Buying a home is a lifetime achievement, not a simple purchase, as many assume. This process entails buying property from one party to another, and you need the proper guidance to ensure all essential steps are met.
A real estate lawyer is an individual who is licensed to practice this part of the law, which means they have the right experience to advise all involved parties dealing with a real estate transaction. Real estate lawyers know how to review and prepare documents depending on the purchase and sale of a property.
Real estate attorneys sometimes are responsible for their customer’s closing. These individuals are easily available and have different price tags. The amount you pay them depends on their services, among other factors.
These professionals help clients with estate planning, and below, we discuss why you should consider hiring real estate attorneys when buying or selling property.
1. Better Asset Distribution
The main benefit of hiring estate planning attorneys is that everything goes to your preferred individuals, as stated in the will. Remember, your estate features everything, including your bank accounts, car, and house, which can all be tedious to manage.
These individuals have the necessary experience to manage these issues, giving you enough time to focus on other things.
2. Short Probate Process
Probate is the process whereby an individual’s assets are distributed in court after they pass away. This process is necessary whether the person has a will or not. The probate procedure entails the following steps;
- Choosing a representative
- Submitting the death certificate and will
- Locating assets
- Choosing a personal representative
- Filing final taxes
- Distributing the property.
Remember, the probate process is expensive and lengthy, and you are better versed by hiring a professional real estate planning attorney.
3. Good Legal Documents
You are warned against creating an online will; first, this process does not let you customize who will get your assets, meaning your heirs can lose them to divorces or lawsuits.
An online will is not guaranteed to be accurate or complete, and most do not meet state requirements. Developing a will online does not give an individual access to the right legal advice, and your preferred company can terminate their services anytime.
4. Family Protection
The main benefit of hiring a real estate planning attorney is they offer protection for your children and family. A well-formed will gives your family financial security and enables individuals to create guardianship for their children.
Even though it might seem tempting, you are warned against naming your children as beneficiaries, as it gives your creditors access to the assets or savings you give them.
5. Low Taxes
Another significant benefit of hiring real estate planning lawyers is lower taxes. The estate tax is the amount of tax paid as assets after death. These taxes apply to assets that reach $12 million, and a trust will help you to reduce the burden.
Real estate planning attorneys are becoming more common, and it is hard not to see why. The above article has discussed why you should hire them; more information is available online.