Cohousing-L Mailing List: Re: Estate Planning, Note to heirs

[Leslie Hassberg (leslie.hassberg]

Thank you so much for sharing this. And just in time -- I'm meeting with my
estate planning attorney today!

On Tue, Feb 21, 2023, 5:30 AM <susanfries613 [at] gmail.com> wrote:

> From: PDX Commons:  Here’s a document some of our members have used to
> help their heirs understand what our cohousing community is about before
> selling it.
>
> Susan Fries
>
> PDX Commons
>
>
>
> Notes on
>
> Advisory Instructions to Executor/Heirs/Trustee on the Sale of my/our PDX
> Commons Home
>
>
>
> Recognizing that many, if not all of us, are subject to unpredictable
> mortality, it seemed like a good plan to offer instructions to our heirs to
> assist them in selling our PDXC Commons Condominiums, given that we have
> expectations about “the good of the community” that make this more than
> just another real estate deal.
>
> What follows is one possible avenue – written advance instructions to
> heirs – in order to help them navigate the sale of our homes should we be
> unable to assist with that process.
>
> This is NOT A LEGAL DOCUMENT – advisory, but not legally binding.  It
> simply gives instructions on what to do, who to approach for help, how to
> avoid problems, how to make decisions that further the community.
>
> The idea is that we can (as we wish) use/edit/modify these instructions to
> come up with something that works for you and your heirs.  Although some of
> us think doing this is an excellent idea that protects the community, not
> everyone may appreciate this kind of written instructions as a tool to
> assist our heirs.  It is NOT MANDATORY to use it or anything like it.
>
> Do consider, though, whether these advisory instructions might be helpful
> to those who survive you.  Consider editing it to your personal
> satisfaction and running it by them to see what they think.  It if works,
> store a copy with your important documents (especially those relevant after
> your death, like your estate plan or will) and give one to whoever will
> execute your estate upon your death.
>
> Like an Advance Directive for healthcare, these instructions will be much
> more effective if discussed in person – out loud with actual spoken words –
> while you are still able to do so before storing written copies in your
> files.
>
>
>
>
>
>
>
> Advisory Instructions to Executor/Heirs/Trustee on the Sale of my/our PDX
> Commons Home
>
> I/I/we are writing this set of instructions so that you know how I/we
> would like you to sell my/our PDX Commons home after my/our death.  While
> the condominium is real estate and sold as such, it is also so much more
> than just a piece of real estate, and I/we have wishes that I/we hope you
> will respect as you proceed to sell it.
>
> 1)            First and foremost, PDX Commons is an intentional cohousing
> community – I/we choose to live together, make decisions together, play and
> work together, eat together.  I/we are important to each other, and it
> matters who joins the community. My/our greatest value is that the buyer(s)
> of my/our home is someone who understands what it means to live in
> intentional community and is able and willing to offer energy and skills to
> the PDXC community. My/Our primary wish is that the good of the community
> comes first in a sales decision.
>
>
>
> 2)            PDX Commons has a process for re-selling my/our homes and
> I/we ask that you respect it.  There are people within the community who
> can assist you in understanding and following the process (see specific
> names below) and you will find, attached to these instructions, a simple
> graphic that explains it.  I/we suggest that you consult with these
> advisors within the community for assistance in securing an appraisal in
> order to set an optimal asking price for the condominium.
>
>
>
> 3)            If at all possible, please try to sell the condominium
> within the PDX community (current residents and Wait Lists). Importantly,
> you should know that PDX Commons HOA has the right of first offer, after
> which the right of offer is opened to current residents of PDX Commons,
> followed by the Priority Wait List and Wait List.  It’s up to you to choose
> what offer you accept, but again, I/we urge you to find a buyer who both
> will offer a fair price and strongly desires to become an integral part of
> this intentional community.
>
>
>
> NOTE:  If the condominium is sold through the PDX Commons community
> (residents or Wait List) and no real estate agent is required, I/we request
> that you offer back to the HOA 1%-2% of the selling price to compensate the
> community for finding a buyer.
>
>
>
> 4)            If it becomes necessary to open the sale to the public (no
> reasonable offers from within the community or Wait Lists), please consult
> with the advisors I/we have suggested to help you find a suitable buyer.
> They will have ideas about how to promote the sale within the national
> cohousing community.
>
>
>
> 5)            Any potential buyer who is not already very familiar with
> PDX Commons will be asked to participate in a thorough orientation to the
> community (which will be arranged through the Outreach Committee),
> including reviewing community policies and agreements, to ensure complete
> understanding of the benefits/responsibilities of living in PDX Commons.
>
>
>
> 6)            Note that PDX Commons is a 55+ community, which means that
> at least 80% of my/our homes must have one or more occupants who 55 year or
> over.  That is the demographic you are seeking, though it could be possible
> to sell to someone under 55 – check with my/our PDX Commons advisors.
>
> PDX Commons has been such an important and meaningful part of my/our lives
> – I/we want it to continue to flourish in the decades to come.  Intentional
> community only thrives if its members are invested in making it work.  In
> order to maintain that investment, my/our ask is that you do your best to
> make sure that current members of the community have priority in this sale
> and that any new members of PDX Commons – whoever may buy my/our home from
> outside of the community – are ready to jump in and become an active part
> of the community with all due diligence done prior to the sale.
>
> People at PDX Commons willing to assist/advise you as you proceed with
> this sale:
>
>
> ____________________________________________________________________________
>
>
> ____________________________________________________________________________
>
>
> ____________________________________________________________________________
>
> THANK YOU for your help in following my/our wishes!  I/we are sorry not to
> be there to help out.
>
> _____________________________________
>  _________________________________
>
>                                Signature
>                                                                 Signature
>
>
>
> ________________________
>          _____________________
>
>                 Date
>                                                                 Date
>
>
>
>
>
>
>
>
>
>
>
> Other issues to consider:
>
> •             Sell the unit and parking space together for best value and
> a quicker sale (probably – may be exceptions).
>
> •             Be sure to pay monthly utility bills and HOA dues during the
> sale period. If HOA dues are not paid, a lien will be filed and the estate
> will end up accruing attorney’s fees and other additional costs to resolve
> the problem.  My/our advisors (above) will tell you how to pay the HOA
> dues, or continue automatic payment via:
> __________________________________________________
>
> The electric bill comes from PGE – acct. #: _____________________
>
> The natural gas bill comes from Northwest Natural – acct. #:
> ____________________________
>
> Condominium is insured by
> _______________________________________________________
>
>
> ______________________________________________________________________________
>
>
>
> Other Notes:
>
> _________________________________________________________________
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>
>