Real Estate

Top 5 Mistakes Executors Must Avoid

Being an executor isn’t easy. There’s plenty of paperwork to be done, lots of interaction with government agencies, registries and lawyers. There are always beneficiaries putting on pressure to do things more quickly. And if all of that weren’t tough enough, an executor risks personal liability for any mistakes he or she makes.

It’s not surprising that executors make mistakes. In the interest of informing present and future executors, here is a look at the top five mistakes executors make:

  1. Ignoring the Will

Executors frequently feel that they have a better, or “more fair” idea of how an estate should be distributed than is directed by the Will. However, it’s not their choice. Their job is to distribute the estate according to the Will, not to re-write it.

According to Kevin Loberg, a reputable name in for sale and purchase of Toronto luxury homes, an executor might be less tempted to change the distribution if he or she kept in mind that for every person who likes the new distribution, there is at least one person who is outraged by it. If the executor fails to follow the distribution under the Will, he or she may be responsible for paying the disappointed beneficiary out of his or her own personal funds.

  1. Keeping Secrets

Executors are often secretive to the point of being furtive. Nothing is going to fuel speculation and suspicion on the part of beneficiaries more than being kept in the dark. An executor must respond to reasonable enquiries from the residuary beneficiaries of an estate. They are entitled to it, and responsible for policing the actions of the executor. They are entitled to see the Will and all of the documentation filed with the court.

  1. Treating Estate Money as their Own

Perhaps this is the reason for the secrecy mentioned above, but many executors either don’t know or ignore the limits of their role. Executors have been known to pay off their own debts, make loans to family members and buy into business ventures, all with estate funds. None of this is lawful, and executors may be forced to repay those funds out of their own money.

  1. Failing to deal with debts and taxes

By law, debts of an estate, including tax liability, must be paid before beneficiaries receive their shares. It isn’t easy to resist the pressure from those who want their money now, but an executor who pays beneficiaries without having cleared all debts and liabilities may be personally responsible for paying those debts.

  1. Trying to Keep Costs low

“Keeping costs low” seems to translate into forgoing professional help in many cases.

  • They try to do tax returns without the help of an accountant, which means they miss eligible deductions and elections.
  • They also miss filing deadlines, and so incur interest.
  • They try to sellluxury Toronto homes without a realtor and settle legal disputes without a lawyer.
  • They sell assets without appraisals and invest money with no guidance.

Very few people can do all of these things well, particularly at the same time as keeping their full-time job and family going.

A few questions to ask your Residential real estate lawyer Toronto for hiring their services

Are you selling any property or are you buying any property? Then did you anytime think about hiring a Residential real estate lawyer Toronto? There is a lot of importance of hiring a real estate lawyer and you should hire the top ones like weltman Bernstein. A lawyer who is having good experience will be working for this kind of popular law firms. There will be a lot of paperwork involved in this kind of agreements and contract. You can ignore hiring a lawyer when you are selling any property, but when you are buying any kind of property, then you will have to be very careful. So, hiring this kind of lawyers will make sure that you are having the best deals and all the documents are checked properly before you buy it.

But before you hire any Toronto commercial real estate lawyer, there are a few things that you will have to check.

  • The first thing that you need to check with a real estate lawyer is the experience. Every lawyer will not be able to handle real estate documents. You will need a lawyer with experience in handling these cases.
  • Check the availability of the lawyer when you are planning your selling or buying. If the lawyer is not available during those dates, then it can be a problem at the last minute. So, make sure that you are talking to the lawyer and getting the dates. You will have to show the documents in advance and get them checked.
  • Real estate lawyers Toronto will charge you some reasonable amount and you should the details in advance. If you are fighting for a property that has been sold to you by cheating you, then it would cost you high, but if it is just the preparation of land documents and reviewing them, then it is not going to cost you too high.
  • Check the reputation of the lawyer or the law firm from where you are hiring the lawyer. Only a lawyer with a good reputation will be able to help you in handling your case better.

When you are checking the law firms, make sure that you are hiring only those lawyers who are having good experience in handling real estate cases. You should be satisfied with all the answers that you are getting from the real estate lawyer. Do not compromise while hiring the real estate lawyer thinking that there will not be any difficult task involved in checking the property documents. These documents can cause major problem if you are signing them without reviewing them properly and hence you will need the help of the best real estate lawyers.

6 Convincing Reasons To Hire A Real Estate Agent

In tough times, many people look to reduce costs any way they could. In a home purchase, everyone wants to save 1 percent commission of the sales price.  That’s generally what buyer’s property agent makes on real estate deals. According to many experts, it’s money well spent.

It’s not wrong that you can shop for a home, and even take a look at it from inside, without consulting a 1% commission real estate agent and signing a contract. But that will not be possible for you, unless you made up your mind that you’re going to shop for homes on part time basis (around 4 hours every day). With your knowledge and expertise, chances are, you’ll end up spending more than what you intended to save.

Let’s move further with your requirements. Do you want a swimming pool? Do you want to have a fenced-in yard for your pet? Perhaps, a basement playroom for kids is included in your list. These are specific things and details you want to see in an ideal home. Continue reading