Ryan M. Mynard, Attorney at Law, P.A.

Crestview Probate and Estate Planning Law Blog

Mistakes related to estate planning can be costly

It's important to take steps in order to prepare for unexpected events in life, including death. Unfortunately, this process is often placed on the back burner in Florida and elsewhere. In addition, when people do actually engage in estate planning, they often make some costly mistakes in the process. Here are some major mistakes that are critical to avoid when planning an estate.

The top estate planning mistake is not creating a will at all. Research shows that half of Americans lack wills, which are designed to spell out how various assets are to be distributed when the estate owner passes away. Ideally, people should create wills when they are young and then update these documents as they age.

Some residential real estate projects may be lucrative

Before selling their homes in Florida, some homeowners may naturally wonder whether they should update their houses or sell the properties as is. For example, would upgrading a kitchen lead to a better sale? What about the bathroom? Let's take a glimpse at some common residential real estate remodeling projects and whether they generally provide good or poor returns on a homeowner's investment.

For starters, the kitchen may cost nearly $70,000 to fully update. When it comes to resale, though, researchers reported that homeowners generally recoup less than 60% of their investments. The same is true for bathrooms, where remodeling projects may cost half as much but yield a return on investment of less than 60%.

Keeping estate planning documents safe is critical

Individuals in Florida typically see the value of storing their critical documents in safe places. These documents range from birth certificates to passports, for example. Likewise, it is important that estate planning documents are maintained properly. Here are a couple of important steps for securing wills and other related documents.

For starters, people who create estate plans would be wise to tell others, such as their loved ones, where these plans are being stored. This is vital because documents like powers of attorney, powers of attorney for health care and living wills might be needed right away. Furthermore, filing a will with the local probate court might be necessary after the will creator passes away.

What is the purpose of a quiet title action?

Handling a loved one's assets when they pass away is part of the estate administration process. Some people might not realize just how much work goes into this. The administrator must locate assets and heirs, ensure that everything transfers to the new owners appropriately and handle the taxes for the estate.

Real property is one thing that requires careful planning. If there is a chance that any other party might stake claim to it, a quiet title action might be in order. This effectively cancels other claims, so the rightful owner won't have to worry about someone coming to claim the property.

Residential real estate pricing expected to increase

Many homeowners and potential homebuyers believe that housing prices in Florida and elsewhere have already gone as high as they can go. However, research shows that this is not the case. According to a brand-new report, residential real estate pricing is expected to grow even more next year.

Researchers recently said that housing prices should grow by more than 5% by next July. This is a dramatic change from what took place in 2019. The report shows that sales activity is indeed picking up, at least in a modest way.

Getting your name on the deed of a house you inherited

Florida has a few ways for someone leave you property when they pass away. Some are easier for you than others. In some cases, the deceased’s name is still on the deed, and you soon realized there isn’t much you can do with a deed that has someone else’s name on it.

Where there’s a will, there’s a way. Here’s a pocket guide to Florida’s process, but you’ll want an attorney to review your work before it’s final, or to guide you through the process start to finish.

Residential real estate sales boomed in July

The sales of homes in Florida and other parts of the United States are apparently experiencing a strong summer season. This is because residential real estate sales specifically went up during the month of July after a more dismal spring home-selling season. According to industry experts, the low mortgage interest rate today is causing a boost in home sales.

Research indicates that sales went up 2.5% for current homes in July when compared with the month of June. In other words, five million more homes were sold in July. This is welcome news to economists, who did not think that sales would increase more than 2.3% between the two months.

Estate planning can help to answer several critical questions

Many people in Florida and elsewhere prefer not to view themselves as being mortal. For this reason, they put off estate planning. However, creating wills and trusts are essential for protecting a person's assets and wishes for loved ones long term. Here are some important questions to address in an estate plan.

First, it is important for people to come up with plans for how their loved ones will be cared for in the event that they pass away. For instance, if two individuals have minor children, it would be wise for them to name a guardian for these children. In addition, if they personally become incapacitated, who will make medical and financial decisions on their behalf?

Buying residential real estate in Florida can be competitive

Purchasing a house is never straightforward, as the process features many moving parts. However, shopping for a home can be particularly rough in highly competitive markets. A couple of tips, though, may help aspiring buyers to successfully purchase residential real estate in Florida.

For starters, it is a smart move to get in touch with a realtor early on in the home buying process. During an initial consultation, the realtor can help a would-be buyer to understand the current market's opportunities as well as the challenges it presents. In this way, the aspiring home buyer can establish realistic goals during the process.

Residential real estate on upswing for sellers

During the past few quarters, experts have raised concerns about how the United States' housing slowdown would impact the economy. However, the housing slowdown appears to be ending. This is especially great news for residential real estate sellers in Florida and elsewhere.

The real estate market began to soften last summer. At this time, an increasing number of homes entered the market, but fewer sales occurred compared with years past. However, there are now signs that this trend may reverse by the fall season.

Schedule A Consultation

With offices in Crestview, we advise and represent clients throughout Northwest Florida. To speak with a dedicated and compassionate estate planning and probate lawyer, please call 850-634-4656 or contact us via email. We would be honored to speak with you about your concerns.

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Ryan M. Mynard, Attorney at Law, P.A.

Ryan M. Mynard, Attorney at Law, P.A.
420 East Pine Avenue
Crestview, FL 32539

Phone: 850-683-3940
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