A very common estate planning practice is to draft a trust and title your real estate in the name of the trust. This practice lets the trust “own” your real estate holdings. There are many positive reasons why one would do this. However, if the property owned by the trust has a mortgage with it
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Title Insurance: What’s the difference between an owner’s title insurance policy and a lender’s title insurance policy?
When reviewing documents with real estate clients, title insurance is one of the most asked-about costs on the settlement statement. During the process, you will learn there are two types of title insurance policies, an Owner’s title insurance and a Lender’s title insurance. What are they and who pays for them?
Title insurance is a…
Are you mortgage shopping? Annual Percentage Yield (APR) versus Interest Rate… How to compare one mortgage to another?
When searching for a home loan (mortgage) or refinancing an existing mortgage, it is confusing to compare one loan to another. We all want to get the best deal. One might think the loan with the lowest advertised interest rate would always be the best option. Unfortunately, that is not always the case. How does…
In real estate, what is a contract for deed?
A contract for deed, also known as a land contract, installment contract, or a bond for deed is a legal agreement between two parties, a buyer and a seller. Unlike most traditional real estate transaction that involves a mortgage from a bank, in a contract for deed transaction, the seller acts as the lender and…
Is there a minimum net worth you should have before making a will?
As an estate-planning law firm, we are asked by clients, how much money do I need to create a will? In simple terms, there is no minimum net worth requirement for creating a will. Frankly, net worth is far down on the list when it comes to reasons for drafting a will. I know this…
Podcast Episode – Estate Planning Essentials with Attorney Lauren Jackson
Recently I recorded an episode on the Your Life, Your Money Podcast with financial advisor Scott Sierens. During this episode we went through the fundamental aspects of estate planning, addressing common misconceptions and highlighting why having a solid estate plan is essential for everyone. From the basics like power of attorney documents and wills, to…
Whose debt is it anyway? Can you be held responsible for your parents’ debt?
During the probate process, a question revolves around what happens to debt after your parents die. Are the children responsible for their parents’ debt? In most cases, you are not personally responsible for your parents’ debt when they die. However, let us dive deeper and consider some important items.
Whether your parents have an estate…
How to answer the number 1 question for parents: Who should I choose to be the guardian of my child?
Choosing a guardian for your children might be the hardest question to answer when completing your estate plan. Determining who the guardian of your child is is a significant life decision but also a deeply personal one. There are many considerations to think of when deciding who the best choice would be for your children.…
There is a problem with your new home – what can you do?
Your dreams have come true and you just purchased a home. Everything was great until you moved in. After the first rainfall, your basement floods, or your roof leaks and your home has sustained water damage. You suspect that this is not the first time this house has flooded. You suspect the previous owner had…
Is an executor of an estate entitled to compensation?
If you are involved in a probate process and serve as the executor or administrator of an estate you know how time-consuming, difficult, and stressful a task it can be for you. Acting as executor/administrator is often a thankless job that can quickly turn contentious depending on the personalities of the heirs. Regardless of the…