Estate planning is one of those topics that many people often put on the back burner, but it is crucial to ensuring that your legacy is protected and your loved ones are taken care of after you are gone.
Though new home construction has slowed as the Federal Reserve raises interest rates, those in the industry are still dealing with delays of much-needed materials due to supply chain issues, along with rising prices for construction materials and even appliances to finish the home.
According to Statista, in 2021, there were about 6.9 million home sales in the U.S., comprising 6.1 million existing homes. There are several complex procedures involved in selling or purchasing a home. In order to increase the property value, many home sellers often upgrade or renovate the property. Nonetheless, sellers still have an obligation to disclose any known property defects that are material enough to influence the buyer's purchase decision.
Suppose you’re one of those happy homebuyers who has finally found the abode of their dreams, only to discover that a defect – undisclosed prior to the close of the deal – now poses new challenges, including an outlay of funds for repairs you never suspected. What can you do? Sue the seller?
Real estate is the most valuable asset the average person will purchase and own in their lifetime. According to Missouri Realtors, the average sale price for residential real estate in Missouri was more than $295,000 in 2022, an 8.3% increase compared to the previous year.
Probate is a formal process for administering a deceased person’s estate after death and distributing their assets to the intended beneficiaries. People usually want to avoid probate to make the process of distributing assets more straightforward, effortless, and cheaper.
The internet, podcasts, and social media platforms like YouTube have created a growing do-it-yourself (DIY) society. You can repair your own faucet or upcycle a tired breadbox by going online to learn how. If the faucet continues to drip or the breadbox doesn’t look quite like the one in the video, even after your DIY effort, you can always get professional help. If your online will doesn’t hold up in probate court, however, there is nothing you can do about it by then.
For most young adults setting up an estate plan is not a priority. Most people who reach the age of 18 do not think about writing a last will and testament because there are other things on their minds: studying, starting a family, building a career, paying off student debt, and getting approved for the first mortgage.