Important Things to Note About Real Estate Lawyers in Houston
Real estate attorneys are people who provide legal advice to clients who own property that needs to be taken care of in case they are incapacitated or dead. They are responsible for granting assets to heirs and paying necessary estate taxes to the state.
Usually, estate planning attorneys have three major responsibilities; determining the specific distribution of a client’s estate to their heirs, setting up a trust where assets are saved and reserved for specific beneficiaries, and drafting wills and other documents that are associated with estate planning and trusts. They even advise individuals on retirement plans and life insurance laws.
There are two kinds of real estate lawyers; transactional real estate and litigation real estate. The work of transactional real estate attorneys entails preparation of documents, document review, negotiation of terms and performing other tasks to get things done for their clients. Litigation real estate attorneys aim to settle real estate transactions which have legal impediments in court. This then implies that the best real estate lawyer is one who has detailed knowledge of property, wills, trusts, state and federal laws.
The purpose of estate planning is to ensure that a person’s assets and final wishes are carried precisely how they wanted. Real estate planning is ideal for individuals who own assets, property, or holdings and have never had any children or have kids under the age of 15, or want to leave part of their estate to charity. It is also perfectly applicable for individuals who own businesses or whose real estate is in different states. Failure to plan your estate can cause a loss of wealth.
Before appointing a real estate attorney, there are four things that must find out first. One, how long the law firm you consult has been working as estate attorneys. It is best to go to law firms which specialize in estate planning and have practiced for more than ten years. If a real estate lawyer is referred to as a ‘super lawyer’ by those he or she works with, then it means that they are fantastic.
Two, how much they will charge for the entire process. Ensure that there is a clear understanding between you and the law firm on all fees to avoid surprises later. The fees you will pay for the service are determined by the complexity of the plan, the experience of the lawyer, and your geographical location. Three, who will get the inheritance. A real estate lawyer should help you identify the most appropriate beneficiaries of your estate to avoid paying excessive taxes.
Four, what will happen when your will is disputed. In case your relatives, friends, and business partners disapprove your will, your attorney should help your family members defend your interests in court or through negotiation.