A few years ago, I was in a pretty serious car accident. During the aftermath, I became really familiar with a lot of different types of lawyers. I worked with personal injury lawyers, insurance lawyers, and many others. Perhaps the most important, though, was the estate planning lawyer. I was really young, and neither my wife or I had thought about starting a will. But the accident kind of scared us into it. What would happen if one of us were to die? Even when still in the hospital, I was working with the lawyer to draw up a will. Now, I have some peace and security about what the future will be like if something should happen to me. And I have a lot of experience working with various types of lawyers! The accident was kind of a blessing in disguise in that way.
Estate planning is one of those things that you'll only really get to do once, and so you should ensure you do it effectively. It involves many aspects, most of which touch on your assets and other legal issues. While you will want a plan that is unique to you and suits your wishes, there are some steps and considerations that you should only make in consultation with a professional. This is why you should turn to a real estate lawyer for help.
Here are four ways a real estate lawyer can come in handy when you're planning your estate:
Help You Choose the Right Estate Planning Tools
There are different ways and tools for estate planning, and a real estate lawyer can help you know the best ones for your family, depending on your particular situation. Several factors come into play, like the size of your family, estate, etc. For example, if your estate is large, setting up a trust may be the right way to go, and they'll help you do that. This helps to reduce the tax burden your family may incur on your estate.
Draft Your Documents
Once you've decided on the planning tools that are suitable for you, your lawyer can draft the necessary documents. This includes things like wills, trusts, powers of attorney, etc. Your lawyer will make sure these documents are properly executed and meet all legal requirements.
Manage Your Property
If you have a piece of property, a real estate lawyer will help in managing it. This includes things like handling tenant issues, resolving disputes, and managing repairs and maintenance. A lawyer can also help you buy or sell property, and handle all the legal aspects of the transaction.
Probate Your Estate
Probate involves the legal procedure of proving the validity of the will you've written and the distribution of your assets to those who'll inherit it from you. This is best done through a lawyer because it's a process with several legal implications. This includes filling out the necessary paperwork, asset distribution, and dealing with any creditors. A real estate lawyer can make this process easy during what is already a difficult time.
To maximize the effectiveness of the estate planning process and to ensure your wishes are both legal and actionable, have a lawyer involved in the whole process. It's a smart choice to involve a professional when planning your estate, so don't hesitate to call up a real estate lawyer near you for assistance.Share
25 July 2022