When your friend from church announced she was switching realtor companies, she also put out a call for anyone who was thinking about buying or selling a home to give her a call. For some reason, that announcement on that particular morning prompted you to call your sister and insist that the two of you face the challenge of dealing with your father’s home. Your mother had passed seven years earlier, and for the next five years your father was able to still live at home. You had recently, however, convinced your father to move into an assisted living location and, as a result, your father’s home had been sitting empty for six months. Although your father, your sister, and you all knew that he would not ever be moving back into that home, you had avoided the thought of selling a property that had been a part of your childhood.
Even though you did not really relish the thought of selling this home that contained all of the memories of your youth, you also knew that holding onto a property where no one was living was not wise. The house had been paid in full for years, but the value was not going to increase if it continued to sit empty. Your sister was caught off guard by your sudden request, but she also agreed that this summer was the perfect time to address the eventual sale of your childhood home. You did not think that you needed to immediately get your father involved, but you also knew that long before you reached the discussions of real estate closings you would need to have the difficult conversation with your father. You hoped that as he became more and more satisfied with his current living arrangements he would also become more comfortable with the decision to sell his home.
By working with a real estate attorney you hoped that the sale could be done in such a way as to be the most beneficial to your father, obviously, but that with the right advice you might also make a decision that could be beneficial to you and your sister as well.
Many Transitions in Life Benefit from the Help of Estate Planning Attorneys
Whether you are talking about future real estate closings, writing a will, or other end of life decisions, many people find that seeking legal advice is always a good decision.
- Statistical research shows that 51% of Americans age 55 to 64 don?t have wills.
- Estate owners who have assets that are six figures or higher probably ought to have a trust in addition to a will, in an effort to help avoid probate and minimize estate taxes.
- Estate planners can help their clients understand all of the ramifications of real estate closings, property transfers, and many otherwise complicated decisions.
- Keep in mind that it is not only the very wealthy who should be looking at their financial future. Even a first time home owners decision about the length of a loan to get can have a major impact.
- In the case of a fixed-rate home loan, for instance, just because a 30 year loan will give you the lowest payments, this should not be the only consideration that you have. There are major benefits to instead take out a 10 year, 15 year or 20 year loan.
- No first time home buyers want to get in over their head. The most common rule of thumb is that a monthly mortgage payment should not exceed 28% of a buyer’s gross income.
- Getting the right advice can help you reach financial stability.
- Asking questions about real estate closings and other matters can help you make sure that you are making the most logical and beneficial decisions.
- Do not make the mistake of not having a will in place.
- Very few people are in the loan that provides the most benefits. For instance, there are 7.4 million mortgage borrowers in the U.S. with rates of 4.5% or higher who could qualify for, and benefit from, mortgage refinancing.
- If you are under the age of 40 and do not have a will, now is the time to do it.
- Confusion over real estate closings can be frustrating.
- Experts suggest it is beneficial to seek real estate advice from an attorney.