Why you Should Hire a Real Estate Planning Attorney

 Dealing with real estate can be quite the hassle. Thankfully, there are plenty of Calgary Real estate lawyers to help you plan ahead and make this situation as smooth as possible so you do not need to worry or stress over details, as well as save your family from preventable stresses and headaches down the road.

One of those situations is real estate planning. Thinking about passing away can be a grim topic for many, but it is better to be prepared to ensure that your family and loved ones will not have to worry about it when the time comes. A real estate lawyer in Calgary can support you doing that so that you do not need to worry more than necessary.

But how necessary is it to do real estate planning? Hiring a real estate planning lawyer is always in your best interest, as templates found online to do it yourself will never fully comprehend your necessities. Those professionals will help you see the bigger picture and how to tackle it.

We hope that on the next topics we can bring some clarity to the topic and explain why having a real estate lawyer with you during this process is beneficial and in your best interests.

What Can a Real Estate Planning Lawyer Do For You?

While you do not need a lawyer to go through the process of real estate planning it is always advisable you do so, those trained professionals are more used to the nuances of the law, documentation necessary and guidelines to follow that may go by unnoticed to most. The peace of mind a real estate planning lawyer can bring alone is worth it.

Real estate planning lawyers in Calgary will facilitate your life by filling all required documents accordingly and will ensure it is all compliant with probate laws and other pertinent laws so you do not have to worry about the managing of your estate.

Exactly because there may be nuances to laws that may go unnoticed to you, a seasoned lawyer will draft documents specifically to your needs to ensure that everything is within what you want to do with your estate. This includes looking over things such as taxes and how you will be able to divide your assets.

In case there are any major changes that happen after the first document is drafted and before your passing can be dealt with by your lawyer to make sure everything is up to date to your wishes and your beneficiaries are all included accordingly.

Preparing for your passing is not only writing a will. A study conducted by the Financial Consumer Agency of Canada in 2019 found that 60% of Canadians do not have a power of attorney, or a personal representative, confirmed. Your lawyer can support you by appointing a personal representative – that is, the person who will have the authority to manage your estate after you pass.

An estate planning lawyer can also advise you how to make charitable donations to institutions that are aligned to your world view and that are making good work. Charitable donations also reduce the amount of taxes owed, so it can be a good way of saving money while still giving back to your community.

A seasoned real estate planning lawyer will be able to save your beneficiaries headaches as well. In Canada any unresolved personal financial concerns must be dealt with before inheritance distributions or the passing of assets are made to the beneficiaries. This encompasses things such as settling any due taxes on income earned from any source between your last tax return and the date of your passing. On the topic of taxes, your lawyer will also be able to help you set up a trust account to minimize taxes related to your estate. You may also want to leave funds to cover the funeral so your loved ones do not have to worry about it.

Another reason why you may want to work together with lawyers in Calgary is to make sure that your will is compliant with all laws and is enforceable. Problems with your will after your pass can, and most likely will, bring headaches to your loved ones in an already difficult moment, as well as delaying the distribution of your assets and increasing the costs of executing the will.

Beneficiaries and Loved Ones Protection

While planning your will and real estate distribution, you can also set up terms to protect your loved ones. Things such as in which age they will receive their share of assets in order to make sure they are old enough to understand the value of money.

Protecting your beneficiaries and loved ones also comes in the form of protecting yourself. While not related to real estate, by including how to handle palliative care for yourself in case you are not able to make decisions for yourself will take the weight out of their shoulders.

Your lawyer is, as mentioned, capable of updating and changing your will as you see fit as the years go by to better reflect your wishes. An example is if someone new is born into the family and you want to leave something for them when they are of age.

Hiring a real estate planning lawyer is definitely in your best interests. They will facilitate the distribution of assets, reduce taxes owed, protect your family and loved ones, as well as ensure that every document is compliant with all applicable guidelines and laws so it is enforceable and will not give your family any problems in the future.

Not only that, but planning ahead your will and what to do with your assets will protect yourself. Even if you are young and healthy, life can be extremely unpredictable. Having guidelines for people to follow on how to manage your assets and your care in case you become incapacitated to do so will guarantee you are being treated properly and in accordance with your wishes.