through all of your items.

If you think that deciding what to do with boxes of photos you haven’t looked at in years and old tableware or home decor items you no longer use, imagine how much more difficult it will be for those who come after you.

While it’s nice to believe that everything you cherish will find a new home, your family members may simply not have space for it. You’re just passing on the often heart-wrenching task of deciding whether to keep, discard, or donate your items somewhere else.

Another scenario is where an item has no particular meaning to you but just got tossed aside instead of thrown out. Later on, your adult children might think they’re throwing away a treasured memory, which can lead to unnecessary guilt or grief. Getting organized and clearing out your closets, drawers, attic, and crawl spaces now will save your loved ones hours of effort and help to alleviate their emotional distress.

Now, onto more fun and practical tips to make downsizing as straightforward and stress-free as possible. Check out the posts below:

Estate Planning Now Lets You Enjoy Your Life Sooner

Downsizing your home can feel like an overwhelming project, both logistically and emotionally. The best way to get ahead of it is to start as soon as you can, possibly months or even years in advance. The more time you have, the less you need to do each day to prepare.

Another benefit of downsizing earlier is simply that you get it over with. If you handle estate planning at the same time (if you haven’t already), you can move on and enjoy the next phase in your life.

Many homeowners eagerly count down the clock until the time when they have less home to maintain and more free time for whatever they enjoy most. Whether you start now or plan to wait another couple of years, it is a conversation worth having.

Do you have questions about downsizing or how it relates to estate planning? Our Etobicoke real estate agents are here for anything you need. Reach out today at 647-282-7653 or email contact@sileckythompson.com with any questions or to get started.