St. Louis Real Estate And Estate Planning Blog

As people grow older in Missouri, the type of responsibilities they have change and their priorities change as well. Many are focusing on retirement and what they need in order to stop working and live the lifestyle they would like to live during it. They also should be planning for what is going to happen to their possessions when they pass on. This can be accomplished through various methods, but one way is to have a will that states which people will receive their possessions after they pass away.

Wills are very important, but in order to administer the will and distribute the assets, many estates will still need to go through the probate process. Small estates, under $40,000, will not need to go through the probate process at all though and the personal representative will simply need to distribute the assets according to the will. However, estates over $40,000 will have to go through probate.

Both residential and commercial real estate are bought and sold often, but the process and complications involved in each type of sale differ. Purchasing residential property tends to be a little bit easier and there is a fairly established procedure for purchasing residential property. Residential properties also usually involve one person or a family and the sale prices are much lower making the financing side much easier to handle often times.

However, commercial real estate purchases have some more complications. One complicating factor is that commercial properties generally cost much more because they involve much larger areas than typical residential real estate lots.

You desire to protect your loved ones, when possible. A proper estate plan can aid in your efforts even after you are gone.

One possible aspect of an estate plan is a trust. Before selecting one for your plan, consider a few important aspects.

Buying a home is a very important time in many people's lives in Missouri. It is a major purchase and a lot of thought needs to go into the decision. People may look at many, many homes prior to deciding the best one to purchase. There are many different aspects that people are looking for within their budget and want to make sure they buy one that is the right fit for them. So, once they do find the home they want to buy they will go through the real estate negotiation process and hopefully reach an agreement to purchase the home.

However, after the purchase price is agreed to and the purchase agreement is signed, people still need to obtain title to the home before it becomes their home. In order to do this the people transferring the title are the only ones that can have an interest in it. If others have an interest in the title it is known as having a defect and that must be cured before it can be transferred. This can be very devastating for people who have just found the home they want to purchase.