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Bronx Real Estate Law Blog

Wills important for young adults, too

Those in New York who are young, whether they ae single or married, often do not give much thought to estate planning. After all, they naturally feel as though they will live long lives, so creating wills is not an immediate concern. However, estate planning is an important concern for any adult.

A recent survey indicated that a whopping 78 percent of adults in the United States under 36 years old do not have wills. For many, they consider estate planning to be a task for older people, or they think they do not have much in the way of assets since they have so much debt. However, creating an estate plan gives a young adult an important voice in the event he or she becomes incapacitated or passes away earlier than expected.

A few steps necessary for buying residential real estate

Purchasing a house is a big step, particularly for those who are unfamiliar with the process. The residential real estate market in New York can be especially complicated to navigate for first-time buyers and even for more experienced home purchasers. A few tips may help would-be buyers to take the right steps during this multifaceted process.

Looking at one's work history and credit history is critical for determining if the current time is an okay time to buy a home. For instance, being steadily employed for the past two years is critical for getting a home loan. In addition, carrying large credit card balances may be a deterrent to a home lender.

Digital assets can be included in wills

When someone in New York passes away with no will, the state will determine how the person's assets will be distributed. However, the majority of courts have not created rules regarding the distribution of digital assets, including social network accounts and/or email accounts. For this reason, addressing these types of assets in wills is an important part of the estate planning process.

Many consumers have online assets that are linked to Amazon, PayPal or eBay. The owners of businesses also often store essential information on their computers. Furthermore, they usually have domain names or blogs that are accessible only with an email address or password. Providing instructions in a will for how to deal with such digital assets can be helpful.

Wills important for passing down family businesses, properties

Passing down an important asset, such as a property or business, can be an emotional and complicated journey. For this reason, many families try to steer clear of discussions about wills. However, estate planning is still an important topic to address as part of future financial planning in New York.

Some families view estate planning as a morbid activity. However, in reality, it can be helpful to view it as a way in which to express love to family members. After all, passing down valuable assets can be considered an expression of true love.

Full disclosure when buying a home

Purchasing a new home can be an emotional time. If you have found the house of your dreams, the excitement may tempt you to rush headlong into a purchase to avoid losing it to another buyer. However, while the house may seem perfect at the first or second showing, there may be hidden flaws that you have a right to know about.

Sometimes a new homeowner may not discover the true nature of a house until living in it for a few weeks or even months. On first glance, you may not have noticed the flight school that takes new pilots over your house every Saturday, the pig farm just over the hill or the drug house next door that police just shut down the previous summer. While everything looked sparkling clean and fresh, that new coat of paint may have covered a leak in the ceiling, fire damage or mold.

Residential real estate investing can be profitable

Starting a real estate investing career in New York is much more possible than many aspiring entrepreneurs think. Investing in residential real estate, however, does come with inherent risk. At the same time, risk can lead to reward.

The real estate industry offers hundreds of ways in which to make money. In fact, with an ideal property, it is possible to earn between 15 percent and 40 percent on the money invested in the property. One of the best ways in which to earn money in real estate is through rentals.

Wills, trusts important for young adults, too

When it comes to estate planning, the inclination of many younger couples is to think that it is pertinent only for older parties. However, young families who have children as well as mortgage payments are most likely prepared the least for the unanticipated death of a breadwinner or parent. Creating wills or trusts is therefore critical for adults of all ages in New York.

Creating a will is possible by first making a list of all assets that have to be distributed down the road. Then, determining who should get which assets when one dies is necessary. Naming a person to carry out these wishes is also paramount.

Probate important topic to consider when drafting wills

Estate planning is an unspoken topic in many New York households, probably because few people like to think about death. However, planning for death is just as important as planning for life, including retirement and concerns about health care. Probate is one area of estate planning that requires careful consideration when making wills.

Probate is essentially a legal process by which assets are transferred to heirs according to state law. Every state has special limits for how large an estate can be without having to go through probate. In addition, probate is essentially a public death notice that allows creditors of the deceased the right to file claims against the estate. Once these creditors have been paid, then what is left over typically goes to designated beneficiaries.

Wills important part of estate plans, among other items

In estate planning, the goal of the owner of assets is to ensure that all assets end up in the intended hands. These could be the hands of loved ones or a charity, for example. And the assets may include everything from money to real estate in New York. Wills are an important component of estate plans, although an estate planning checklist includes many other important items.

When dealing with wills, ensuring that wills are in place and that the trustees and executors of these wills are the best choices is important. Executing a health care proxy or a living will can also be beneficial in the event of a disability or catastrophic illness. A living trust may also be viable estate planning tool for avoiding the lengthy and costly process of probate. If a living trust is used, all assets need to be titled in the trust's name.

Protecting your interests as a first-time homebuyer

Buying a home is exciting, but it is a major financial and legal step for a first-time homebuyer. Purchasing a residence can be quite a complex process, and a buyer will find great benefit in working hard to avoid common pitfalls and legal complications that can arise before and after a sale is final.

If you are considering making your first home purchase in New York, you would be wise to seek the help of an attorney to provide guidance along the way. By making this effort to protect your interests, you may be able to avoid the problems that often plague first-time buyers. An experienced legal ally can help you effectively navigate this process from start to finish.