Inheriting certain kinds of property could seem like a major personal boon, which is why testators might consider passing a home to one person. For someone without the income to put together a down payment on a home, receiving a house from someone's estate could...
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What are the dangers of a balloon mortgage?
To say that the real estate market has gone through some rapid shifts over the last couple of years would be a massive understatement. Right now, mortgage interest rates have more than doubled in the last year alone, which is giving would-be buyers pause and sending...
Why is there a delay in probate before distributing assets?
In theory, the inheritance that family members receive can be a source of comfort as they adjust to the reality of having lost someone that they love. People may expect to move into a loved one's home shortly after their funeral, for example. In practice, there is...
What is a title cloud, and how does it affect your home purchase?
When you want to buy a home, you’re about to make a major financial decision. One of the things you have to do is make sure that the purchase is a smart one. Before you buy a home, it’s wise to have a title search performed. This will look for clouds, which are...
Should you use a home inspection contingency?
You're making an offer on a new residential property. You know that most people put contingencies into these offers. They set things up so that they can walk away from the offer if the contingency isn't met. A home inspection contingency is one of the most common...
Should you file bankruptcy before retirement?
As you approach retirement, you may find that you have debts that you will not be able to pay after leaving work. You will be on a limited income, and you may not see a way to handle those debts prior to reaching your retirement. Now may be a good time to consider...
Can you save a home in foreclosure?
If you have received a notice that your home is going into foreclosure, you need to take action as soon as possible. It is a possibility that you could save your home and continue living in it if you approach the foreclosure in the right way. One of the best options...
2 serious financial risks to avoid during estate administration
You probably carefully considered the social consequences of serving as an executor before you accepted the position. The size of the estate and the relationship you had with the testator can influence your willingness to take on this substantial responsibility. Most...
Potential reasons people don’t make estate plans
As you grow older, you likely become more and more aware of the need for an estate plan. Part of this is just the fact that you're Gathering more assets, and you're thinking about what's going to happen to those assets and how it's going to impact your family. What...
3 ways to protect your role as executor from challenges
Serving as executor is a demanding job, but it comes with certain benefits. You know that there will be adequate care taken while handling the estate of the deceased party. You can receive compensation from the estate for the services that you provide. Still, someone...