However, if you commit certain mistakes in your estate plan, you or your loved ones could pay the price in the future. It is worthwhile to carefully review all of your plans in order to determine if there are any ongoing issues that you need to address. Mistakes can impact what happens to your property and the interests of your heirs. Many mistakes are not known until it is too late to address the problem.
To avoid making mistakes that could cost your heirs and beneficiaries time and money, it is prudent to carefully review all of your existing estate planning documents. Regardless of the nature of your plans and goals for the future, you will benefit from being intentional about avoiding the following mistakes:
These are a few examples of the mistakes people often make with their estate plans. While none of these issues may seem like a catastrophic matter, it can result in complications that could cost your loved ones time, money and a significant amount of stress.
If you have an estate plan, you will benefit from taking a careful look at your plans to determine if there are any issues that could impact you or your Illinois loved ones in the future. Professional guidance can help ensure that your interests are secure now and for years to come. An assessment of your plans, your goals and other important issues will provide you with insight regarding the steps that are necessary.
]]>In general, foreclosures are priced lower than comparable properties in the same area. Often, foreclosures may need to be remodeled or repaired. When purchasing a foreclosure, it’s helpful to have the property undergo a thorough inspection so one knows exactly how much work will be needed for repairs and updates.
It’s helpful to research the area in which a foreclosure is located so one understands the general price point of comparable properties. Whether one is planning to resell or planning to live in the property, knowing how much the property would be worth after repairs and updates are complete is important. Those wishing to save money on a real estate purchase may also investigate short sales and pre-foreclosure purchases, both of which can benefit the buyer and seller.
Foreclosures come with a unique set of challenges during the purchase process. Those interested in buying a foreclosure can benefit from seeking the advice of an attorney with knowledge of Illinois real estate laws. An attorney can help one navigate the buying process and deal with complicated matters like titles, contracts, and home inspections.
]]>