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Camden Delaware Real Estate Law Blog

Myths about residential real estate may hold back some buyers

Many factors can play into buying a new home. If individuals looking at residential real estate in Delaware have never bought a home before, they may not have all the right information. There are a number of myths about home buying that could impact a future homeowner's potential transactions.

One myth that may have individuals hesitant about buying a home is that their credit scores need to be perfect. However, a perfect credit score is not necessary. Certainly, a person with a higher credit score may obtain a more favorable interest rate and other benefits relating to their mortgage loan, but that does not mean that individuals with less-than-perfect scores must completely rule out the idea of getting a loan for their home.

If a person becomes incapacitated, power of attorney is important

Some Delaware residents may consider themselves control freaks and not think of that characteristic as a bad one. However, there will likely be times in a person's life when he or she cannot control every aspect of a situation. In particular, if an individual becomes incapacitated and loses the ability to make decisions, someone else will need to take control.

Fortunately, this type of scenario does not have to be entirely frightening. Individuals who enjoy having control can plan ahead to ensure that if someone else must make decisions on their behalves, then an appropriate party will be appointed. Typically, a person can utilize a power of attorney document in order to make that appointment. It is important to choose the right version of this document.

The importance of planning for your future, today

There are significant benefits for people in Delaware of all ages to have plans in place for their care and the care of their loved ones in the future. Through a carefully drafted and thoughtful estate plan, you can outline what you want to happen to your property, as well as what type of care you want. However, you may need more than just a basic will.

A will is the foundation in any estate plan, but it is not the only thing you may need to protect your interests. You will find it beneficial to think about the benefits of long-term care planning as well. This could particularly prudent for older Americans who may need support and care at some point down the road.

It is not too early to start estate planning

It is common for Delaware residents and people across the country to have the intention of carrying out certain actions. Of course, if those intentions do not actually turn into taking active steps toward an end result, many important tasks may go unfinished. For instance, when it comes to estate planning, many adults intend to get around to it, but some do not before it is too late.

In fact, only four out of 10 adults have created wills, according to surveys. This statistic means that a substantial number of adults have so far left their final affairs up to chance. Some people may think that they are not old enough to create an estate plan or that they do not have enough assets, but in reality, any adult with any number of assets could benefit from having this plan.

Charitable giving can be included in estate planning

Many Delaware residents have giving hearts, and they want to keep giving for as long as possible. Charitable donations often make individuals feel good and also benefit other people. Fortunately, philanthropists do not have to stop giving even as their lives come to an end as estate planning can help the contributions continue.

When it comes to charitable giving, one of the first steps is to decide what organization or organizations to contribute to. People can review their past contributions to determine where they might want to continue giving. Even if individuals have not made charitable donations in the past, they can explore new avenues. In the latter case, considering causes and desires to improve the future may help determine choices.

Numerous Americans are considering residential real estate moves

Buying a home is a milestone many people in Delaware and elsewhere want to reach. Of course, navigating the world of residential real estate is not easy, and without the right information, potential homebuyers could end up facing complications. Starting off on the right foot could make all the difference for those looking to buy their first home or even those who have purchased before.

It was recently reported that 37 percent of Americans are looking to buy a new home sometime in the next two years. For those in the millennial generation, 52 percent are hoping to buy a home. At this time, the real estate market is seeing much more demand than supply, which has resulted in high prices for residential property. In fact, individuals planning on buying their first homes will need approximately 23 percent of their income to buy, and that percentage is the highest it has been in the last decade.

Health care proxy: Patient and agent need to be on the same page

Some Delaware residents feel a sense of accomplishment after making difficult decisions. While this feeling of accomplishment may be warranted, it is also important to remember that making the right decision is better than making just any decision, especially when it comes to creating a health care proxy. It is certainly vital for individuals to choose parties to make medical decisions on their behalves, but it is also important that patient and agent are on the same page.

A recent study from Stanford University looked at the relationships between 80 patients and their appointed health care proxy agents. Because this relationship involves making medical decisions on behalf of someone who can no longer make them for him or herself, the study had patients and their agents fill out care directive forms and then compare answers. At the end of this part of the study, researchers found that all patients and their agents differed in opinion on how certain care should be handled.

What are the requirements of an executor of an estate?

When a loved one passes away in Delaware, his or her family faces the responsibility of settling his or her estate. This is a potentially complex process, particularly for those dealing with the grief and complications that often follow a death in the family. Executing the estate, which is the process of dealing with all money and assets, will be the responsibility of one person, either named in the will or appointed by the court.

If you learned you are the executor of a person's estate, you may feel overwhelmed by this task. In fact, you may be unsure of what to do. This can be a lengthy and potentially complex process, and you would be wise to have guidance as you walk through it. Having support can ensure you avoid missteps and complete the process in a timely manner. 

Small business owners need to consider estate planning

Owning a small business is the manner in which many Delaware residents earn a living. Because of the importance of their businesses, most people want to take the time to protect their companies. One way of doing so includes estate planning. Creating a plan early can help address many aspects of how the business should be addressed in the event of incapacitation or death.

Planning early can allow business owners to consider whom they would like to take over later. Business succession planning can help ensure that the desired successor understands business operations and the owner's wishes for how the company should continue operating. This can prove especially useful to avoid arguments later on about who should take over in the event of an unexpected situation.

Organizing estate planning documents can save time later

Many Delaware residents understand the importance of planning and organization. Rather than having important information stored haphazardly, it is beneficial for parties to have vital documents organized. In particular, having estate planning documents in order could prove immensely useful to surviving loved ones when the time comes to utilize the documents.

As individuals create their estate plans, they may want to remember that creating legal documents is better than simply writing down their wishes or even just voicing them to loved ones. Without proper documentation, end-of-life wishes may not be considered valid, and issues could arise. Wills, power of attorney documents and health care directives are all important to have on record to ensure that wishes are followed and the possibility of challenges are lessened.

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