Acquiring residential real estate is a very lengthy process. First-time home buyers often experience weeks of legal limbo that can be anxiety-inducing and frustrating. A relatively low level of housing inventory may force aspiring buyers to spend weeks or months searching for the right home and making offers on various properties. Even once a seller accepts their offer and the buyers schedule a closing, things could still go wrong with minimal advance warning. Issues that arise between when a buyer makes the offer and when they actually sign the final paperwork could delay or possibly prevent ..read more

Estate planning is only an option once someone becomes an adult. Children generally cannot draft the state plans unless they become emancipated in their teenage years. Adults frequently require estate plans to protect their dependent family members or establish a legacy that influences how people remember them after they die. An estate plan can include a variety of different documents, including powers of attorney and medical directives, but many people only ever draft a will. A will can name a guardian for minor children, clarify someone’s preferences about their memorial service and provide ..read more

Trusts are versatile instruments that can serve various needs and aren’t as complicated as you might think. You might think that trusts are only for the wealthy or those with complex assets, but that’s a misconception. A trust is a legal entity, not just a stack of documents. Once assets are transferred into the trust, they are controlled by a trustee and distributed to beneficiaries based on the rules you set up. Types of trusts and how to choose the right one There are different types of trusts tailored to specific needs and scenarios. The most commonly used are revocable and irrevocable tru ..read more

Many people look to celebrities as role models who dole out life advice to their legions of fans. However, when it comes to the proactive steps involved in estate planning, many of the rich and famous fall short in those duties, leaving their families with a massive mess. Celebrities sidestepping an important process Recent examples include Prince and Aretha Franklin passing on without leaving legal documents that establish their wishes when it comes to money and other valuable assets. Prince stands out as a classic example of an ultra-rich celebrity who didn’t bother with estate planning ..read more

The average approach to estate planning focuses on the basics. People worry about their dependents and naming a guardian and ensuring the right people inherit their property. Those are excellent bare minimum essentials to address in an estate plan, but there are other concerns that people all too often overlook. There are documents beyond just a simple will that still serve a basic purpose in an estate plan. While it is rare, people can experience incapacitation for numerous reasons. They could fall off of a ladder wall hanging string lights for the office holiday party. They could suffer an i ..read more

Mortgage lenders are highly motivated to protect their investment, so many (or most) will require an attorney’s involvement during your real estate closing. This isn’t done to make the process harder or more costly. It’s designed to protect all the parties involved and make sure that the buyer actually gets what they (and their lender) are expecting. Somewhere between the time the buyer makes an offer and the seller accepts it, all sorts of potential problems can crop up with the title or deed. 3 common title and deed issues A deed is a document that is used to transfer and record ownership ri ..read more

If you’re looking to buy a house, it starts with making an offer. This is a contract, but it doesn’t have to be accepted by the seller and it doesn’t necessarily have to be binding for you. You’re just communicating what you would offer and letting the seller weigh their options. One way to give yourself more flexibility is to include contingency clauses. When these contingencies are not met, then you are allowed to walk away from the deal. You’re not bound by the contract any longer. Why would you want to do this? A home inspection One of the most common reasons to do this is because you simp ..read more

As a homebuyer, you may be wondering what happens during a real estate closing and why you’ll need to have an attorney present. At a closing, you’ll be signing legal documents to transfer a home into your name. You will sign your mortgage loan and pay your closing costs. The real estate agent will be paid, and the sellers will receive compensation for their home. At this time, the title of the property will also be transferred into the buyer’s name. You’ll get your keys as soon as this is done. Legal documents require a good understanding of the law Since you’ll need to sign legal documents, i ..read more

Estate planning can involve many different steps depending on a person’s needs and family circumstances. Those with big families, specific plans for their personal legacies or highly valuable assets often have to engage in more than just basic estate planning. They need to think about what will happen as they grow older and integrate those concerns into their plan. For example, older adults with some personal property but not enough to ensure permanent financial independence may want to plan ahead to qualify for Medicaid in case they have to move into a nursing home. Those with millions of dol ..read more

“I’ll take care of that later.” We’ve all heard or declared that intention in some context, right? Maybe it relates to assembling all relevant documents for the annual tax-filing season. Perhaps it’s a repeated vow to get to promised chores at home. Or it could be a self-reminder regarding a job matter, a financial concern or a host of other I-really-should-do-this-now issues. Consider estate planning for a moment. This blog post forum will go out on a proverbial limb in surmising that getting started now on crafting and executing an estate plan is not a top entry on many readers’ to-do lists ..read more