A will is an obviously vital document that allocates ownership of assets upon death. It should be rather clear, and the will estate lawyers will often request clear terms when the individual is detailing about how they seek to have assets allocated.
Why, then, are there so many problems with wills? Why do things get held up in various legal tanglings and issues that can stem from the desires of the individual who passed away? Clarity should be a top priority, but it isn’t always clear once the will is utilized. From there, a Real Estate Attorney in Chicago needs to facilitate the law of succession. The law of succession explores who obtains the property in order of succession, when it is not clearly stated in the will text.
Willed Property
There are will attorneys that work in this area, of course. But, a Real Estate Attorney in Chicago can become quite involved when the will result in property and when the client receives the property. What happens when an individual receives the property? The real estate attorney can walk them through various options.
There is a legal obligation to own the property, however briefly. The attorney can properly funnel the property into an estate, and hold onto it for the future. They can also donate it or have it held onto and protected if no sale is sought right away.
How to Proceed with a Willed Property
The answer of what to do, of course, harkens back to the law of succession. Who else is entangled with the property? For example, an individual can stop any potential sale of the property and use it as they see fit. But, they can also choose to sell. When this happens, they may need authorization from others. A real estate attorney can be extremely useful in navigating these complex waters. They can authorize the sale and retrieve proper documentation to make sure parties are compensated after the sale. This diminishes any legal action.
Real estate law is one of the main practice areas at the law office of Starr, Bejgiert, Zink & Rowells. Our attorneys have over 80 years of combined experience in this area of law ensuring accurate legal advisement for our clients.
