When Your Partner Leaves - Three Things

Full Video Transcript Below

[00:00:00] Good morning, real estate fans, Alice Lema, broker John Scott, and beautiful Southern Oregon. Another edition of our weekly podcast. Today, we're going to talk about something, a little somber. I'm going to talk about what happens when a partner leaves your real estate, your life, where you have a disability, a divorce, death or disillusion of a business partnership, how that affects your real estate and your real estate decisions. So, first of all, we want to give you a chance to subscribe to the channel, please like our episode, send it to your friends and family. We want to know that it's making a positive difference. You can also reach out to me directly. My number is 541-301-7980. Okay, so now we're going to talk about The topic, what to do when a partner leaves you. Three things to consider when you have a death, a divorce, a disability, or a disillusion in how it can affect your real estate and your real estate decisions.

[00:00:54] So, first of all, reaction to loss, now we all react differently. And in some situations we're having a very exuberant happy reaction. In other case, we're overwhelmed, we're tired, we're sad. Regardless, it affects your thinking and it affects your decision-making. And so I like to put this first because you know yourself and you can allow for that in the decision making lists of things to do. And execution of how you're supposed to react to this situation.

[00:01:23] You know, yourself, and you can build that into your process, but do not underestimate the reaction because again, I've watched people be giddy with you know, exuberance. And then they make all kinds of bad decisions or decisions that have a negative effect on their lives on into the future just because they were too happy about it. And then I've seen people so overwhelmed with grief that they can't function at all. Okay. So just know yourself, be prepared and remember in the middle of all that, how you are and allow for it. Okay, so that's number one, your own reaction to loss.

[00:02:00] Number two, what happens if it's unexpected? Now this is really tragic. And again, I always say if you're prepared, then the unexpected is easier to deal.But a lot of us have stuff happen and we just weren't ready. So if you are in a situation where you did not know the partnership was going to dissolve the business partnership, the real estate partnership, you did not know somebody was going to be disabled, including yourself, or divorced or pass on.

[00:02:27] You first of all, again, have to allow for the reaction. But second of all, you got to function in this situation. And part of what happens in the unexpected crisis is that it takes an enormous amount of time. In fact, many times the whole rest of your life is on hold. So you need to plan on that. You need to plan on perhaps being tired, being overwhelmed, but you still need to function.

[00:02:49] You're going to need a good list. You're going to need good helpers. You might need attorneys. You might need financial people. You might need medical people. You might need some good, positive friends, family around you that can help. But you want people that are business-minded and organized because they will be your lifeline to help keep things going.

[00:03:11] If you can't okay. So that's number two. If it's an unexpected loss. Now, if it's an expected loss, the theory is that you're prepared. However what I see happening and I'm guilty too, is that when it's an expected situation coming down the pike, a lot of us dilly dally around or worse, we think, oh, it's not actually going to happen like that.

[00:03:32] And then, then we're not prepared. So please do not dilly dally move forward as though it is going to happen. And then if it doesn't happen groovy, but if it does happen, you have your ducks in a row and you just don't want to waste all that time. So now you have a chance to build your team. You can vet people more diligently.

[00:03:51] You can interview people. You can also go online and start to explore what the process steps are so that you're ready for them. And it's good to know timelines. Interdependencies like you, you can't close the bank account untilyou have the death certificate. You can't do this until you have that. You can't take the kids out of the country unless, you know, Stuff.

[00:04:12] And it's terrible to be surprised, especially when you saw it coming. So take some time, do some research, imagine what it's going to be like, how a timeline have a list of this has to be done before that. And then also have some expectation. That's realistic about how long it's going to take and who else is going to be involved. Cause we don't want to be surprised about that either. Okay. So that's number three. The expected situation.

[00:04:39] Now, lastly, how to ask. This is hard for a lot of us. And if we're not fully functioning in our management of the situation, then sometimes we don't even know. So if you can get a moment of clarity and reach out to somebody and say, Hey, please check on me. Please. Will you let me call you or visit you when I need help. And it doesn't have to be a friend, family member, a minister, spiritual leader. It can be another like affiliate.

[00:05:10] And again, I keep going back to the attorneys and the accountants, but it's okay to call them up and go, I've got this situation. I don't know if I am going to need you or not. But if it really goes sideways, you know, will you be there to help me? So but it's hard, you know, a lot of us think we should just be able to stoically go through this, especially if we saw it coming. But that's not always the case. And it's so better to ask for help when you need it. And even if it turns out you didn't need it, you'll sleep better. And so will the people around you who are depending on you to execute these series of steps dealing with this, this life situation. Okay. So didn't mean to be, you know gloom and doom. But it's it's something that I think we need to talk more about and then just be prepared.

[00:05:59] And then it's not as difficult when something does happen because life is life. And in my opinion, it's not, if something's going to happen, it's when. So let's just get ready and then lets help each other. And if you are somebody who is organized and businesslike and you have people around you and you see something coming and they don't, you might reach out to them and just say, Put me on your list I might be able to help if the time comes and if you need it.

[00:06:25] Okay. I'm Alice Lema, broker John L. Scott here in Southern Oregon. Please give me a call. We'd love to help you list your house and sell it. I can help you buy a house investment. First-time home buyers, downsizers sizers, whatever you need. I'm here.

[00:06:38] My number is 541-301-7980. And I will ask you if you did your will, when you buy a house or sell a house, I will ask you that. Okay. So don't be surprised. I'll talk to you later. Have a beautiful weekend.