The world of law is complex and hard to understand unless you are a legal professional. As a result, many recommend hiring a lawyer or attorney for whatever legal help you need. For instance, real estate attorneys are great for helping put together a will with an estate plan or helping customers refinance their mortgage. So if you need help with either of these actions, you may want to get a talented real estate lawyer.
The Joint Editorial Board for Uniform Trust and Estate Acts conducted a recent national survey. Their survey revealed that most people struggled to get the acceptance of powers of attorney. Over 60% stated that they found it difficult and just about 17% reported that it is was frequently difficult. Experts recommend that anyone who is under 40 and reaching this age should get a will set up just to be safe. Here are more facts on just how versatile real estate attorneys are and more:
Real Estate Attorneys Can Help With Mortgages
Across the country, over 7.4 million mortgage buyers that have rates of over 4% could potentially qualify for a mortgage refinance. Also, these same couples could even benefit from refinancing their mortgage. It could help them put together a better rate for their situations and could provide some more moving room for their finances. Therefore, anyone with a mortgage should think about getting real estate attorneys to help with a refinancing action.
Over the course of the past five years, there are more than 3 million people who borrow for a mortgage that had no equity or very little equity in their homes and yet they still refinanced their mortgage. A refinancing situation is such a great way to help enhance your financial situation and almost anyone can do it. Consult with some experts and real estate attorneys to get the best possible outcome for your financing situation
Some fixed-rate home loans last for a long time but the length of time can potentially vary. There are options for 30-year rates which are the most popular but there are also options available for 10 years, 15 years, and 20 years as well. Therefore, people have so many options to pick from when setting up their mortgage. Most experts recommend that a mortgage payment each month should be more than 25% of your entire gross income. Keep this in mind and look for the help of real estate attorneys when getting approved for a mortgage.
Real Estate Attorneys Can Help With Wills and More
Living wills are sometimes called advanced directives and these are more frequent now than ever before. During the course of ten years, between 2000 and 2010, the percentage of seniors with living wills went from 47% to 72% respectively. As a result, there are more seniors with living wills and they are on the right side of this situation. After all, a living will help them age with grace and also helps their family in the future after they pass away.
Right now, just about 65% of the general public is currently without a will. Now, if you are in your early 20’s then you do not need to worry about a will. Instead, this is best recommended for anyone reaching older ages like 40 or higher. Plus, anyone with a lot of money will want to include a trust in a will that will help prevent probate and also helps really reduce the estate tax. This sets up the future generations for more success and makes their lives much easier as well.
In Conclusion
A will can exempt people from filing an inventory with the court within 60 days of the appointment. Without the proper will situation, younger generations will have to work through court systems and more to receive a proper inheritance. In some situations, they may even miss out on money due to high tax rates or legal fines for improper paperwork. Therefore, it is best to hire real estate attorneys to put together a well-designed will to protect everyone in your family.