Important Things to Note About Real Estate Lawyers in Houston
Real estate lawyers are individuals who give legal advice to clients who own assets that need to be managed during their incapacitation or after their death. They are responsible for granting assets to heirs and paying necessary estate taxes to the state.
Estate planning attorneys have three primary functions; 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 also guide individuals on retirement plans and life insurance laws.
there are two categories of estate law attorneys; transactional real estate and litigation real estate. The duties of the transactional real estate lawyers include preparing documents, reviewing documents, negotiating terms and performing various tasks to get things done for their clients. Litigation real estate lawyers work on resolving real estate transactions that are not legally correct in a court of law. 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 perfect for persons who own businesses or whose assets are distributed among states. Failure to plan your estate while you still could lead to a loss of your resources.
Before appointing a real estate attorney, there are four things that must find out first. One, the length of practice of your law firm of choice as estate attorneys. It is recommended that you go to law firms whose specialty is estate law and have been in business 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, the price to pay for the whole process. Ensure that there is a clear understanding between you and the law firm on all fees to avoid surprises later. Costs are determined by some factors such as the complexity of the plan, the experience of the lawyer, and your geographical location. Three, who should receive the inheritance. A real estate attorney should assist you to select the most appropriate recipients of your estate to prevent paying large amounts of tax.
Four, what will follow when your will is contested. In the event your will is disputed by your relatives, friends, and business partners, your attorney should help your family members safeguard your interests in court or through negotiation.