10 Questions to Ask a Real Estate Attorney
Full Answer
If you're in need of an estate attorney, here are a few questions to ask before hiring them. If you need representation, give us a call.
The thought of planning your estate may seem daunting. You might wonder where to start or what you should ask your attorney. To get your estate plan off on the right foot, consider the following six questions to discuss with your estate planning attorney. Use Your Time Wisely A Get-Started Guide to Seeking Sound Advice 2 3 4 5
Do not hesitate to ask questions about which estate planning elements an attorney may recommend for your specific circumstances. Will You Conduct Periodic Reviews? An annual or semi-annual review of your estate plan is a must. Find out if a lawyer will do these reviews with you and ask for a rough estimate of how much the fee for review will be.
Dec 01, 2020 · Typically an attorney is the best asset you can use to help build a Will, Trust, or comprehensive Estate Plan that will keep your family out of probate court, saving them $10,000s in legal fees, countless hours in court, and ensure that your assets and property pass on smoothly to the people in your life you care about the most.
10 Questions to Ask an Attorney About Living TrustsWhat Property Can Go in a Living Trust? ... Who Should Be My Trustee? ... Does a Living Trust Avoid Estate and Probate Taxes? ... What Are the Benefits of a Living Trust? ... What Are the Drawbacks of a Living Trust? ... Do I Still Need a Power of Attorney?More items...
Some questions you should discuss with your wills and probate solicitor are:What will my funeral arrangements be?Who will get my property and assets?What happens to my debts?Who will look after my non-adult children?What will happen to my pets?What will happen to my business?Will Inheritance Tax be payable?More items...
A will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death. Failure to prepare a will typically leaves decisions about your estate in the hands of judges or state officials and may also cause family strife.
DutiesAdvise and represent clients in courts, before government agencies, and in private legal matters.Communicate with their clients, colleagues, judges, and others involved in the case.Conduct research and analysis of legal problems.Interpret laws, rulings, and regulations for individuals and businesses.More items...•Sep 8, 2021
It only makes sense that you would want to make sure to leave it to the right person (or people). Other notable assets to take stock of before finalizing your Will are your vehicle, family heirlooms, cash, bank accounts, retirement funds, stock options, and any other valuable possessions.
When a person dies without leaving a valid will, their property (the estate) must be shared out according to certain rules. ... A person who dies without leaving a will is called an intestate person. Only married or civil partners and some other close relatives can inherit under the rules of intestacy.
The children will inherit the entire estate and share it equally. If the deceased's parents are still alive, each one will inherit half of the estate. If only one parent is alive, the dead parent's children or grandchildren will inherit in the place of their parents.Dec 1, 2021
How can you avoid probate?Have a small estate. Most states set an exemption level for probate, offering at least an expedited process for what is deemed a small estate. ... Give away your assets while you're alive. ... Establish a living trust. ... Make accounts payable on death. ... Own property jointly.
This is often because the client purchased a “pre-drafted” plan online, or because they hired an attorney who did not take the time to understand the client’s needs.
I always find this odd because there are a number of extremely complicated rules, regulations, and formalities that must be followed when signing your estate documents.
Billing rates vary anywhere from $150 per hour on the low end to $800 per hour on the high end.
Chris Atallah is a licensed Michigan Attorney and the author of “The Ultimate Guide to Wills & Trusts – Estate Planning for Michigan Families”. Over that past decade, Chris has helped 1,000s of Michigan families and businesses secure their futures in all matters of Wills, Trusts, and Estate Planning.
An estate is just a fancy name for “all your stuff” -- even if it’s not a vintage Bentley and stocks you can trace back the Dutch East India Company. It’s still worth something to someone.
A POA is only active when you’re alive. Once you die your family needs your Will to start settling your estate. Once submitted to Probate, which is when the court makes sure the Will is authentic, things can get complex and you’ll most likely want to hire an estate attorney to make sure everything goes as smoothly as possible.
“The reason you need a Will is because you should be the one who designates who takes care of your stuff, and you should designate who should get your stuff. Because otherwise it may go to people who you don’t want to have the stuff.”.
A Health Care Proxy (a.k.a. Medical Power Of Attorney or Health Care Agent), which is part of an Advance Directive, is important if you want to avoid living in a semi-permanent state of limbo.
“It’s extremely important that you establish legal and financial Power Of Attorney,” he explains. “So a surviving spouse or someone else can make decisions for you if you are incapable. Not if you’re dead, mind you. If you are in any way unable to function.”
If you are in any way unable to function.”. The POA lists out your hand-selected roster of people you trust to make necessary legal and financial decisions in your stead. “You can have a POA that takes effect immediately,” says Chernoff.
In real estate law cases, the experience of the attorney or law firm is important. More complicated real estate matters suggest having a more experienced legal presence. You may have to pay more for experience, but the value of your investment in such cases probably warrants the higher expense. The potential financial loss in larger real estate ...
If you are considering buying or selling real estate, you may want to have a qualified real estate attorney represent you to make sure there are no legal complications that would interfere with the closing process or any transactions involving you and the other party. An investment in real estate is a large commitment, and you want to make sure you have the best protection possible to prevent any serious complications.
References are important, too. You want to know if the attorney has done a good job for other clients. You want to be given a list of references who are available for you to contact whether you call them all or not. The attorney should be confident and successful enough to provide you with a list of satisfied clients who want to speak well of them.
If the attorney is recommended by a referral service, he or she will no doubt be certified. If you find an attorney be some other method, you want to make sure the attorney is licensed in the state in which the property is located, not just the state where you live, invest, or are incorporated.
They may also have one on their staff. This is helpful because it means the attorney’s office controls the closing process. There is no need to coordinate with any other office, and this can simplify and speed the closing process. It might also lessen the expenses based on communications.
Every real estate deal is unique with its own set of circumstances and potential problems. Your case is no different. It is wise to find an attorney who is familiar with those types of problems and who knows how to prevent them from happening.
Unknown and/or unexpected issues can arise at any time during real estate transactions. You should feel that your attorney can handle whatever comes up. You should ask the attorney what kinds of problems might occur during the transaction.
If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options with an experienced estate attorney.
The death of a loved one is always hard, but the difficulty of handling the estate can make an already difficult situation that much worse. Dealing with the complexities of the estate, closing the financial affairs of a deceased loved one and handling the taxes due can really put a strain on your emotions.
The days and weeks following the death of a loved one can seem like a blur. The grieving process is difficult enough, but there will also be a funeral to plan, relatives to notify and financial issues to handle . Meeting with an estate attorney as soon as possible can ease your burden and make a difficult time easier to bear.
Unfortunately, the power of attorney you may have had in place is no longer valid following the death, and it is important to understand that distinction. A previous power of attorney does not give you the power to handle the estate after the death of your loved one.
There is a great deal of confusion about how debts are handled when an individual dies. Some people think that these debts simply disappear when the debtor dies, but that is not always the case. While some debts are forgiven on death, others follow the deceased and become part of the estate. The good news is that the family members ...
With physical newspapers becoming rarer and rarer, you cannot rely on the obituaries to get the word out, and word of mouth may not be as reliable as you would think. It is important to notify everyone you know when a loved one dies. Not only will they want to attend the memorial service, but they may have an interest in the estate as well.
The death certificate should become available after the funeral process has been completed, and most funeral homes will help loved ones get the documentation they need. If you do not receive a death certificate from the funeral home, you should ask the funeral director for one as soon as possible. You will need a death certificate ...