Who will carry on your legacy? It’s a question that resonates deeply for those with assets and loved ones to protect. In the world of estate tax planning strategies, knowledge is more than just power; it’s a legacy safeguard.

Whether you’re navigating the intricacies of wills and trusts or considering the impact of a second marriage on your estate, the stakes are high and the rules, complex. Here, we unravel the often-overlooked estate tax planning strategies that could be the difference between a well-preserved legacy and an opportunity lost. Read on to discover how you can protect not just your assets, but the future of those you cherish most.

Utilizing Revocable Living Trusts

Revocable Living Trusts are becoming increasingly popular in estate planning due to their flexibility and control advantages. Unlike irrevocable trusts, they can be modified during your lifetime to allow you to own and manage assets within the trust.

A key benefit is avoiding the time and expense of probating assets upon death. Especially important if you own real estate in multiple states. These trusts also:

• Provide more efficient estate administration
• Minimize emotional stress for your family
• Ensure privacy by avoiding public court processes

Revocable Living Trusts are particularly effective in preventing court interference after death or incapacity. They ensure equitable asset distribution and provide prenuptial protection.

Importantly, they can protect assets from beneficiaries’ creditors and from being impacted by divorce proceedings. Unlike a will, a living trust is more difficult to contest. They ensure minor children are not directly handed their inheritance and can include tax planning to reduce or eliminate estate taxes.

While initially more expensive than a will, a living trust covers both living and post-death issues, potentially saving costs in the long run.

Gift Tax Strategies

Gift tax strategies are crucial for estate tax planning. One effective method is to utilize the annual gift tax exclusion. This allows you to give a certain amount per recipient each year without incurring gift tax.

This strategy can significantly reduce the size of your taxable estate over time. It’s important to note that the rules for what constitutes a gift can be complex, and improper gifting can unintentionally trigger tax consequences.

For example, paying for someone’s tuition or medical expenses directly to the institution can be exempt from gift tax. Additionally, larger gifts can be planned to coincide with significant life events, like marriages or the birth of a child.

Understanding the nuances of these rules and strategically planning gifts can play a pivotal role in minimizing estate taxes and maximizing the inheritance for your beneficiaries.

Charitable Contributions and Trusts

Charitable estate planning allows you to leave a legacy that goes beyond financial wealth. It’s an opportunity to impact causes you care about, like education or healthcare.

It’s not just about donating money. Appreciated assets, life insurance policies, or even endowments can be used. This kind of planning ensures that your values and beliefs continue to make a difference even after you’re gone.

One of the major benefits of including charitable giving in your estate plan is the potential tax benefits. Not only can these contributions reduce your estate’s tax liability during your lifetime, but they can also offer estate tax advantages.

For instance, giving appreciated stock to a charity can help you avoid capital gains tax, and making a bequest in your will or trust can also bring tax benefits. These tax advantages can optimize your financial position and fulfill your charitable intentions simultaneously.

Family Limited Partnerships (FLPs)

FLPs are strategic tools for estate tax planning, especially in the context of preserving family wealth and reducing estate taxes. They involve transferring business interests or assets to family members, often at a reduced tax cost.

FLPs allow the transfer of business interests or assets to family members in a tax-efficient manner. By doing so, you can reduce the overall value of your estate, which in turn can lower potential estate taxes.

This strategy is particularly effective for those who wish to keep their family business within the family while also managing their estate tax exposure.

FLPs offer a way to maintain some control over the assets or business while transferring them to the next generation. This control is balanced with the tax benefits that come from reducing the value of your taxable estate. It’s a way of ensuring that your family retains the wealth you’ve accumulated, without the heavy burden of estate taxes.

Life Insurance Trusts

Irrevocable Life Insurance Trusts (ILITs) offer benefits like estate tax reduction and asset protection. When you establish an ILIT, you transfer the ownership of a life insurance policy into the trust. This strategic move separates the policy’s value from your taxable estate, which can lead to substantial estate tax savings.

One of the pivotal advantages of an ILIT is its ability to protect the policy proceeds from creditors, lawsuits, and even complications arising from 2nd marriages. This feature ensures that the benefits of the life insurance policy are reserved exclusively for the beneficiaries you designate, thus effectively planning for your children and protecting your children’s future financial security.

An ILIT also allows you to maintain control over how the policy proceeds will be distributed among your beneficiaries. This aspect is particularly beneficial in complex family dynamics, where specific terms might need to be set for different family members.

In addition to this, ILITs offer the convenience of bypassing the probate process. They enable a quicker and more cost-effective transfer of assets to your beneficiaries.

However, it’s important to consider that once an ILIT is established, it becomes irrevocable. This means you cannot amend or cancel the trust, which requires careful consideration before setting it up. Additionally, the management of the trust may involve certain costs.

Tailored Estate Tax Planning Strategies for Lifelong Peace of Mind

Estate planning is a journey that requires foresight and expert navigation. At Rhodes Law Firm, PC, we specialize in crafting estate tax planning strategies that resonate with your unique life story and goals. We understand that your legacy is not just about assets; it’s about the future and well-being of your loved ones.

To ensure your estate plan mirrors your intentions and secures your legacy, schedule an appointment with us. Let’s collaborate to protect what matters most to you.

Did you know that 67% of Americans don’t have trusts or estate plans? This means your assets and loved ones are left unprotected after you pass away. To help make sure this doesn’t happen to you or your family, we’ve rounded up everything you need to know about estate planning, durable power of attorney, and more.

In this article, we will discuss the most common types of trusts and how they help in planning for/protecting your children. We’ll also explain why it’s important to talk with an estate planning attorney. Let’s jump in and see which type of trust makes sense for you and your family.

What is a Trust?

Trusts are tools designed to help you manage your assets and protect them for your beneficiaries. There are different types of trusts that can be used with different goals in mind. A trust is a contract between the person who creates it, the one who controls it, and the beneficiaries.

The Grantor is the person who creates the trust. The Trustee is the one who controls it, and the beneficiaries are the ones who are entitled to the benefits of the trust. This is often a spouse, children, or grandchildren.

Trusts are also used to handle plans for a business after the owner passes. Businesses, assets, property, and more all come with a plan for your partners and family members.

Benefits of a Trust

The benefits of a trust are almost endless. Without one, this leaves your assets unprotected after your death. Your assets, children, or grandchildren are left confused, unprotected, and without a plan.

A trust gives you asset protection, planning for a child with special needs, and asset management in the case of young children or those who aren’t equipped to handle money. In a 2nd marriage, you can also protect assets after your death.

A trust will also give you privacy. Without a trust, your affairs are open to the public in probate. This allows for no court intervention, and your trust is handled by your trustee. You get to lay out all your wishes after your passing or a disability.

Revocable Trust or a Living Trust

A revocable trust is a legal entity that you create and control. You can change the terms of your trust at any time, making it ideal for people who want to keep their finances private. A revocable trust is also known as a living trust.

A revocable trust allows you to name someone else as trustee. The trustee is the person who manages the assets. You can also have a co-trustee alongside another person.

A revocable trust is also used in some cases as a will substitute. This keeps you in total control over your assets while you’re living. After your death, you would have given instructions for your assets and beneficiaries.

What is an Irrevocable Trust?

An irrevocable trust is one that cannot be changed once it’s been set up. This means that you can’t remove assets from the trust or change any of its terms, such as who will receive distributions and how much they’ll receive. Speak with your attorney to determine which trust works best for you.

You might use an irrevocable trust if you want to provide lifelong support for your children or grandchildren. This is a great option if you don’t want them to have access to their inheritance until they reach a certain age.

You could also use an irrevocable trust if there’s a possibility that someone might try to take advantage of your generosity by asking for money early on in life. This happens during a divorce, job loss, or if another child faces an emergency.

The Difference Between a Trust and a Last Will and Testament

Without a will, your assets get distributed according to state regulations. In this case, your loved ones won’t always receive your assets. If you have certain assets that are in your name alone, those assets may pass to your loved ones after your death when you leave a will.

You always want to use an attorney to make sure your will is written correctly. Protect the ones you love by creating a trust within your will. This protects them from tax liabilities and creditors. A written will gives you and your family protection and makes your wishes known.

Unlike with a trust, your will goes through probate. This process uses the court to divide your assets and property. This saves your family a lot of time and money wasted in court.

Why Do You Need a Trust?

One of the biggest benefits of using a trust is to avoid probate. When you pass away, your estate will be subject to probate court before it gets distributed to your heirs. Probate is a long and costly process that involves court hearings, attorney fees, and other expenses.

Without a trust, there’s no guarantee that all of your assets have protection during this probate time period. By contrast, when you leave an asset in trust for beneficiaries, the trust avoids probate because it’s considered private property.

A trust also keeps your assets protected from creditors or lawsuits against you. The trust also protects the beneficiary’s ability to manage their inheritance. You can pass assets without tax implications on death, which is a huge money saver for your loved ones.

Hire a Trusts Expert Today and Protect Your Family and Assets

Deciding what to do with your assets after your passing is a big decision. If you want to learn more about the different types of trusts, contact us today. We are here to answer any questions you may have and help you make the right decision for your situation.

You don’t have to go through this process alone. Let our experts help with trusts, wills, power of attorney, and more. Make a plan for when the unimaginable happens.

Fill out the contact form here to get in touch with a local trust attorney at Rhodes Law Firm, PC. Don’t put off this important life milestone any longer.

Divorce can be tough for children to cope with. They’re suddenly having to shuttle back and forth between both parents, splitting their time and energy in new ways. What happens when a stepparent is introduced into the equation?

An estimated 50% of US children aged 13 or younger live with one biological parent and that parent’s new partner. The emotional impact of a parent’s second marriage will vary based on a variety of factors, as will the long-term financial impact.

If you’re getting remarried, it’s time to start thinking about protecting your children. This may include efforts like improved communication and family counseling. It should also include financial planning.

Read on to learn how to protect your children with estate planning when you’re getting remarried with these seven tips.

1. Consider a Prenuptial Agreement

No one wants to think about their impending marriage coming to an end, but the divorce rate in second marriages is statistically higher than it is in first marriages. When you’re entering a second marriage with significant premarital assets, you may want to consider creating a prenuptial agreement with your new spouse.

If a divorce leaves your former partner at a financial disadvantage, you may be expected to pay alimony. A prenup will ensure that you remain in possession of your premarital assets so that you may then use them to support your children as you see fit, even in the face of alimony.

2. Review Guardianship Designations

If you began the process of estate planning during your first marriage, you may want to review any guardianship designations you made for your children. Who did you previously name as the guardian of your children in the event of your death and the death of their other parent? Does that designation still stand?

Guardianship designations for children of divorce can become tricky when both biological parents are in disagreement. For example, you may want your new spouse to become the legal guardian of your children in the event of your passing and your former spouse may not approve of this plan. An attorney can review your will and provide legal guidance to protect your best interests.

3. Update Account Beneficiaries

It is common for married individuals to name their spouses as their beneficiaries on retirement accounts and other assets. When children are involved, the expectation is often that the spouse will use those assets to provide for the children. However, this may not be the reality when your spouse is not the biological parent of your children.

With the help of an attorney, review all documents that name your beneficiaries. Determine which assets, if any, you wish to go to your new spouse and which assets you want to go directly to your children. It is best not to operate on the assumption that either your new or former partner will use assets left to them to support your children.

4. Create an Airtight Will

As estate planning attorneys, one of the biggest issues we see in clients who are getting remarried is a simple will that leaves room for error. While it may seem straightforward enough to use language like, “I leave everything to my children,” vague and overarching statements are often considered open to interpretation. What about property and assets owned jointly with your second spouse?

An airtight will specifies who will receive each of your assets that do not have a named beneficiary (e.g., cars, liquid funds, and high-value belongings) and under what circumstances they will receive them. Not only should you revisit your will before a second marriage to modify any statements regarding your former spouse, but you should also create an airtight outline of everything your children and new spouse will separately inherit.

5. Create a Trust for Your Kids

Depending on the age of your children, you may need to set up a trust in order for them to receive their inheritance. While minors can receive an inheritance, they cannot manage that inheritance until they are at least 18. That means that someone will have to manage it for them and by creating a trust, you can determine who that person is, whether it’s your spouse, a relative, or a professional financial advisor.

When creating a trust, you can also determine when that trust no longer requires third-party management. The earliest that this can occur is when your child turns 18, but you can also set a later date if you’re concerned about your child’s ability to manage their inheritance at such a young age.

6. Close Joint Accounts from Previous Marriage

When parents think about protecting their children when getting remarried, they typically think about their new spouse’s involvement. However, you should also take into consideration your former spouse’s involvement with your current assets.

Whether or not your first divorce was amicable, it’s recommended that you close all joint accounts from your previous marriage. This will eliminate the possibility of becoming responsible for any debt your previous partner may accrue after your divorce.

7. Prevent Probate

Your ultimate goal is to provide enough legal protection over the assets you’re leaving to your children to avoid probate. Probate will occur if there is good reason to contest your will, which can happen if:

• You were deemed incompetent at the time of writing your will
• It can be argued that you were coerced to write your will a certain way
• Your will was not notarized and there were no witnesses to your drafting and signing of the will

If you die intestate, meaning that you left no will, probate is a guarantee. When your estate goes into probate, your children may have to fight other parties for their right to an inheritance.

Prioritize Protecting Your Children in a Second Marriage

When you’re getting married for a second time, you’re creating a blended family. While the impact of a second marriage on children varies from one family to another, one thing remains consistent. Protecting your children requires financial management.

Rhodes Law Firm is here to review your will and estate planning to ensure legality and airtightness. Contact us today to schedule a consultation to learn more.

Having your last wishes in place is an important part of the wealth-building journey. The motivation for many is to have a legacy that they can pass down to future generations. With this in mind, many people are simply unprepared.

Approximately 64% of people today have not drafted a will. If you’re among those who either have not created a will or other legal arrangements, it’s important that you get started. Knowing the most important legal terms will help you tremendously.

This article will teach you all about estates, wills, and trusts so that you have a better idea of what to expect when getting your final affairs in order.

What Is a Trust?

Having to put your affairs in place is a sobering reality, but one that you must face with diligence and discretion. Understanding what a legal trust is will help you as you navigate this journey.

A legal trust is a type of arrangement that is put into writing to list how assets should be passed on once a person dies. Make sure that you learn which variables make the biggest difference when creating trusts:

The Types of Trusts

Before anything, get to know the types of trusts that people generally enter into. The two main types you should know are revocable and irrevocable trusts.

A revocable trust is a type that lets the person who created the trust control the assets. They can make changes to it in their lifetime as long as they are of sound mind to do so.

With an irrevocable trust, the creator hands over rights that they otherwise would have had. The trust is pretty much set in stone once it is created, and it will be handled based on the terms, without modifications.

Consider the Types of Assets to Include

Perhaps the biggest piece of the puzzle to consider is what types of assets you wish to include in your trusts. There are a variety of asset classes that people include in these arrangements, such as stocks, liquid funds stored in bank accounts, exchange-traded funds (ETFs), mutual funds, precious metals, and other sorts of assets.

Make sure that you consider the types of assets that you want to include at the creation of the account so you can designate how it is handed out to your beneficiaries.

Know the Benefits of a Living Trust

So, what makes a living trust such a great idea?

For starters, having a solid trust helps you avoid probate so that your affairs are carried out exactly to your liking. You’ll be better able to skip the legal process so that you don’t run into lawsuits and other issues that might compromise your plans.

This process is also helpful because you can avoid estate taxes that you would otherwise pay. Many people like the autonomy that trusts bring and that they find them more financially advantageous.

Determine Your Trustees and Beneficiaries

Once you are ready to create a trust, the most important part is to decide who you would like to be your beneficiaries. These are the people that you will pass your assets down to and can include any number of relatives, including your children, grandchildren, survived spouse, and other people.

Consider the needs that they will still have after your passing and how the assets that you pass on can help them out. From there, you can also determine the amounts and when they will be able to receive their proceeds.

What Is an Estate?

An estate is one of the most important legal terms that you need to understand. In simple terms, this is the wealth that you leave behind upon your passing.

It is calculated so that decisions can be made on how it will be divided, and which beneficiaries will receive which parts of the estate.

Understand What Comprises an Estate

Your estate will consist of any wealth that you accumulate prior to your passing. It is your net worth, which consists of a combination of liquid funds, stock equity, real estate, personal property, and a host of other assets.

It can also include future earnings, such as royalty payments that you are entitled to.

Decide on the Legal Structures

Estate planning comes down to deciding on which legal structures you prefer. This can include a combination of wills/trusts of different kinds that help in planning for your passing and protecting your children.

A legal professional can provide you with legal help so you can decide which combination makes the most sense for you.

Consistently Manage Your Estate

Make sure that you are staying on top of your estate so that you know how to handle it. For starters, figure out the key legal terms you need to know so that you can remain abreast of your legal standing.

Appoint an estate manager to help execute decisions upon your passing. This can include a family member along with an estate lawyer to oversee it. You can also appoint a durable power of attorney that can assist you in the event you are medically unable to make decisions.

Make changes to your living will and trust whenever necessary. You might do this when you accumulate new forms of wealth or enter higher tax brackets. Do everything in your power to stay current and set your estate up in a way that helps everyone involved.

Perhaps most important, learn the estate laws where you live. This will help you to arrange your estate in a way that skips the probate process and lets your wishes be carried out how you choose.

Learn About Trusts and Estates

This article lets you know the ins and outs of trusts so that you can make the right decision for your final wishes. Now all you need to do is get in touch with professionals that can assist you through the process.

For help with any kind of estate planning, get in touch with us online or call (706)724-0405 for our Augusta branch or (803)649-6060 in Aiken.

Did you know that probate, despite its noble intent of orderly asset distribution, can potentially erode 5% or more of your estate’s value? Not an ideal parting gift for your loved ones, is it?

It doesn’t have to be this way, though. The daunting prospect of probate can be circumvented.

Yes, you heard it right! We can sidestep the laborious probate process through some well-executed maneuvers.

So, let’s delve into the essentials of estate planning to avoid probate and better preserve your legacy.

1. Revocable Living Trusts

Revocable living trusts serve as an effective instrument to sidestep probate. With a trust, you transfer ownership of your assets into this entity.

The clincher? It entirely bypasses probate since technically, the trust – not you – is the legal owner of these assets.

However, it’s crucial to note that you’re not ceding control in any way. You’re in the driver’s seat of this trust throughout your lifetime. You hold the power to manage assets, effect buying or selling, or even dissolve the trust, should you change your mind.

In essence, the trust serves your interests, maintaining control, while ensuring a smooth transfer when the time comes.

2. Joint Ownership

Joint ownership works much like a relay team. You share ownership of assets with another person, often a spouse. When one partner passes, the baton of ownership passes seamlessly to the surviving partner, and not into the hands of probate courts.

There are two variants of joint ownership, namely joint tenancy with the right of survivorship and tenancy by entirety. Though they sound quite complex, their underlying principle is simple and efficient. Joint ownership forms a sturdy bastion against the onslaught of probate.

3. Payable-on-Death and Transfer-on-Death Designations

With payable-on-death (POD) and transfer-on-death (TOD) designations, asset transfer becomes a breeze. It’s almost as if you could point to a person and state, “This is yours when I’m no longer around.” And that’s practically what these designations facilitate!

POD works wonders for bank accounts. You retain control over your funds, and on your passing, the assets transition directly to your chosen beneficiaries.

On the other hand, TOD applies to securities such as stocks and bonds. Following the same principle, you hold sway over these assets during your lifetime. The assets only transfer upon your demise, neatly sidestepping the probate process.

4. Gifts

Gifting is an age-old tradition of passing wealth, and it could also be an effective strategy for avoiding probate. The idea is simple but potent – if you don’t own it when you pass away, it doesn’t go through probate. So, consider giving away some of your assets while you’re still around to see the recipients enjoy them.

But before you start wrapping things up in shiny paper, it’s worth taking a moment to understand the potential gift tax implications. There are rules about how much you can gift tax-free each year and during your lifetime.

The last thing we want while trying to sidestep probate is to land in hot water with the IRS. So, it’s always a good idea to check in with a financial advisor or an estate planning lawyer before making significant gifts.

5. Small Estate Provisions

When it comes to the probate process, smaller estates often have a unique advantage. They can take refuge in something known as small estate provisions.

A Ray of Hope for Small Estates

These are special rules established by states to offer a more simplified process, or even a total exemption from probate, for estates that fall below a certain threshold. This is the law’s way of acknowledging that not all estates, especially the relatively modest ones, need to be put through the full rigor of probate.

Navigating Small Estate Provisions

But while small estate provisions can make things considerably easier, they come with their own set of complexities. For starters, the definition of a ‘small estate’ varies from state to state. Some might set the limit at $50,000, others at $100,000 or more.

Moreover, certain types of property may not be counted towards an estate’s value. So, while your estate may seem small on paper, it could still be subject to probate if you’re not careful.

Consult the Professionals

The smart move here is to consult with an estate planning lawyer. They can help you understand how small estate provisions work in your state and whether your estate qualifies.

Even if you can’t entirely avoid probate, these provisions could potentially save your heirs a lot of time and trouble. Remember, understanding and utilising small estate provisions can be a potent weapon in your arsenal to fight probate.

6. Estate Planning Lawyer

In the labyrinthine world of probate laws, an estate planning lawyer serves as an invaluable guide. Their proficiency in probate law makes them the ideal ally to navigate this complex landscape. These professionals are well-versed with every intricate detail of estate law, each loophole, and each strategy.

Engaging the services of an estate planning lawyer is like having a custom-designed blueprint for your estate’s journey past probate laws. They ensure that every minute detail is accounted for, thereby sparing you and your family from future headaches.

7. Beneficiary Designations on Retirement Accounts and Life Insurance Policies

Your retirement accounts and life insurance policies can be potent tools in your probate-avoiding strategy. These instruments come with built-in beneficiary designations that bypass probate.

Retirement Accounts and Life Insurance Policies: Unsung Heroes

For retirement accounts like IRAs or 401(k)s, you can designate beneficiaries who will inherit these directly upon your death. Similarly, life insurance policies offer a direct payout to named beneficiaries, free from the clutches of probate.

But remember, it’s crucial to keep your beneficiary designations current. Major life events can drastically alter your estate planning landscape. With a proactive approach, these financial tools can bolster your estate planning strategy, ensuring your assets transition smoothly to your loved ones.

Now You Know How To Avoid Probate

So, there we have it. Seven solid strategies to avoid probate.

Remember, a little planning now can save a whole heap of trouble later. Take control, explore these options, and keep your hard-earned assets right where they belong – in the family.

Because who wants to give more to the probate courts when you can leave more for those you care about? Get in touch with us today to find out more about how we can help.

You may not have been aware of this, but sixty-six percent of Americans have no estate plan in place. This is a glaring problem, as many people feel that estate planning is an important thing to do.

When you hire an estate planning lawyer, one of the first things they may suggest is to perform a title search on your house. This is a smart move, as problems can pop up with property titles all the time.

If you would like to know what issues you might see and how a lawyer can help with title problem resolutions, then all you need to do is keep reading.

Common Property Title Issues

The problems that can creep up with property titles can sound incredibly scary. Luckily, a good lawyer will be able to identify many of these problems via a title search and resolve them easily.

Below, we have identified a few of the most common issues with property titles. Don’t assume you are immune to any of these – your property could have a history that you know nothing about.

If you would like to avoid these common problems, then you should consider homeowner’s title insurance. This gives you an extra layer of protection in case any property title issues come up.

Liens

One of the biggest problems that you could encounter is liens. This is when an entity is given the right to keep possession of someone’s property until a debt is paid off.

There are three main types of liens– property, mechanics, and judgment. These liens can be placed for different purposes. It’s important to be aware of any liens you might have.

Each lien will prevent you from selling your home or transferring ownership until the debt has been paid. It also prevents the title from being transferred, which can complicate things when planning how your estate will be divided.

Lawsuits

If your property is on a condo, co-op, or part of a homeowner’s association, then legal actions against it are a common problem you might face. Legal actions can be anything from construction without the needed permits or a dispute against a board of homeowners.

A lawsuit isn’t necessarily a showstopper when it comes to arranging the things that you need to do, but it can make the process more complicated.

If you’re looking to make things easier on whatever process you’re completing, double-check to make sure no legal action is being brought against one of your properties.

Boundary Disputes

With any property, you’re bound to experience disagreements over where the property line actually lies and who a section of land belongs to. You’ll especially run into this issue if you’re trying to do something such as cut down a tree or build a fence.

Luckily, this issue is a fairly easy one to fix. All you need to do is order a boundary survey to determine where the property line is.

Even then, you may still run into a few boundary challenges. However, having a property survey will head off the worst possible problems.

Heirs and Wills

This is another situation that shows the importance of title insurance.

A title search might reveal heirs who were previously unknown or a new will that could make ownership of the house difficult. Sometimes the will didn’t make it through probate before then. Sometimes the heir misunderstood the deceased one’s wishes.

No matter what the circumstances are, that instantly complicates your situation. If you don’t have a homeowner’s title insurance policy, you’ll find yourself in the middle of a difficult legal battle.

Easements

An easement is a right to use, come onto, or cross a property that doesn’t belong to you. If you have an attorney do a title search, you might discover that the homeowner before you had an easement with someone else. Easements are typically found on your public title record.

Having an easement might make building on or otherwise changing your property difficult. It can also be difficult if you no longer want people to cross your land.

Another, slightly less common problem, is that you might need an easement for a neighbor’s property that had been foreclosed or otherwise extinguished.

Clerical Errors

Sometimes, despite all efforts to make sure things go smoothly, errors with the paperwork happen in one way or another. Humans make mistakes.

The clerical error can be any number of things. Many times, part of a deed’s documentation is simply missing. It could also be something such as the fee wasn’t paid, or the deed was recorded outside of the county.

You should consider having an owner’s policy and title insurance. Those two things will prevent serious financial damage. It’ll also ensure the legal costs of fixing up the mistakes are covered.

How an Attorney Can Help

When you hire an estate planning attorney, if they do suggest performing a title search, they will be able to review documents connected to the property. This will allow them to identify any issues connected to the title.

An attorney will likely be able to help you settle these issues, whether it’s finding a boundary line or re-filing the necessary paperwork.

Hiring an attorney to help you with your property is one of the best things you can do. They’ll save you time and effort to make sure you have a clean title.

Reach Out to Rhodes Law Firm

Now that you’ve learned all you need to know about property title issues and how attorneys can help you, you’re ready to make sure there are no issues with your own title.

Where better to find an attorney than Rhodes law firm? We’re experienced with all kinds of law from estate planning to planning for taking care of someone with special needs.

If you have any further questions or would like to schedule a consultation, simply reach out to us here.

Don’t wait- contact us today to make sure there are no issues with your property title!