how a real estate attorney can help with estate planning

Many estate planning attorneys do not charge any fee for the initial meeting. The attorneys may use this meeting to educate clients about the fundamentals of estate planning and also understand and assess their client’s need for an estate plan, their family dynamics, and financial circumstances, etc.

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What can a real estate attorney do?

A Real Estate Attorney can also assist with numerous other documents regarding all aspects of the sale of real estate. These include purchase agreements, mortgage contracts, transfer of title documents, and many other affidavits and notarized documents that are involved with real estate contracts.

Why is it important to hire a real estate attorney?

It is critical that they are knowledgeable in their field, as well as about all local issues pertaining to the property in question.

What is a deed in real estate?

A property deed is a written statement that must be created in a legally correct manner. The property deed must grant that the seller has the ability to transfer the property while the buyer must receive it. The deed must also properly describe the property which is being transferred.

What is a title?

A title includes all the rights which an owner has that come with the property which they have purchased. It is also the formal document that is transferred from the seller to the buyer and constitutes the final sale of the property. Some of the aspects covered by the title include rights regarding easement access, partitioning, exclusive possession, and use. This is the piece of paper that proves a person owns a piece of property, and it is important that it be created properly.

What is post death estate planning?

Post Death Planning: Proper estate planning may require prompt consideration of post-death planning options, such as the ability for an heir to “disclaim” property (have the property pass as though the heir died before the person who died).

What is a will in probate?

Coordinating Probate and Non-Probate Assets: A Will generally governs the disposition of assets held in the decedent’s name alone. Thus, one can draft a Will only to learn that it will have little impact if most of the assets are governed by beneficiary designations or other arrangements.

Do it yourself?

The phrase “Do it Yourself” evokes images of a weekend trip to the Home Depot, a bruised thumb, and the feeling of satisfaction that comes from a freshly painted room, a repaired deck or a newly-constructed patio planter. But even the experts at do-it-yourself publications such as This Old House frequently remind us not to delve into projects in the domain of experts such as plumbers, electricians, excavators and the like. The consequences there -- a broken gas main or electrical shocks -- could have disastrous results.

What is trust in estate planning?

Trusts are special estate planning tools that can help shield a person’s estate from taxes or direct how the wealth that they leave should be used. Trusts can be beneficial to families of all financial means not just the wealthy.

What is a durable power of attorney?

Financial and healthcare durable powers of attorney give a trusted loved one authority to act on behalf of a person who has become incapacitated due to mental illness or sudden accident. When a power of attorney is in place, they have immediate authority to instruct doctors or financial institutions without needing to go to court.

What happens when a person passes away?

When a person passes away, their will isn’t executed automatically. An estate is distributed through a court process known as probate. How long and how complicated the process is depends on what kind of estate planning methods were used.

What happens if you die without a will?

If a person dies without a will, their assets are distributed in accordance with state intestacy laws that divide the estate proportionally among close family members. In probate, all assets, including cash, investments, and real estate, must be valued.

Is a will out of date?

At least part of a will will frequently be out of date and require the court to come up with a solution that’s in line with both the law and the deceased’s wishes. There may be property or assets not covered by the will that must be handled according to intestacy laws.

Why is planning important?

Planning is crucial to success in any endeavor throughout life. From creating a budget to making smart real estate investments, there is a pathway to success that you can follow. Planning brings…. Read More →. Sep 16, 2020.

Is estate planning for the wealthy?

Estate planning isn’t just for the vastly wealthy among us —every person with a loved one, property, or business should have a plan in place to ensure that nothing is left to chance when they’re gone. Our estate planning attorneys will custom-create a plan that works for you.

Introduction

• The phrase “Do it Yourself” evokes images of a weekend trip to the Home Depot, a bruised thumb, and the feeling of satisfaction that comes from a freshly painted room, a repaired deck or a newly-constructed patio planter. But even the experts at do-it-yourself publications such as This Old House frequently remind us not to delve into projects in the domain of experts such as plumbers…

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Conclusion