Before consulting with a real estate attorney, we recommend taking time to learn about the various documents and procedures related to real estate planning.
Topics essential to all real estate planning are wills. Necropsy is a procedure under court supervision to transfer the legal title of assets after death to beneficiaries. The verification process includes:
- Prove to the court that the will exists and is valid.
- Appoint legal representative with authority to represent real estate.
- Identification and evaluation of real estate real estate
- Pay debts and taxes.
- Distribute remaining property according to beneficiaries.
The autopsy procedure is a public record and usually lasts several months. Properties listed in your name that will not automatically relocate at the time of your death shall be deemed to belong to will. For this reason, I go to the lost item at the end and I do not trust living.
Since verification can be avoided, trust is said to be ideal than will. But there are other details to consider when choosing a real estate plan.
The final intention and testimony
After the will is created, you must go through the formal legal process of executing the will. This requires a witness to sign the will. Will be effective only at the time of death and subject all assets to censorship. Assigned account items are not subject to execution of wills and are not distributed based on the conditions of the wills. Non-executive property such as life insurance, retirement allowance system, joint leasehold account, etc. will be handed directly to the designated beneficiary by the agency holding the relevant account.
When it comes to cost, the will is usually cheap to create, but the heir is more expensive when the heir needs to manage real estate. A provides little assistance for asset management while people live. If physical or mental capacity disappears, the court must appoint a guardian to manage the real estate. Even with the attorney's power, this process is usually burdensome and expensive.
Every state has its own law concerning the last will. In the case where the intention is clearly laid out, the approved rule is a rule that, if the intention is effective in the created state, it is valid even if you move to another state. However, if there is concern or exclusion, the intention is usually interpreted by the laws of the jurisdiction's country. Therefore, you need to create another state-specific document in a new state for each move.
To change or add something with the last will, you need to submit a Coddy Seal. Cody Seal is an amendment that must be executed in the same procedure as the original will. It may be easier to draw new will. The original will and any codicils need to be presented after death.
Finally, it is necessary to go through the testamentary letter, but there are easier wills depending on the size and type of the asset and whether there is competition to the will.
Living trust
A living trust is an agreement between the creator of the contract and the trustee who has a contract to hold the assets for the beneficiary. For each trust, three persons, a conferee, a trustee, and a beneficiary are necessary. Usually, one person is all three. The assignee retains all rights to manage the trust while living and legally competent.
Since living trusts are contractual, any conditions can be added. Also, since the state trust law is not so different, it can be transported to different states without causing serious problems. Assets can be added and deleted at any time without being penalized. Like other contractual arrangements, trusts usually do not need to become public knowledge.
Living trusts are expensive to create and maintain, but will not put a heavy burden on spouses, children or other heirs at a later time. When the grantee becomes incapacitated, the living trust takes over the successor and continues to manage the trust. Investment management as a successor trustee is generally much easier than using a power of attorney.
When the transferee dies, the condition of trust defines who will inherit trust. This asset can be distributed to beneficiaries in the way chosen by the grantor. Since the dividend is private and the supervision of the court is not necessary, the successor can access the account held in the trust at once.
Living trusts are designed so that assets are not part of the verification process. However, this is only valid if regulations are properly placed during life.
Real Estate Planning
Both wills and trusts are effective tools for managing real estate during and after your life. Since there is no plan for "one size applies to everything", it is important to discuss with your real estate lawyer about your options.
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