Estate planning and crafting a will can be a daunting task. Creating a list of considerations and consulting with experienced estate planning lawyers can help to make a difficult time easier and ensure that your will accurately reflects your wishes.
Executor Your executor or personal representative will help to carry out your final wishes according to your will. Consider whether or not your executor will carry out your wishes the way you would want them to. Many people choose an adult child, spouse, attorney or close friend as executor. You may choose more than one person to be executor of your will, but it is important to make sure they work well together. Assets and Beneficiaries Write down everything you own, including:
Jointly owned property, items placed in trusts, and benefits and payments from insurance policies and retirement accounts that pass directly to your designated beneficiaries do not have to be specifically mentioned in your will. Although much of your property has monetary value, some items such as photographs, jewelry and family heirlooms may hold sentimental value to you and others. If there are specific items you would like to pass on to certain people, make sure to mention them in your will. Think about whether there are any charities or institutions you would like to support. If you are excluding a close family member such as a child from your will, write a short statement that includes the reason so your executor and the probate court understand that you did not overlook that person in error. Guardianship Think about who you would want to care for your children or any adults who rely on you for support, and how willing or interested they would be in fulfilling their responsibilities as guardians. It is also essential to reflect on whether they will respect your wishes regarding the methods you choose for raising your children. You may also want to provide specific provisions for pets that will need care after your death. If you have trouble estimating how much to set aside to provide for your dependents, skilled wills and trusts lawyers can help you determine what is appropriate and outline the provisions in your will for paying expenses that come with guardianship responsibilities. If you have a dependent with special needs, your attorney can help you set up a special needs trust for that person. There are also different types of trusts that can help your beneficiaries avoid probate and inheritance taxes. Debts List the amount and type of your debts, which can include credit cards, mortgages, loans, personal debts, and outstanding bills. If you do not have enough cash to pay these debts, determine which assets would you like your executor to sell first to cover them. It is also a good idea to write down debts owed to you by others. Decide if you want these debts to be forgiven after your death, or if you would like your executor to collect them and add them to your estate. If you own a business, both assets and debts can get sticky. Having a business succession plan in place can help business partners and family to avoid conflict after your passing. Once you have created a list of considerations, our experienced lawyers in Chester County and Delaware County can help you craft a will that fits your needs and ensures that your legacy lives on. This blog post originally appeared at http://carosella.com/things-to-consider-when-preparing-a-will/
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If you are selling your home or commercial property, you may think that hiring a real estate agent is essential to ensure a smooth transaction and maximize your profit. Although real estate agents can be helpful, it is not always necessary to employ their services. Enlisting the help of real estate attorneys can help you easily close the deal and put more money in your pocket.
The Role of Realtors Real estate agents typically advertise and market your property with an MLS listing, assist you in preparing your home for showing, and take care of many of behind-the-scenes tasks. While an agent can help you prepare documents and negotiate, he or she cannot provide legal advice. A real estate attorney can provide you with legal guidance, draft and review contracts, and give you all the legal counsel you may need during the process of selling your property. Many transactions may not require a real estate agent to sell property, especially “For Sale by Owner” transactions, owner finance arrangements, and other direct seller-to-buyer transactions. If you do decide to hire a real estate agent, oftentimes the agent and attorney will work hand-in-hand to close the deal for you. Benefits of Hiring a Real Estate Lawyer A real estate attorney is paid directly by you, and his or her fees should be determined from the start. The job of an attorney is to act as your representative, and he or she will be paid regardless, so an attorney is not motivated by earning a commission. Many issues can arise with regard to the title to a property, and an experienced real estate attorney will investigate the history of the property’s ownership, survey and other issues such as easements and drilling rights. The counsel of a qualified real estate attorney is particularly important once the property is under contract between a buyer and seller. A real estate purchase and sale agreement is the contract that is drafted after acceptance of an offer by both the buyer and seller. Your attorney can draft a real estate sale and purchase agreement that ensures your interests are protected during the transaction. Your lawyer will also work to ensure that:
This blog post originally appeared at http://carosella.com/selling-your-property-do-you-need-real-estate-lawyer-or-real-estate-agent/ |
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