- Image: Salvatore Vuono / FreeDigitalPhotos.net
If you’re one of the lucky real estate investors who’s bought property in a sunny climate down south, you hopefully get the opportunity to get advantage of that investment and spend part of your winter on some warm, sandy beaches. Although it probably seems like not a thing can go wrong when you’re stretched out on that relaxing sun lounger, but savvy travelers know that you’ve always got to prepare for the worst. There’s nothing more stressful than encountering unexpected health or legal issues, expect encountering unexpected health or legal issues in a foreign countries. By taking care of a few things before you go, you can ensure that you truly spend the winter relaxing, without a care in the world.
- It’s absolutely essentially to have a will, especially when you own properties or have any sort of assets. Before leaving your native country for any extended period of time, make sure you update your will and your power of attorney. If your second property is in the U.S., get a U.S. lawyer to go over your will – this will help to avoid any expensive delays in transferring ownership in the future. Having a power of attorney will empower someone to look after your affairs while your away. That person can also handle your affairs if anything should happen to leave you incapacitated.
- Talk to your lawyer or accountant about tax planning. If you spend a lot of time in a second country, you may be considered a resident and be responsible for paying some taxes in that country. Make sure you understand what your responsibilities will be.
- Automate your bills. Pre-authorize your bill payments at your bank and go over all your bills to make sure you aren’t forgetting any. Advise your credit card company that you will be out of the country, to avoid any confusion over what may appear to be “uncharacteristic” spending. Make sure that your credit cards, driver’s license, etc, will not be expiring while you’re away.
- Get health insurance. You know you should do it. On average, a medical incident outside of Canada runs the victim upwards of $20,000. Bear that fact and mind and you’ll probably find yourself freshly motivated to contact your insurance company.
- Finally, organize all your investments so that nothing is left hanging while you are away. Talk to your bank and go over your statements to find out if anything is going to come due while you’re away.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
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