Estate law is the part of the law that regulates trusts, probate, wills, and other subjects concerning the management of someone else’s property. It also covers the distribution of a person’s estate after death. An estate lawyer guides and advises on issues like business transactions like transfering business ownership during selling and buying of firms.
Legal issues covered by real estate law
An estate lawyer can settle some legal matters. Here are some of the most common legal matters an estate lawyer handles under real property law:
Commercial leasing- clients who require representations for any commercial leasing transactions can get the services from estate attorneys. The services entail negotiating and drafting personal and real property leases and other contract types like warehouse space, office, leverage contracts and industrial space.
Real estate purchase and sales- an estate lawyer can provide legal services to buyers, brokers, and sellers on issues regarding buying and selling real estate property. Estate attorneys assist in negotiating contracts related to sales of land, tax issues, and buying and selling office building.
Litigation- in case you have issues on loan participation, restructuring financial obligations, recovery of secured or unsecured assets and dispute resolution like litigation. Other issues under litigation include rescission and mistake claims.
Title issues- estate lawyers help clients to review a title commitment. The attorney will also advise on considerations you should take into account before entering into a deal or contract like liens and taxes, leases, restrictive covenants, and mineral interests.
Things you should know about estate law
A will is not enough- property law is complicated, especially with the different aspects included. Therefore, a simple will is not enough to suffice direction or planning in the event of your death. Wills are not personal, and they miss the big picture of your intentions regarding your assets and how they will be handled in your absence.
No estate is too small- estate law entails more than just your assets. Property law allows people to give detailed instructions for your care at the time of passing or mental disability. Additionally, people don’t understand that their retirement plans and insurance policies are also considered assets, which can assist you to become organized.
It’s never too early to start planning- people have a misconception about estate law and planning that you have to be of a particular age or accumulate a certain amount of wealth to start the planning process. Your estate entails more than just assets; it also entails your loved ones.
People like investing in real estate since it offers a potential supplemental income for the investor. You can buy a home, fix it then sell it at a profit. However, remember to understand the laws and regulations before you start bidding on contracts.