General Questions

Whatever the size of your estate, you should designate the person who, in the event of your incapacity, will have responsibility for the management of your assets and your care, including the authority to make health care decisions on your behalf. If your estate is not overly large, you may wish to focus upon who is to receive your assets after your death and who should be in charge of its management and distribution.

If your estate is larger and/or more complex, you should consider not only who is to receive your assets and when, but also consider various ways to preserve your assets for your beneficiaries and reduce or postpone the amount of estate tax which otherwise might be payable upon your death.

Wills and trusts are legal documents which should be prepared only by a qualified lawyer specializing in this area of law. It is important to put your estate plan in place. 

Many other professionals and business representatives may become involved in the estate planning process. For example, your certified public accountants, life insurance salespersons, bank trust officers, financial planners, personnel managers and pension consultants often participate in the estate planning process. Within their areas of expertise, these professionals can assist in planning your estate. 

The nature of your assets and how you hold title to those assets is a critical factor in the estate planning process. Before you change title to an asset, you should understand the tax and other consequences of any proposed change. 

Probate is the court-supervised process developed under state law which has as its goal the transfer of your assets at your death, to the beneficiaries set forth in your will, and in the manner prescribed by your will. It also provides for the relatively quick determination of valid claims of any creditors who have claims against your assets at your death. If you die "intestate" (that is, without a will), your estate is still subject to probate court administration. The probate court is accustomed to resolving disputes about the distribution of your assets in a relatively expeditious fashion and in accordance with defined rules. In addition, you are assured that the actions and accountings of your Personal Representative will be reviewed and approved by the probate court. 

Disadvantages of probate include its public nature; your estate plan and the value of your assets becomes a public record. Additionally, due to attorney’s fees, filing fees with the court and the commissions of the Personal Representatives, the expenses may be greater than the expenses incurred by a comparable estate managed and distributed under a living trust. Time can also be a factor. Distributions can usually be made pursuant to a living trust more quickly than in a probate proceeding.

The purchase of a home is probably the biggest investment of your life. Protect this investment by having an attorney available to guide you and to oversee your interests during the entire process.

When purchasing a home, an attorney should assist you with the following legal matters:

• Review the Offer to be sure all essential details are covered properly.

• Review the Purchase and Sale agreement form, including any changes made to standard form by broker and seller's attorney. This is the most important document that is signed during the transaction. Whenever issues arise during the process, they will be resolved pursuant to this signed contract.

• Review the settlement figures, including financial adjustments with seller and closing costs with lender.

• Attend the Closing to review and explain loan documents to buyer.

In addition, if your purchase involves a multi-family property, a condominium, or new construction, there are additional issues which should be reviewed  and discussed with your attorney. 

When selling real estate, an attorney should assist you with the following legal matters:

• Review issues raised in the Offer prior to acceptance.

• Draft the Purchase and Sale Agreement, and review changes proposed by the buyer's attorney. This is the most important document that is signed during the transaction. Whenever issues arise during the process, they will be resolved pursuant to this signed contract.

• Coordinate the closing timetable and other issues with all other parties.

• Resolve any title issues raised by lender's attorney.

• Prepare a new deed to buyers.

• Review the closing costs and adjustments.

• Attend the Closing to review and explain all documents which are presented to seller for signing.