Tuesday, July 28, 2015

Here’s Why to Secure Your Original Will

Having an Attorney prepare your Will allows you to control the way your assets are distributed upon death. If you have a Will prepared, it is imperative that you secure your original Will in a safe location so that it may be produced for the Court following your death. Failing to do so may result in a Court making the rebuttable presumption that your Will has been revoked or terminated. See In re Fox’s Will. In other words, unless it is proven otherwise, the Court may conclude that you intentionally destroyed your Will while you were alive so that the Will could no longer be enforced.

Recently, the Courts reminded us why this principle is important in the Matter of the Estate of Robyn R. Lewis. In that case, the decedent (i.e. the person who passed away) had more than one original Will but not all of the original Wills were produced for the Court. As a result, the Court found that the decedent may have revoked the Will, even though that may not have been the decedent’s intent.  

Therefore, it is wise to only have one original Will, so that you only have to worry about securing that one Will for later production in Court. Options to secure a Will include, but are not limited to, leaving your Will at your Attorney’s Office, keeping your Will at your home, or filing the Will with the Court pursuant to Surrogate’s Court Procedure Act §2507. Do not keep your Will in a safety deposit box because it may be difficult or even impossible to access it after your death.

A person spends time and money to have a Will prepared, and all of that work may be undone due to a simple mistake, such as neglecting to tell someone where the original Will is located. If you want your friend to get that piece of jewelry you promised her in your Will, then you need to make sure you secure your original Will so that it may be enforced upon your death. 

Friday, July 24, 2015

Top 5 Real Estate Lawsuits Aspiring Landlords Need to Know

There are so many get-rich-quick schemes for investing hard-earned savings in real estate to generate a huge passive income through rentals. Wake up--nothing in life is always roses, and not everyone can be Kiyosaki's Rich Dad. This is the list of the Top 5 litigation issues that income-producing property owners face incident to living the landlord's dream.

Full article in The Huffington Post, written by Andrew Lieb, Esq. here. 

Wednesday, July 22, 2015

2 Month Extension for New Mortgage Disclosure Rules

The rules for how lenders are required to disclose mortgage information to home buyers are about to change dramatically. In the interest of a smoother transition, The Consumer Financial Protection Bureau has delayed the effective date of these rules, known as the TILA-RESPA Integrated Disclosure Rules, from August 1, 2015 to October 3, 2015.

Mortgage lenders will face new requirements for providing financing information to home buyers during the mortgage application process. These rules will also affect how real estate attorneys and brokers manage the conclusion of a transaction because lenders will be required to send home buyers specific disclosures before a closing can occur and certain financial details of a transaction cannot be altered without a new disclosure form being issued.

Real estate professionals are encouraged to advise their clients who are close to choosing a home and applying for a mortgage to inquire with their lender about how these new rules may affect their mortgage application.

For more information about the new disclosure rules, please visit the Consumer Financial Protection Bureau website