Witnesses to a Will

In Massachusetts, for a Will to be valid, it must be in writing, signed by an individual eighteen years of age or older and of sound mind, and attested and subscribed in his presence by two or more competent and independent witnesses and a notary public. Does this mean the witnesses must be physically present at the time the testator’s signature is affixed to the instrument? According to a recent Massachusetts Appeals Court decision, the answer is no. In the case of Jones v. Ouellette, the court found that a will was properly attested even though the testator signed the Will before the two witnesses entered the room and there was no conversation between the two witnesses and the testator. It is settled that it is not necessary for the witnesses to observe the testator actually sign the Will so long as he or she acknowledges the signature and stating it to be his or her Will. In the present case, the Court concluded that it was not also required that the testator verbally affirm that the signature was his, where the witnesses observed and it was readily apparent that the signature was the testator’s, and no attempt was made to conceal the signature.

10 Things Buyers Need to Know

The April 29, 2010 issue of the Boston Globe's G/Style Section included an excellent article setting out ten important things buyers of real estate should know when entering the marketplace. Read this informative piece here http://www.boston.com/yourtown/needham/articles/2010/04/29/10_things_to_know_if_youre_buying_a_home_now/

Unemployed? Mortgage Relief May Be Available

The Obama administration recently announced modifications to the Home Affordable Modification Program (HAMP) in an effort to promote stability for the housing market and offer further assistance to unemployed homeowners having difficulty making mortgage payments. Under these modifications, mortgage holders are required to offer forbearance plans to all qualified jobless borrowers for at least three and as long as six months. Under the plan, monthly payments can be reduced to 31% of income or less, or even suspended entirely. Borrowers must meet HAMP eligibility requirements as well as submit evidence that they are receiving unemployment benefits. They must also be in their first 90 days of delinquency. For details on the current program, click here: http://makinghomeaffordable.gov/docs/HAMP%20Improvements_Fact_%20Sheet_032510%20FINAL2.pdf.

Whole Life Insurance Or Term?

Whole life or term insurance? Syndicated columnist Scott Burns has an answer I agree with in today's Boston Globe. http://www.boston.com/business/personalfinance/articles/2010/04/21/whole_life_insurance_or_term_the_answer_depends_on_your_financial_needs/

To FSBO Or Not To FSBO?

You want to sell your home but you are concerned about the high cost of a broker’s commission on the sale. Should you try to sell it directly, without a broker?

In a good market, a For Sale By Owner transaction (FSBO), may not be very difficult, if you have the time and energy to invest in marketing the house properly. In a slower market, it is much more difficult to get the word out about your home, even with all of the internet resources available in the marketplace. Many who first attempt a FSBO do end up listing with a realtor.
If you are considering a FSBO listing, the following should be considered:

1. Price the home correctly. Regardless of what you think your house is worth, an overpriced property will not sell quickly. Look at recent comparable sales in the area, seek the opinion of experts, and be realistic. A new property on the market generates the most interest.

2. Put your home’s best face forward. Eliminate clutter, remove extraneous furniture, and stage the property to look its very best before showings. Repair any obvious defects, and consider improvements to maximize your property’s appeal.

3. Be willing to spend money on advertising, and use the advertising to get the word out to your target audience.

4. Hold one or more open houses. Advertise these widely, put up signs in the neighborhood, and make it easy for people to find your property. Make sure the house is well lit. Prepare a "fact sheet" showing all of the relevant factual data that a prospective buyer would want to know, and also provide written materials available about the school district, the city or town and other relevant topics. Resist providing any discretionary information about the property, however, as it will be the responsibility of the buyer to do a thorough property inspection.

5. Be flexible about scheduling showings with interested parties at other times.

6. Decide whether you are willing to pay a cooperating fee (generally 2.5 to 3 percent) to a buyer’s broker. If you are, you are likely to widen you potential market and receive inquiries by brokers working with buyer clients.

7. Have a good real estate attorney standing by to assist you when an offer is presented, and consult with that person before accepting a written offer.

If you do go FSBO, be prepared to work hard and invest a lot of time. The value of an experienced and professional realtor is often underappreciated, and once you take on the task of selling your home yourself, you may find that the services provided by a qualified realtor are worth their cost.

Caring for Aging Parents

Adult children of aging parents will inevitably face the difficult task of assessing when and whether their parents are able to continue to live independently, and what to do if and when they are no longer able to do so. This excellent article on the AARP website gives guidance on how to perform an assessment of your parents' mental, physical, environmental and financial conditions to determine their ability to remain safely independent. http://www.aarp.org/families/caregiving/caring_parents/a2003-10-27-caregiving-needhelp.html

Extended Deadline for Some Massachusetts Tax Return Filers

The April 15 deadline for filing federal and state tax returns has been extended until May 11 for many taxpayers in Massachusetts due to the severe rain and floods we experienced in March. The extension is granted to those counties in the state which were declared federal disaster areas as a result of the floods, including Bristol, Essex, Middlesex, Norfolk, Plymouth, Suffolk, and Worcester. There is no need to file anything to take advantage of this extension so long as you meet the extended deadline of May 11. Late filers, you just got more time to procrastinate!