We believe that you are here because you are looking for some valuable assistance when seeking to plan accordingly in the future of your real estate status. The reason for this however, is due to the increasing uncertainty that we are being subjected to on both a financial and health related level because of the ongoing Covid-19 pandemic.
These two factors are thus intertwined because if you were to fall ill due to the virus, your personal assets would be placed in immediate jeopardy. In this case, you cannot allow the status of your real estate to be placed in danger since it defines your place of residence, income, and property.
For that reason, throughout this article, we will provide you with specific details and suggestions on how to accordingly plane ahead in hopes of avoiding any possible real estate related calamities throughout this pandemic. However, the only capable individual with the necessary experience to guide you through these processes if need be, will be a real estate lawyer in Covid-19.
This type of competent attorney has the necessary skills and legal tools to help you to discuss the subjects of estate planning in instances of incapacity and foreclosures. We urge you to join us throughout this detailed account so that you may learn specific tips for all homeowners throughout this pandemic, and how a competent lawyer can help you achieve that desired planned security.
Incapacity Planning
In the State of Florida, incapacity is defined as a person that is incapable of making decisions or performing specific acts by his or her own self. Furthermore, an individual who falls ill from the ongoing virus can be categorized as a physical impediment and can thus prove to not allow someone to work, communicate and take care of themselves.
However, before a person is declared incapacitated by medical professionals or a court, having a plan in place makes a substantial difference for the family or trusted individual who will be caring for them. For our own sake, this mechanism must also be applied when trying to secure the safety of your real estate. However, to accomplish this, the following legal obligations will have to be met.
- Joint ownership: In any case that there is an instance of incapacity because of Covid-19 related issues,Joint ownership allows another trusted person to have the same access to the property real estate that you own. This would allow the other person to execute payments, decisions, or obligations regarding the estate and similar assets. Planning ahead of this, will avoid unnecessary complications if there is only one title owner of the estate. If you are unable to communicate your wishes, your family and property is subject to suffer unprecedented financial uncertainty.
- A Durable Power of attorney: A Florida durable power of attorney is a legal designation that would permit you to choose a family member to make specific financial decisions on your behalf when you are simply unable to do so yourself. Furthermore, the scope of powers you decide to bestow to the individual can be large or limited, depending on the situation. This durable power is especially helpful when you hire a competent lawyer because he or she will properly advise the individual on the best possible solutions for your property.
- A Living Trust: The utilization of a living trust is a common estate planning strategy within Florida. It allows a person to choose a successor to take over the administration of any property estate when you are no longer capable of doing so. Trusts are extremely flexible and can also be used to accomplish a variety of other estate planning goals. For that reason, a living trust is a useful tool to get a hold of and should be taken into account when planning ahead throughout a pandemic.
Protection Against Foreclosures
This pandemic has caused millions of people to lose their sources of income, creating a huge uncertainty and inability to make house payments eventually leading to a foreclosure. That is why the current state mandated provisions will simply not offer long-term assistance for those who have lost their jobs and thus struggle everyday to make ends meet. For that reason, we have some suggestions on how to plan when dealing with a foreclosure:
- Mortgage loan modification: By modifying the amount of your mortgage loan, you will maximize your chances to have the ability to alter the terms of your loan repayment and may even reduce the totality of your payments.
- Filing bankruptcy: Filing bankruptcy is never an enjoyable process, but it can definitely halt the foreclosure process and therefore provide you with the necessary time to either negotiate a mortgage modification or allow you to attain an affordable payment plan that fully updates your loan. By obtaining a bankruptcy, you automatically relinquish any credit cards, or other types of debt, you will have a substantial amount of money saved up that can be utilized for your house payments.
- Lease buybacks: This is defined as an instance when a non-profit organization purchases your home and then proceeds to lease it back to you. In due time, you will be able to acquire your home back. However, it is crucial to be legally represented by a competent attorney, as there are several companies that tend to offer forms of lease buybacks yet instead of trying to assist you, they might opt to operate for their own interests.
Hire An Attorney
We believe that you’re more aware of what options you have on the table in terms of planning ahead for the future of your estate, when dealing with instances of incapacity or foreclosures. However, in order to utilize these options, it is essential to be represented by a competent real estate attorney. Let’s go ahead and review the advantages of hiring the services of one.
- When planning ahead, all vital documents will be prepared by an experienced professional. Nonetheless, you may rest assured that these mandated records will be customized to your own specific needs and interests. In this case, your lawyer will make sure that your claims detail the desire that you have to protect you and your family from any financial repercussions that the current pandemic can bring about.
- Your attorney will also assist you in completing the necessary steps that people tend to have problems with. These issues tend to vary from choosing guardianship for your children or siblings if the illness compromises your health and therefore disallows you to take care of them. These are records that must be made official and notarized and your attorney will have the ability to sort out the entire process for you.
- Your estate plan will have to adhere to the laws of the State of Florida. Furthermore, your estate planning attorney will hold complete expertise on your state laws, which in turn offers you peace of mind in regards to the validity and detailing when he or she finishes preparing the documents.
- Your own records will express your specific demands while also abiding by the correct legal language that is necessary. However, that is why it is necessary to get in contact with a lawyer who can implement the necessary legal terms, The truth of the matter is that you alone will not be able to do so. Your attorney will thus make sure that your demands are exemplified in the legal manner in which it is supposed to be. Don’t try to do it yourself just to save a quick buck, because unfortunately it will not work out.
- Your real estate lawyer will help keep your estate plan entirely up to date. An ideal estate plan looks ahead of time in terms of a possibility of eventual death. Therefore, these are records that need to be periodically reviewed in case of any changes that you decide to make within the plan can be dealt with accordingly. Remember, once you die, what is written within the plan will be the actions carried through. For that reason, your attorney will provide a thorough review of the documents, advising you on the best decisions for your interests ahead of time.
- By hiring an attorney, you will have someone that you and your loved ones can confide in. In other words, your lawyer is someone your family can look to, especially if you become incapacitated by the virus, or even after you have passed away. That of course, will be a difficult time for your family while they endure their grieving process. However, even in such a traumatic period, your attorney will provide your family members with objective decision making and solutions.
We are more than confident that you will make the correct decision when you, as a homeowner, deal with the financial consequences of the Covid-19 pandemic. We also hope that you will properly utilize the provided homeowner tips by seeking a real estate lawyer in Covid-19. Before we say our goodbyes, we wanted to finish by mentioning that the best way to effectively plan ahead for the future of your estate is by going ahead and contacting the Offices of Scott J. Senft The Lawyer.
The truth is that Scott and his team are aware of the immense troubles that our community is being subjected to because of the ongoing virus. He wants to genuinely provide you with an effective helping hand if you wish to be prepared for a future crisis, or if you are already enduring housing trouble. With over two locations in South Florida, as well as one in Portland OR, Scott is awaiting your call!