When you think about a lawyer, you’re probably picturing an impeccably dressed figure standing in a courtroom, like what you see on modern television shows. However, the law world isn’t just populated by the typical criminal defense lawyer. Instead, there are many other lawyers, like a solicitor, whose role is vastly different.
If you don’t get the correct guidance, the equity release market can seem daunting!
Don’t stray away from this life-changing opportunity just because you don’t fully understand the process and the role of individuals, like an estate lawyer or solicitor, who will be a valuable part of the process.
Don’t worry; We’re here to offer FREE advice.
We’ll help you discover:
- Precisely what an estate lawyer is.
- When you might need one.
- The role of an estate lawyer in the equity release process.
As experts in our field, we’re no strangers to estate lawyers. We’ve put together this simple guide to teach you everything there is to know about solicitors and how they can serve you in your retirement.
Check this out!
What Is an Estate Lawyer?
An estate lawyer, more commonly known as a solicitor1 in the UK, is a professional who’ll provide legal guidance during many property-related processes.
This particular professional is a qualified lawyer who’s specialized in all things estate-related.
Could you perhaps do with a solicitor? Let’s take a closer look at their role.
5 Roles of an Estate Lawyer to Know When You’ll Need One
Solicitors work within the realm of estate law2. While each individual may have specific specializations, here are some responsibilities that their role might include:
Drawing up a Will
Firstly, it’s never too late to draw up a will! If you haven’t, you must get in touch with an estate lawyer today.
If you don’t want to leave everything to your spouse and children or avoid arguments between family members, drawing up a will is vital.
While writing up an informal will is an option, that document is easily contested and doesn’t come with the guarantees of a professionally drawn-up legal document. In such cases, an estate lawyer is essential.
Inheritance Taxes and Probate Tax-Reduction
The last thing you want is your family to be in trouble for not paying the appropriate taxes. In addition, without professional support, you could end up paying more than you need to.
While an estate lawyer does cost, appropriate legal advice can help you save 1000’s of pounds.
Writing Living Wills
While none of us ever want to consider this, the fact of life is that we all could end up mentally or physically incapacitated. A living will highlight your wishes, should you end up in such a position. This would include whom you want to live with and who’ll manage your estate, taking the burden of these crucial decisions away from your nearest and dearest.
Setting up a Trust
A trust could help you ensure your hard-earned pounds are being used how you intended them to be. This would be instead of leaving everything in the hands of your children who might not be ready for such a big responsibility.
Determining Legal Guardianship for Your Minors
While most of us don’t wish to die when we have young kids, it could be a reality that every family might face. If you don’t want your children to be in the hands of your family members, it’s vital to get an estate lawyer involved to help set you in the right direction.
Estate Lawyers in the Equity Release Process
In addition to using a financial adviser, UK law dictates that a solicitor MUST be involved in the equity release process. A solicitor ensures that you have had financial and legal advice on the implications of taking out equity release.
In addition, their role is to safeguard you from illegitimate lenders and negative third-party influence. Your solicitor works for you, and no one else is involved in your equity release process.
Your equity release lender will also have a solicitor represent their needs. This role primarily ensures that the equity release provider secures legal charges over the property on which the loan is taken out.
No matter what stage you are in your will or equity release process, there’s no doubt that you’ll come across a solicitor in the process of securing your heirs’ financial future.
In addition, seek guidance from a professional financial adviser who will help you make all the appropriate steps to get the most out of your money.