A 2013 American Housing survey revealed that there are about 115 million occupied housing units in the United States. For all of these people and more, it is important to work with estate planning attorneys and real estate attorneys. Dealing with properties, debts, wills, and housing situations are all reasons you should work with and consult with real estate attorneys.
About 42% of all homeowners in America do not have enough in liquid financial assets in order to support themselves for at least nearly three months. Also, know that 65.2% of all families owned their primary residence in the year of 2013 per information released from the Federal Reserve’s Survey of Consumer and Finances. Here are more random facts about the world of real estate attorneys.
The Economic Census in 2012 revealed that there are 86,004 real estate brokerage firms currently working in the United States. Real estate attorneys can help you deal with organizations such as this. A survey was conducted that informed people that 60% of all respondents believe that people should have estate plans, but only 44% of all people actually have one. 75% of all people involved in the survey believe they would want to create and update their will if they could do so easily online.
Right now in the United States, there are more than 4,500 debt agencies operating. In the year of 2014, there were 1,117,426 foreclosure filings and 327,069 alone. Real estate attorneys can help you with some of the legal aspects of this that you may be unaware of. For instance, losses range from 20 cents to 60 cents on the dollar and lenders typically lose %50,000 or more on one foreclosure so lenders and investors do not make any money on foreclosures.
One foreclosure will end up in about $220,000 in reduced property value and home equity for homes in the area. About 55% of all people considered to be adults in America do not have either a will or any sort of estate plan in place. Only 38% of all Americans have a health care power of attorney. This type of attorney gives another person the power to make your healthcare decisions if you are unable to do so yourself because of the state of your health.
Real estate attorneys can help you even in ways that you did not expect, like helping with a will. People between the ages of 30 and 39 are not likely to have a will, as a matter of fact, only 20% of people do. American adults that have living wills went up from 2004 to 2007. It rose from 31% to 41% in the respective years.
The Wisconsin State Bar released information that a will may take over two years to probate if complicated. A simple will may actually take at least six months to sort out. They then released information that the same amount of time is similar in other states. A survey was conducted which asked participants to provide reasons for not having a will. About 16% said it was complicated, about 14% said it was expensive, 13% believe that a spouse/child would get any assets they own automatically, and the majority of 18% said they did not think it was necessary.
In conclusion, real estate attorneys can do plenty for you. Not only can they help with estate plans, but they can even help you sort out your real estate assets. Things such as property, cars, boats, and other random items may be grouped into this category. This is why it helps to have someone on your side in the world of real estate.