A will is essential in making sure that all of your final wishes are carried out, but there are a lot of myths about wills that cause people to avoid getting them done. Just like life insurance, people do not feel like a will is something that they have to worry about right now. But the one thing life insurance and a will have in common is that when you need them and you do not have them, your family will suffer the consequences.
Perhaps the most significant myth that causes people to avoid getting their wills done is the pressure they put on themselves about what a will represents. The idea of getting a will done is so built-up in the person's mind that they get intimidated by it and avoid doing it.
The best way to handle this type of hesitation is to talk with someone who has had a will done and get details on the process. Once a hesitant person understands how simple it is to have a will done, they will do what they have to do to protect their family.
There are two things people tend to avoid throughout their lives; doing their will and buying their cemetery plot. The prevailing attitude is that taking care of a will is something that is done later in life, and now is not that time.
Life is a fragile thing, and you never know what can happen from day to day. If you suddenly pass away without a will on file, then your family may have to spend money on an attorney to fight for your estate in court. A will is something done to take care of your last wishes, and you never know when you will need it. That is why it is important to take care of getting your will done right now.
This is another powerful myth and significant reason why people avoid having their wills done. If you have property you want to make sure gets distributed in a particular way after you have passed on, then the only way to do that is through a will.
After your estate passes through probate court, control of your possessions could wind up with just about anyone in your family. If you want your family taken care of and your personal interests honored after you have passed away, then a will is the only way to do that.
Your lawyer is the best place to start when it comes time to getting a will put together. Even if your attorney does not handle wills, they will have someone you can talk to that they trust to help you take care of this important part of your estate.
When you spend a lifetime building up an estate and looking after your family, you want to make sure that your estate and your family are properly cared for after you are gone. Instead of hoping that everything goes like you want it to in probate, you should force the situation to go the way you want it to by having your will in place.
When a person passes away, their estate has to pass through probate before property can be distributed to the family. The probate court has a strict process it follows, and anyone with an estate can do their family a great service by making sure that all of their paperwork is in place prior to their passing to make the probate process smoother.
If you want to prepare for estate probate, then you need to understand the different elements of the probate process. It is a legal process that should be navigated by an experienced attorney, but it always helps when the family understands that process and does what it can to be prepared.
The first step of any estate probate process is to verify that the deceased's will is genuine. In most cases, this is a routine process that does not take a great deal of time. But if someone decides to contest the will, then this can significantly slow down the probate process. The probate process cannot continue until the will is verified.
A part of the estate probate process that gets taken for granted is doing an official inventory of the deceased party's belongings. Each probate court has its own rules and procedures for inventorying estate property, but it helps if there is a preliminary inventory the court can use as a guide. With the inventory, the court can establish the value of the estate and use that number in such calculations as inheritance and estate taxes.
Believe it or not, one of the more dramatic parts of the estate probate process is appraising the deceased's real estate and valuables. This is the part of the process where the family finds out that the family heirloom that was thought to be worth thousands of dollars is actually worthless. The appraisal process usually happens immediately after the inventory is complete, or goes hand-in-hand with the inventory to help speed the process up a little.
During probate is when the assets of the estate are used to satisfy debts and pay taxes. If the deceased has a large mortgage that is still outstanding, then the home may have to be sold to pay that mortgage if the estate does not have the funds to take care of it. This part of the probate process can be difficult for the family, and it can also get complicated. It helps to have a competent attorney as the administrator of the estate to help this part of the process go smoothly.
Most people consider an estate to have passed through probate when the remaining property gets distributed to people inside and outside of the family. If the will has been verified, then the remaining assets of the estate are distributed based on the will. If there is no will or the will has not been verified, then the estate is distributed based on state laws.
The idea of an estate passing through probate is not something that people give a lot of thought, but it is an essential part of finalizing the estate. If you want to make the probate process easier on your family, then you should hire a good attorney who can help you to make all of the necessary arrangements while you are still alive.
If you read enough do-it-yourself real estate selling websites, you can quickly become convinced that real estate transactions are so simple that anyone can take care of them. The problem is that issues can arise before, during, and after the closing of your transaction that you may not know how to deal with. You may also wind up filing a piece of paperwork incorrectly that could cost you thousands of dollars to fix.
When you decide to sell your residential or commercial real estate, you need to hire an attorney. It is a simple statement to make, but it is also a simple statement to support. What does a real estate attorney do and why do you need one? Once you understand the role of a real estate attorney, then you can appreciate how vital they are to your transaction.
According to SFGate.com, real estate transactions are different in every state. The reality is that every real estate transaction is different, and there are specific needs for each transaction that must be addressed in the final sales contract. An incomplete or improper contract could cause you plenty of problems in the future, which is why you need a professional attorney to draft and review all of your documents.
The do-it-yourself kits normally come with templates and plenty of advice, but it can be difficult to use those templates properly if you are not a trained legal professional. Instead of taking chances that your transaction could be challenged in some way, it is always best to have your documents prepared and reviewed by an attorney.
Real estate agents are excellent sources of buying and selling advice for your first real estate transaction, but HouseLogic.com suggests that attorneys can also be extremely valuable to real estate rookies. An attorney can give you details on the buying or selling process, and give you advice on getting more out of your transaction. When you have a question about a property issue or some other potential problem, it is reassuring to be able to get on the phone and get a definitive answer from a professional.
Real estate attorneys review everything from the property assessment to the title insurance needs. These are all details you can read about, but you are not able to properly navigate them without the necessary training and experience. As it gets closer to your closing date, you want an experienced professional reviewing your transaction and looking out for your best interests to protect you from problems that could cost you a lot of money in the future.
A real estate transaction is a complicated process that requires experience to be able to complete. Most home buyers only go through one or two home sales transactions in their entire lives, while real estate attorneys monitor several transactions each week. When you want your real estate transaction to go off without a hitch, then you want to bring in an experienced and professional real estate attorney.
A real estate transaction is a legally binding agreement that should be reviewed by professional attorneys for both side. The problem is that some people, buyers and sellers alike, think they can save money on their closing costs by not having an attorney represent them. Many lenders require attorneys for buyers if they want to be approved for financing, but that is not always the case.
Why should you invest in a good attorney for your real estate transaction? If something were to occur during your transaction that affects the deal, then you could find yourself in the middle of a legal tangle that would have to be solved quickly and properly. What could go wrong during your real estate transaction? Let's take a look at the top four things that can happen when you are in the middle of a real estate transaction.
When you buy a house, you expect certain fixtures to be in place when you get the keys to move in. When you do move in and see that all of the wall lighting fixtures have been removed, you have a problem on your hands. Someone has to put those fixtures back, and you think it should be the seller. You would be surprised at how often this happens, and this is a situation that should be handled by a professional attorney.
Older properties, especially in neighborhoods where homes are close together, can be havens for surveying errors. The property lines that were drawn 100 years ago when there was no precise digital equipment to do surveys can look very different when that digital equipment is used in modern times. It is actually common to have property lines that put your home five feet into the neighbor's property, and it is a problem a good attorney can fix with the help of a title insurance company.
As a seller, you sit at the table in the title insurance company's office waiting to close on your new property in the anticipation of moving into your new home. Your belongings are packed and the moving trucks are ready to roll. Then, as you are waiting for the seller to show up, your lawyer gets a phone call saying that the seller has changed their mind and will not sell. This does happen, and the buyer is entitled to recover their costs. But it takes an attorney to make sure that all of the buyer's costs are recovered.
You put your home on the market and there was a healthy bidding war that resulted in you making a nice profit on the sale of your home. The prospective buyer went through all of the necessary steps, and even signed the sales agreement. Then the buyer gets cold feet and wants to call the deal off. This is when a seller needs a good attorney to pick up the pieces and determine what the next step will be.
Heading into a real estate transaction without a lawyer, whether you are a buyer or a seller, is a really bad idea. If you want to protect yourself in the event that something goes very wrong with your transaction, then you need to make sure that you have a good lawyer on your side.
Estate planning is something that a person takes care of when they want to protect their assets and provide for their family after the person has passed away. Once the person does pass away, the responsibility of administering that estate would fall to whomever the deceased designated in their will. In many cases, the estate administrator is a family member. But there are some good reasons why estate administration is something that should be done by the family lawyer instead.
It does not take a large estate for an estate administrator to become overwhelmed. In most cases, estate administrators are family members with little to no legal experience who do not understand what is expected of them. If the estate has to pass through probate, then that adds another layer of confusion and anxiety. An attorney understands estate administration and can handle the process easily and smoothly.
In any state, the paperwork involved with administering an estate is very confusing. Sometimes it can feel like you are filling out duplicate forms, and that is usually because you are. But if the paperwork is not done properly during estate administration, then there can be problems along the way. The desires of the deceased may not be realized, and the family could be thrown into turmoil. An experienced attorney understands the paperwork involved with estate administration, and can make sure that everything is done properly.
Most people have jobs and personal lives that would almost have to be put on hold for days, and possibly weeks, to be an estate administrator when a loved one passes away. Attorneys and their staffs are set up to handle the workload that comes with estate administration, and they can get the job done more efficiently that someone who has never handled this sort of thing before. Instead of asking a family member to take on a project that could alter their lives, it is best to have an attorney take care of the entire estate administration process.
A loved one passing away is an emotional event that affects many people in the family. When it comes time to administer the estate, those emotions can often get in the way of doing the right things. It is normal for a family member to try and administer an estate the way they would want it administered, instead of going by the written wishes of the deceased. An experienced attorney understands the emotions involved in administering an estate, and they can wade through those emotions and get things done as the deceased would have wanted them done.
When a loved one passes away, the grief and anguish can last for a very long time. That is why asking a family member to administer the estate of a deceased loved one is often asking more than is possible. Emotions can get in the way, and the confusing process itself can become overwhelming for anyone who is not experienced in how estate administration works.
As you plan out your estate and put together your will, it is a good idea to make your family attorney the estate administrator. Your attorney can get the job done, and prevent the intense emotions from getting in the way of carrying out your final requests.
Estate planning is a topic that often conjures up images of mansions, yachts, and large corporation board rooms. When you ask the average person about estate planning, they will usually brush it off by saying that they don't have an estate to plan. But the truth is that every single adult has an estate, and that estate could wind up going to the wrong people if you do not make the proper arrangements.
Many people confuse estate planning with getting a will made. There are many elements to estate planning, and a will is just one of them. With estate planning, you can make sure that the traditions you have established in your family are carried onto the next generation, and you can also secure your family's financial future.
Estate planning allows you to decide what happens to your possessions after you pass away, and it also makes sure that your family gets the family home. If you do absolutely no estate planning, then your family will be saddled with your debt after you pass away, and the state government could take your home.
If you were to suddenly pass away, could your family continue to pay the bills? Have you made provisions for your spouse or some other family member to assume control of your home? Estate planning means putting insurance policies and the legal framework in place to make sure that your family can face the mountain of debt they will be left with, and that the family home remains safe with your loved ones.
Formal estate planning includes funding for the causes you are passionate about, and the continuance of the family traditions that you held dear. A good attorney can make certain that your favorite charitable causes get the funding you want them to have, and that your family honors your wishes for traditions and conduct.
Many families have burial traditions that go back generations, and your estate planning can ensure that those traditions are honored. Your attorney will see to it that your final wishes are followed, and that your family name is preserved.
A good life insurance policy can pay off your debt and take care of the costs of your funeral, but what about your business dealings? When you pass away, your business partners may be lining up to go against your wishes when it comes to a succession path. But with estate planning, you are assured that there will be money available to keep the company going, and that all of your succession plans will go through.
An estate is any type of assets or income that you may accrue throughout your life. Your estate is also made up of your debt and financial obligations. Without estate planning, there are no assurances that your final wishes will be honored. There are also no assurances that your family will be financially taken care of when you are gone.
Estate planning can also help you to plan for your own future by including provisions for full or partial disability, and offering investment vehicles that can be used as retirement income. You don't need to be rich to use estate planning. You just need to care about your family's future, and the legacy you will leave behind.
When people are asked about estate planning, they immediately feel that it is a topic that is only relevant to the super wealthy. The truth is that every single person has an estate, and you need to take steps to protect that estate and your loved ones. Without estate planning, you could be leaving the future of your family in the hands of complete strangers, and that is something everyone would like to avoid.
Another misconception about estate planning is that it is something you do once and then it only gets used after you pass away. The sooner you start estate planning, the better prepared you will be to handle life events and care for your family. Your life is extremely dynamic, and you need to monitor your estate planning to make sure that it is adequate for your needs. But why does everyone need estate planning? There are some very good reasons why you should make an appointment to see an estate planning specialist as soon as possible.
A family is made up of loving people and long-standing traditions. If you do not protect those traditions and the personal values you have built up throughout your life, then they made fade away after you are gone. Estate planning not only helps you to dictate who gets your possessions, but it also helps you to sustain your family values after you have passed on.
If you become disabled in any way at some point in your life, then you could lose your ability to decide your own care. With estate planning, you can put together a living will and also create instructions that will speak for you when you have lost the ability to communicate.
If you have children with special needs, then they may be getting support from the government that is critical to their daily lives. With estate planning, you can provide for additional support to your special needs children without disrupting any government support.
If you own a business or are partners with other business owners, then you will want to put together plans that will allow you to retire and still satisfy your legal obligation to the company. Estate planning can also help your family to take care of business issues if you become disabled or pass away.
With estate planning, you can set up life insurance policies to help financially care for your family after you pass away, you can set up disability insurance to give yourself an income if you become disabled, and long-term care insurance that will cover any medical care you may need due to illness or injury.
Estate planning allows you to put together funds that will take care of any debts you have after you pass away, cover any funeral expenses, and provide for legal fees in the event that your death triggers an unexpected lawsuit. All of this will protect your family from financial disaster after you have passed away.
Without proper estate planning, you are exposing yourself and your family to the possibility of unnecessary financial hardships. Estate planning is for anyone who wants to live life with peace of mind, and who wants to be able to care for their family no matter what may happen.