By Michael “Mick” McGrirr | Phocus Law
Once upon a recent market trend in sunny Arizona, two seasoned real estate investors, Optimistic Owen, and Hasty Harry, stood at the crossroads of life, pondering their legacies.
Optimistic Owen always believed in preparation. After his first real estate deal, he approached his favorite AZREIA law firm (Sorry, Zona!) to ensure his assets would smoothly transition to his loved ones. He set up a comprehensive estate plan that covered all his properties, then updated it appropriately with every acquisition.
On the flip side, Hasty Harry was always on the move, juggling deals, and maximizing returns. For Harry, tomorrow was another day, and estate planning could always wait. He believed he’d get to it – eventually.
Fast forward a few years, and life, as it has a tendency to do, threw curveballs.
When Owen faced an unexpected health scare, he rested easily. He knew his family wouldn’t be burdened with probate courts or legal fees. His assets were well-organized, his wishes were clear, and Phocus Law ensured a seamless process for his loved ones.
Harry wasn’t so fortunate. Without an estate plan, his sudden accident left his family in a maze of properties, loans, and legal confusion. They spent months in court, hefty sums on legal fees, and endured avoidable family disagreements.
Owen’s Family: They celebrated his legacy. His portfolio continued to benefit his loved ones, just as he intended. They remembered him as a wise and caring provider.
Harry’s Family: They remembered months of legal challenges, the stress of managing unfamiliar properties, and the friction that arose from the absence of clear directions.
The Moral? Real estate is as much about the future as it is about the present. As investors, our choices impact not just our returns, but the legacy we leave behind.
For those reading this tale, if you recognize a bit of Harry in your reflection, it’s not too late. Sam Richardson is a member of the Phocus Law attorney team responsible for assisting clients in estate planning matters. If he can ever be of assistance, feel free to reach out to him at Sam@PhocusCompanies.com or by phone at (602) 457-2191.