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Investing in commercial property involves work

Real estate may become an interest of individuals in New York and around the world at different stages in their lives. Some people may know they want to invest in commercial property at early stages in their business lives, and others may not have an interest until later in life when looking for more passive income. Still, when acting as a commercial landlord, it is important to understand the work.

While rental income can be relatively passive, landlords still need to put in the necessary work. This work may mean finding the right property to invest in and finding the right individuals to lease the space. It can also mean actively managing the property to ensure that no serious issues arise either with the property itself or with the tenants.

Protecting yourself in a real estate investment

Investing in properties, both developed and undeveloped, can be a profitable business. Whether you are from the United States or just want to invest in property here in New York, you may want to consider protecting yourself from personal liability should anything go wrong.

One way to do this is to create an entity to hold the property. This article touches on the benefits a real estate holding company can provide you as you enter into the property-investment business.

Control over Tom Petty's catalog leads to probate litigation

Individuals often create estate plans in hopes of making the process of closing the estate and managing affairs easier. However, New York residents cannot control how their surviving loved ones will actually handle those tasks, and it is common for conflict to arise over estate-related matters. Even with instructions from an estate plan, parties can have a difficult time discerning exact meaning, and some may file for probate litigation to get a final answer from the court.

One daughter and the widow of late musician Tom Petty are now at odds over how his remaining musical catalog should be managed. Petty apparently created a trust naming Dana York Petty, his widow, as the sole trustee, but he reportedly also indicated that she and his two daughters, Adria and Annakim, should have equal participation in creating an entity to control the musical catalog. However, the daughters apparently interpret "equal participation" to mean that they could have controlling power over the catalog through a two-thirds majority.

Will contests not unusual when documents are changed

While an individual's passing means that his or her final affairs need to be settled, it is not unusual for complications during that time to arise. For instance, if a person or organization was expecting to receive a bequest from a New York estate only to find out that the terms of a will had changed, will contests may be warranted. As a result, the probate process could become more complex.

It was recently reported that a will contest that occurred in another state recently came to a settlement. The conflict involved a college and a relative of a deceased individual. Apparently, the decedent was an alumnus of the college and had indicated that he would leave the remainder of his estate to the educational institution. As a result, the college was expecting a bequest of approximately $2 million.

Concerns over estate crime may lead to probate litigation

Most New York residents want to settle their loved ones' final affairs as easily as possible. However, that is not always how such scenarios work out. In fact, concerns could arise regarding whether the deceased person suffered abuses that diminished the estate or otherwise resulted in a distribution of property that the decedent did not intend, which could lead to probate litigation.

Though many issues could result in individuals facing conflict over an estate, Alzheimer's disease, estate crime and widowed stepmothers are considered common causes. Unfortunately, estate crime can take place while a person is still alive and involves someone or multiple individuals taking property from the estate. As a result, when the time for distributing assets comes, surviving loved ones may find that money is missing, personal items have been taken or a number of other ghastly outcomes have occurred.

Minor typos can lead to major will contests

Keeping property within a family is important to many people. Whether the desired asset is a small piece of jewelry or a substantial tract of land, passing along assets must be done correctly. Even if New York residents think they have taken the correct steps to ensure the desired distribution of their assets, a minor mistake in estate planning documents could result in will contests.

It was recently reported that a dispute over hundreds of acres of land took place in another state. Apparently, the land has been in the same family since the early 1800s, and the most recent heir to the land left instructions in his will as to how the property should pass after his death. The man died in 2014, and the will stipulated that the property should pass to his son and then to his son's children. In the event of his son's passing, the property was to pass to the man's nieces and nephew. However, if no remaining beneficiaries existed, the property would be divided between multiple charitable organizations.

Mitigating the risks of commercial property investments

Many people find the benefits of investing in commercial real estate appealing. Of course, it is not always smooth sailing, and various factors could influence these investments. Still, individuals who own commercial property can make efforts to ensure that they mitigate the risks their investments face.

For instance, individuals investing in New York may want to remember that filling the space is important. Though tenants may have stayed for years in the past, that is not always how modern leases work. Therefore, property owners may want to consider short-term leases. Short-term leases may not provide as much desired security, but they do mean that a space will be filled for a time rather than standing empty while waiting for a long-term tenant.

Brexit has foreign real estate investors looking at United States

While many in New York and across the U.S. may show little interest in the turmoil surrounding Brexit, Great Britain's withdrawal from the European Union, investors are watching with a keen and wary eye. In fact, some media outlets predict chaos and anarchy during the transition, with food shortages resulting from travel complications across Europe.

If you are a foreign investor in international real estate, you understand that these events cannot happen without having a global effect. While it is impossible to predict how Brexit will affect the U.S. economy, some suggest that even if Britain has a plan in place for a smooth transition, Brits can expect a slowdown in economic growth that could create opportunities for you to invest in the United States.

Probate litigation: Woman charged after creating fraudulent will

The time after a person's passing can often see conflicts over remaining assets. Even if New York residents took the time to create estate plans, some unscrupulous parties could take steps in attempts to unjustly benefit from remaining estates. As a result, probate litigation may occur in order to address the possibility of fraud.

It was recently reported that fraud played a role in a dispute regarding an estate in another state. Apparently, a 66-year-old woman had utilized a mail fraud scam in attempts to benefit from her employer's estate. The woman had sent a codicil to a state university and made it appear to relate to the decedent's will. The woman's fraudulent document indicated that the man's estate would be divided three ways with one-fourth of the estate going to the university, one-fourth going to his attorney and half going to the woman.

Seller financing a possible option in a real estate transaction

Moving forward with buying a home in New York involves a lot of consideration and work. In some cases, financial issues can hold someone back from completing a real estate transaction, and in other cases, support from the seller may put a prospective buy on alert. This type of situation is not uncommon when an owner offers seller financing.

Seller financing is fairly self-explanatory. In these cases, the person selling the property will finance the mortgage for the buyer rather than having the buyer obtain a mortgage loan from a bank or other lender. This type of agreement can prove useful to individuals who may not have the ability to receive a loan from a financial entity, but it could come with its drawbacks as well.

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