As many of you know, the process of purchasing a new home, or commercial property involves quite a few important documents that you need to be familiar with. Title and Deed documents are given to you by your attorney. Usually, these documents are also accessible online via your county’s property appraiser’s website FOR FREE. In instances where you have purchased a new property, you may receive a letters in the mail that might look like an official county or state document which states that you will need to take additional steps to finalize documentation, or that you will need to order vital documentation that shows ownership of your property.
This mailing will have your name, parcel number, and property address on it. What Record Transfer Services is doing might not be illegal; however, these services are usually already performed either before or at closing by a title company or real estate attorney. A title search is usually performed by a title company or an attorney, who researches the vested owner, the liens or other judgments on the property, the loans on the property and the property taxes due before the closing is done. If duplicates are needed or documents are misplaced from your records, these documents can usually be found via your county property appraiser’s website or you may contact your real estate attorney.
Given that the letter includes a deadline for which to request for these documents, it appears to be an official document, however, make special note of the disclaimer in fine print at the bottom of the letter: “This product or service has not been approved, or endorsed by any government…” Generally, if you receive a solicitation asking for more money after your closing, it is not necessary and is rarely legitimate. If you are not sure or you would like more information, contact your Florida Real Estate attorney or title company as soon as possible.
Most young adults do not think about future estate planning. However, reality is that you cannot predict the future outcomes of your life, whether there is an unfortunate disability or even death, estate planning for young adults makes sense.
It is unfortunate, but true that unforeseeable accidents and tragedies do happen to young adults, and are becoming more common in today’s day and age. When a young adult is under the age of 18 usually their parents make all of their medical and financial decisions for them. This unfortunately changes once you hit 18.
There are certain privacy laws that are in place to protect everyday people. This is a major disadvantage to someone who does not have an estate plan in place. For example, if you were to become incapacitated and over the age of 18, it is very hard for your family to make decisions about your medical care and financial situation, unless you have the proper legal paper work in place. Sometimes hospitals and other service providers will not even talk to parents or family members if they do not have legal paperwork suggesting otherwise.
To prevent your family from going through tremendous difficult times during an already stressful time, you should schedule a consultation with an Estate Planning Attorney on your 18th birthday. They will guide you and draft forms that can help prevent situations as described above. Some of the forms will include, but are not limited to:
If you have any Estate Planning questions we invite you to contact us for more details.
Estate planning for you and your family can be a stressful task. One of the main questions that come up during Estate Planning is:
Do I need a Trust or a Will?
Wills are generally the easier of the two to set up. Even though it is the easiest to set up, it still has its drawbacks. Trusts are a great device if you are looking for privacy and greater protection, however they entail more work and costs.
Here are some more pros and cons:
- A revocable living trust is a private contract between the trust maker and trustee(s). However, a will has to go through probate, which of course is public record and anyone can read your last Will and Testament, list of beneficiaries and assets, and the breakdown of who gets what. This is not the safest way to protect your heirs, as public knowledge of inheritance can cause a lot of headache.
- Another benefit of a revocable living trust is that you have the ability to plan your mental disability planning. This is a great protection if you or your spouse becomes incapacitated.
- The main benefit of a revocable living trust is that you can avoid probate.
- Trusts are considered their own legal entity in a sense, so you will have to change the name on registrations, deeds, and set up new bank accounts, if you want them to be part of the trust.
As you can see Trusts and Wills have both benefits and drawbacks. But, here is the real twist to trusts that most do not realize, you still should have a will drafted. Yes that’s right a will. Most people believe if you have formed a trust, you do not need a will. That is not completely true, because a trust takes time to draft and transfer to become valid, the will is an intermediary protection during this process.
If you have any more questions regarding Estate Planning for your future, please contact us today, we will be happy to help.