There are some very complex laws about what happens to your property if you die intestate. To be intestate means to pass away without having written a will. If someone dies without having a will, there are many laws that govern what is to happen to his or her assets. In many cases, they simply just go to the spouse of the decedent. However, that is not the complex part; the complexity comes along when the person who has passed away passes away with debts. If the decedent has debts, then the bank or the government might be able to place a lien on the house for the value of the debts. If the spouse of the decedent is still alive, he or she could be on the hook for those debts. If he or she is unable to pay, then the house could even be seized. Obviously, it would be terrible to lose one’s house because of a spouse passing away.
One of the best ways to protect your property is with a property protection trust. You need an expert in property trust wills in Northampton. That attorney will be able to write a trust that will keep your home secure even if you pass away. They can seem complex as can any element of the law; however, they are fairly straightforward in concept. First, both spouses must still be alive. The spouses will then write a property protection trust with the help of an attorney. Each spouse will sign over his or her portion of the property; typically, this is 50% but not always.
When either of the spouses passes away, his or her portion of the assets will not go to the other spouse; therefore, that spouse will not be responsible for debts or unfunded liabilities for the other spouse’s portion of the property. Instead, it will go to whomever has been entrusted with that portion of the estate. Often, this is children or close relatives who will be better equipped to handle outstanding debts.
Finding an Attorney
Finding an attorney to help you write your will and your property protection trust can be difficult. You need an attorney who has experience writing those specific kinds of wills and trusts. Not just any lawyer can write a great one because property law is so complex. Real estate law is very difficult even in the best-case scenario. Therefore, you need an attorney who has experience. Their firm needs to be large enough that they can fund paralegals and assistants to do the proper research and legal writing to make sure that the property trust is ironclad. Banks and governments will do everything they can to get their money returned as quickly as possible; this means that they might try to poke holes in your protection trust. It’s important to have a solid one. On the other hand, you need to make sure that your firm is small enough that they can treat you as a valued client.
If you are a valued client, they will work their hardest to make sure that you are well taken care of.