Planning real estate, writing wills, giving up the property when you die – these can be minefields with unintended consequences, especially if you don't see a lawyer. So it is beneficial for you to hire a will and estate solicitor to avoid problems. In this article, let's look at some examples of the many things that can go wrong.
A common mistake is to place the property in the same name as an adult child so that when he dies it is automatically given to the child and "saves" on legal costs. This idea has many pitfalls.
If the child dies before you, you come again. It might not be a problem if you have time to fix it, but what if you get into an accident together and never get a chance to change things? Or what if you never get around it? Now your heirs must inherit your wealth, which will make them a lot more expensive than it would cost you to see a real estate planning attorney.
The lender is also a consideration. Did you know that your child's creditors can use your property to collect child debt? If your child has property rights, it is the owner.
Creditors can confiscate real estate for court decisions. You can decorate a bank account. In this case, you should try to cancel it. It's really hard to prove something, win money back, free up frozen bank accounts, or remove liens, and it doesn't always work.