If you have decided to buy a co-op then you need to understand that you need to have the right people involved in the process. You might be under the impression that because you are not buying a large house in the suburbs that you don't need to have lots of people assisting. That's simply a bad idea. There are all sorts of issues that need to be addressed by people who have an expertise in the area.
If you own real estate, you may have already given consideration as to who will inherit it upon your death. While you can transfer your property outright during your lifetime by gifting your real estate to the future owners, there are several advantages to giving it to them via a life estate. Not only will this form of joint ownership allow you to continue to live on the property, but a life estate may also place you in an advantageous position in the future if you ever require funds from Medicaid.
Whether you currently hold several pieces of real estate that need to be managed or you're planning to buy or sell property, you'll need the help of a real estate attorney to ensure that your best interests are always taken care of. Here are the kinds of services you can expect your new real estate lawyer to provide you with:
Agreement and Document Management
If you are entering into a purchase agreement or you need to review prospective contracts for homes you're considering purchasing, an experienced real estate agent can manage all of the agreements and documentations you're faced with in real estate dealings throughout the coming years.
The need for a will is undisputed, and if you do not already have one or have not updated your will lately, don't put that task off any longer. You should also take a look at your will from time to time to ensure that it still covers everything you want it to cover. Any changes in your family, in your finances or business, or in your property should prompt a call to your estate attorney.
One of the most important decisions you will make during estate planning is deciding who will serve as your health care agent. The agent is responsible for overseeing medical decisions for you if you are unable to do so yourself. If you are in the process of selecting a health care agent, here is what you need to know.
What Should You Look for in a Health Care Agent?
For the most part, you have the right to pick anyone you want to serve as the health care agent.