Owning and Renting Property

Adulting 101: Watch One Couple Test Their Relationship With a Fixer-Upper

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[MICHELLE] I'm Michelle. And this is my husband Mike.

And we are new homeowners.

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[MICHELLE] I think buying a house is part of a big future investment.

We knew the kitchen had to be renovated and the upstairs bathroom needed it. 

[MIKE] Both bathrooms really.

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[MICHELLE] Having kids we have to be prepared to take care of the family.

We have to think about what happens if we can't be there for them.

[MIKE] When my dad died none of us were expecting it.

Nothing was as organized as it needed to be and we were not really prepared...umm...uh...to have to handle all those kinds of things.

I would like to plan better.

What do we have to do now to make sure that everything goes smoothly?

[MICHELLE] Who do we call when we need the advice?

[LISA] I'm your ARAG Network Attorney. What sort of things can I help you with today?

[MIKE] What kind of documentation do you need us to have?

[LISA] Ok, so you're a young couple. You've got young children. So probably a big concern is making sure we've got a, um, trust set up for the children. Appointing a guardian and a trustee.

I would recommend definitely a last will and testament. 

Are there any other legal concerns that you have?

[MIKE] Well we just purchased a home a few weeks ago and we're looking to protect ourselves with renovations.

It's an older home and dealing with contractors and that kind of thing.

[LISA] When thinking about renovations you want to think about making sure there are parameters set within the contract. 

So timeframe, what the cost is going to be, if there are going to be changes that there's amendments done.

[MICHELLE] Nice! They have specific contracts for those?

[LISA] You can actually have one drawn up.

[MIKE] I feel much better finally talking to someone 'cause I don't even...we don't even know which questions to ask or even where to begin so it's a relief.

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