You have found your dream home! A beautiful little country cottage that’s going to be affordable, and it’s going to be yours. It’s amazing what the internet can do for you. You never would have met good ol’ Harry and Barb if it hadn’t have been for that private for sale web site. Who would have guessed buying a home could be so easy! A quick walk through to prove the house is everything that you’re looking for, a hand shake, $1000.00 deposit…now you just have to wait a few days to meet with your lawyer so he can draft your actual contract. In 45 days you’ll be moving.
Let’s start with an overview of an Executors’ responsibilities. As executor, your first duty is to initiate probate, which is the formal process of proving the Will and confirming your appointment as executor. The Clerk of your county Probate Court can provide you with the forms that are appropriate for your county. My experience with probate court clerks is that they are very helpful and responsive to your requests. Many of the forms you will need can be downloaded over the internet at your state or county website.
It takes years and years for people to settle down and have the ability to buy a new house for them. Most people tend to dream about an own house and die without getting the chance to see their dream come true. Nonetheless, there are some people who dream and make them come true. This article is directed to those few people who manage to act on their dreams.
Falsely Believing Estate Plans Are Just For The Rich. People falsely assume that their estate just isn’t worth enough to warrant all this trouble. Most people would be surprised by the true worth of their estate, especially when a home is factored into it. The tax-free threshold doesn’t seem so high in light of this revelation. This can result in tremendous penalties for those you’re leaving property to. To find out just how much your insanité d’esprit succession is worth, consult an executor attorney and your accountant.
Estate laws change often enough that you want someone taking care of your estate planning who stays current with the latest laws and knows how to give you what you want and need-even when you may not know what you need.
The purchaser has to pay purchase tax. This tax has to be paid within 50 days of the signing of the contract. The tax is computed on a sliding scale and is easy to calculate. The more expensive the apartment, the higher the tax. If the purchase tax is not paid, the property cannot be registered in your name. Lateness in paying the tax will incur fines. Your lawyer will be able to tell you how much the purchase tax will be for any apartment you are considering, so that you can add this figure into your budget.
I always tell people do not think of the money the lawyer is costing you, rather think of the potentially millions of dollars they are saving you in litigation.