Things You Must Know About Real Estate Attorneys 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. It is their responsibility to release assets to heirs and to pay all applicable estate taxes to the government.
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 types of estate law attorneys; 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 lawyers work on resolving real estate transactions that are not legally correct in a court of law. This means that the best real estate attorneys are those who have a clear understanding of property, wills, trusts, state and federal laws.
The objective of estate planning is to make sure that an individual’s assets and last wishes are carried out precisely how they intended. 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 excellent for people who have businesses or whose wealth is dispersed across countries. Failure to plan your estate can cause a loss of wealth.
Before hiring a real estate lawyer, there are four things you must establish first. One, the length of practice of your law firm of choice as estate attorneys. It is advisable that you engage law firms with over ten years of experience in estate law. If an estate lawyer is referred to as a ‘super lawyer’ in the field, then just know that he or she is recognized as outstanding.
Two, the price to pay for the whole process. Make sure that you and the law firm are on the same page regarding charges to avoid conflict later on. 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 your assets should go to. A real estate lawyer should help you identify the most appropriate beneficiaries of your estate to avoid paying excessive taxes.
Four, what will happen if your will is contested. 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.