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Estate planning mistakes can lead to estate litigation

Estate planning is an important step for New York readers, no matter a person's income level or the value of his or her estate. When a person does not have the basic elements of an estate plan in place, such as a will, it can lead to complications. However, with a plan, problems can still arise and cause complications for the family.

Some of the most common reasons resulting in issues with an estate plan and estate litigation is due to mistakes made during planning. Even minor mistakes in a will or improperly drafted documents can make it difficult for a family to administer an estate and follow the instructions outlined in the will. Families or individuals facing potential estate litigation could find benefit in seeking experienced legal guidance from the very beginning.

Legal grounds are necessary for will contests to proceed

If New York residents feel that their loved ones' final wishes are not being followed, they may not know what their legal options are. If individuals believe that a document was created without the proper authority or that it does not reflect a family member's true wishes, it is possible that legal action may be necessary. Will contests can help ensure that deceased loved ones' wishes are honored. However, there must be specific reason for this legal action to take place.

For instance, if a person believes that a will was created when the testator -- or person who created the document -- lacked the mental ability to understand the value of his or her assets and did not have the ability to make logical choices regarding property distribution, grounds to contest a will likely exist. This type of scenario relates to the fact that the testator did not have the testamentary capacity to create a legally binding document. However, it can be difficult to prove that a person was lacking this capacity.

Surprise property distributions may lead to will contests

In some cases, when a family member dies, the surviving loved ones may feel shocked when they learn about how his or her remaining estate will be distributed. In an ideal scenario, New York family members would have discussed estate plans and knew what to expect when the loved one passed away, but that is not always the case. In fact, surprise property distributions can sometimes lead to will contests.

This type of lawsuit recently came to a settlement in another state. The family of a deceased man pursued a lawsuit against his former insurance agent, claiming that she took advantage of their uncle, who had dementia, in order to be named sole beneficiary of his estate. The former agent inherited $1.6 million from the man's estate after his death. She was also named power of attorney agent and executor.

Consider these factors when looking at commercial property

When choosing the right type of investment, it can take a great deal of thought. New York residents certainly do not want to end up in a situation that leads to more losses than profits. While commercial property can prove lucrative in many situations, it is wise to consider various aspects before investing.

As with all types of real estate, location plays a major role. Individuals looking to purchase commercial property may find it helpful to explore the area where the property is located and how development could affect the area. It is also wise to consider the real estate market for the particular property and whether online options will impact whether the property will attract the necessary tenant to fill the space.

Addressing health care, assets only 2 benefits of estate planning

Getting started on an estate plan is often something that New York residents think about but do not necessarily act on. Individuals tend to have many reasons for not yet planning, but in reality, it can prove immensely detrimental to delay estate planning for too long. Some people may simply believe that they do not need the plans, but that is a common misconception.

An estate plan can benefit any adult. In particular, the benefits of these plans can go into effect while individuals are still alive. If parties take the time to plan, they can address how they want their health care handled and by whom in the event that they become seriously ill or otherwise incapacitated. It can also allow people to put someone in charge of important financial transactions in the event that they cannot handle their own affairs.

Buying commercial real estate in other areas can be beneficial

Many people find that they have an ability to earn a solid income by investing in real estate. For those in New York and around the world, purchasing commercial property often has its rewards. Of course, it can be difficult to find the right property, and investors commonly choose to invest out of state or even out of their home countries.

When it comes to exploring other regions, many benefits exist. For instance, parties may have the chance to find more lucrative real estate in areas that they have not yet explored. Plus, different areas have different commercial real estate markets, and having diverse property could help investors better ensure their chances of having successful real estate ventures even when changes in the economy take place.

What happens when you inherit property overseas?

Inheriting property in a foreign country may seem like a dream. You may imagine the real estate you now own can be a vacation home, a retirement destination or a second income.

However, international inheritances can bring mind-boggling complications, the least of which may be a language barrier. This is why it is important to consider seeking assistance from a legal professional who has experience handling complex legal matters.

Real estate transactions often go more smoothly with help

Many people find real estate exciting, but it is also complicated. It can become even more complex if individuals live outside the country. Fortunately, there is help available for those looking to complete real estate transactions in New York.

In particular, seeking professional help in a wise step when undertaking any type of real estate transaction. Between finding the right location and carrying out the necessary financial steps to complete a purchase, there are many issues that could arise. Fortunately, real estate agents and mortgage lenders can help avoid issues, allow interested parties to understand what type of property they could feasibly obtain and answer any questions that may come up during the process. 

Will contests underway due to multiple wills for a single estate

A death in the family often opens the door to many complications. While it is certainly an emotional time for everyone involved, it can also be a time for contention and conflict. In particular, will contests may arise if surviving loved ones believe that issues exist with one or more than one will.

New York readers may be interested in this type of litigation currently underway in another state. Reports indicated that the estate at the center of the conflict is that of the founder of a commercial truck dealership chain. In fact, that chain is considered the largest in North America. As a result, a considerable amount of money is involved in the dispute that is happening between the deceased man's son and the man's widow, who was his third wife.

Estate planning can address whether to go through probate

There are many legal aspects associated with closing an estate. Many New York residents likely know that probate is the process that finalizes a deceased person's affairs, but a number of individuals also think the process is one that should be avoided at all costs. However, probate does not have to be viewed in that light, and estate planning can help individuals determine whether using the process could suit their desires.

Because money and inheritances are often points of concern when it comes to making estate plans, many individuals think it may be best to avoid the costs associated with probate. It may interest parties to know that the cost of going through probate is similar to the expenses of creating a plan to avoid the legal process. When it comes to the financial aspect, it may simply be more of a choice of whether a person wants to pay the costs now while avoidance planning or allow the estate to pay later during probate.

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