BERYS LAW | Business, Real Estate, Wills/Trusts

Purchasing a home is one of the most significant investments you’ll make, and a home inspection is a crucial step in ensuring that your investment is sound. However, not all home inspectors operate with integrity. Home inspection scams can leave buyers with unexpected repair costs and safety hazards. Protecting yourself from such scams requires diligence, knowledge, and proactive measures. Here’s how you can safeguard your home-buying process from unscrupulous inspectors.

1. Research and Verify Credentials

Start by researching home inspectors thoroughly. Look for inspectors who are members of reputable professional organizations, such as the American Society of Home Inspectors (ASHI) or the International Association of Certified Home Inspectors (InterNACHI). These organizations have strict standards and ethical guidelines that members must adhere to. Additionally, verify the inspector’s credentials, including licenses and certifications. Check with your...

Nowadays, individuals are seeking more ways to protect their personal and financial information. One powerful tool for achieving this is a living trust.

A living trust not only helps manage your assets during your lifetime and facilitates the transfer of your estate upon death, but it also offers significant privacy benefits.

Understanding how a living trust preserves your privacy can help you make an informed decision about your estate planning.

1. Avoidance of Probate

One of the primary ways a living trust preserves your privacy is by avoiding the probate process. Probate is a court-supervised procedure that validates a will and oversees the distribution of an estate. This process is public, meaning that details about the deceased’s assets, debts, and beneficiaries become part of the public record. Anyone can access this information, which can lead to unwanted attention or potential scams.

In contrast, a living trust operates outside of probate. When you create a living...

In any business, the incapacitation of an owner can have profound consequences. Whether due to illness, injury, or other unforeseen circumstances, the sudden inability of an owner to manage the business can create uncertainty and disrupt operations. To safeguard against these risks, it is crucial to have a well-thought-out plan in place. Here are key steps to protect your business from an owner’s incapacity.

1. Establish a Succession Plan

A well-drafted succession plan is fundamental in preparing for the possibility of an owner’s incapacity. This plan outlines how the business will continue to operate in the owner’s absence. It should identify potential successors and detail their roles and responsibilities. The succession plan should be reviewed and updated regularly to reflect any changes in the business or its leadership.

Read more: Estate Planning for Business Succession: What You Need to Know

2. Create a Power of Attorney

Granting a power of attorney (POA)...

Due diligence is a critical process in commercial real estate transactions that involves a comprehensive appraisal of a property before a final purchase decision is made. This procedure helps buyers understand the potential risks and rewards associated with the investment, ensuring that they make informed decisions. Here’s a closer look at what due diligence entails and its significance in commercial real estate transactions.

Understanding Due Diligence

Due diligence in the context of commercial real estate refers to the meticulous investigation and analysis of a property to verify its suitability for purchase. This process involves evaluating the physical condition, financial aspects, legal status, and potential environmental concerns related to the property. By conducting thorough due diligence, buyers can identify any existing or potential issues that may affect the property's value or their ability to use it as intended.

Key Components of Due Diligence

Physical...

A Single-Member Limited Liability Company (SMLLC) is a type of business entity that combines the simplicity of a sole proprietorship with the liability protection of a corporation. It's an attractive option for many entrepreneurs due to its flexibility, tax benefits, and ease of management.

Here’s an in-depth look at what a Single-Member LLC is and how you can form one.

What Is a Single-Member LLC?

A Single-Member LLC is a limited liability company with only one owner, referred to as a member. This business structure provides liability protection, meaning the owner's personal assets are generally shielded from business debts and claims.

Unlike corporations, SMLLCs are relatively easy to manage, as they do not require a board of directors, shareholders, or regular meetings.

Benefits of a Single-Member LLC

• Limited Liability Protection: The primary benefit of an SMLLC is that it protects the owner's personal assets from business liabilities. If the company incurs debt or is...

Probate is a legal process that involves administering a deceased person's estate, ensuring debts are paid, and distributing the remaining assets to the rightful heirs. While probate can be straightforward, it often becomes lengthy, expensive, and public, prompting many to seek ways to avoid it.

Here are some common questions about avoiding probate and their answers.

What is probate, and why should I avoid it?

Probate is the judicial process that validates a deceased person's will, settles debts, and distributes the remaining estate to beneficiaries. It can be time-consuming, often taking several months to years, and expensive due to court fees and attorney costs.

Moreover, probate records are public, potentially compromising privacy. Avoiding probate can save time, money, and maintain privacy for the deceased and their beneficiaries.

How can I avoid probate?

There are several methods to avoid probate, each with its advantages and considerations:

• Living Trusts: A living trust is...

Updating your estate plan is an essential part of ensuring that your wishes are carried out and that your loved ones are taken care of according to your intentions. Estate planning is not a one-time task; it requires regular review and adjustment to reflect changes in your life and the law.

Here are key factors to consider when updating your estate plan.

Changes in Family Dynamics

Marriages and Divorces

If you or your beneficiaries have married or divorced, it is crucial to update your estate plan to reflect these changes. This includes updating your will, trusts, beneficiary designations, and powers of attorney to ensure that your assets are distributed according to your current wishes.

Births and Adoptions

The arrival of new family members, whether through birth or adoption, should prompt an update to your estate plan. You may want to include provisions for their care and specify how assets should be allocated to support their future.

Deaths

The death of a beneficiary or a...

Creating a trust for your home involves transferring ownership of your property into a trust, which can offer various benefits and drawbacks. Understanding these pros and cons can help you decide if this estate planning strategy is right for you.

Pros of Putting Your House in a Trust

Avoidance of Probate

One of the most significant advantages of placing your home in a trust is the ability to avoid probate. Probate is the legal process of distributing a deceased person's assets, which can be time-consuming and costly. By placing your house in a trust, it bypasses probate, allowing for a more efficient transfer of property to your beneficiaries.

Discover: What Are Probate Delays?

Privacy

Probate proceedings are public records, meaning anyone can access information about your estate. A trust, on the other hand, is a private document. This privacy can be beneficial for those who prefer to keep their financial affairs confidential.

Control and Flexibility

A trust allows you to specify...

When renting a property, both landlords and tenants enter into a legally binding agreement, typically outlined in a lease. Adhering to the terms of this lease is crucial for maintaining a harmonious landlord-tenant relationship. However, lease violations are common and can lead to disputes, financial penalties, and even eviction. Here are the most common rental lease violations that tenants should avoid and landlords should be aware of.

Unauthorized Occupants

One of the most frequent lease violations is the presence of unauthorized occupants. Tenants often allow friends, family members, or significant others to move in without informing the landlord. Most leases specify the number of occupants allowed, and adding someone without permission can lead to increased wear and tear on the property and potential safety concerns. Tenants must ensure that any long-term guests are approved by the landlord to avoid breaching the lease terms.

Unapproved Pets

Many leases have strict policies...

When selling a home, transparency is paramount. Sellers are legally obligated to disclose certain information about the property to potential buyers. These disclosures are essential to ensure a fair transaction and to protect both parties from future legal disputes. Here's an in-depth look at the key disclosures sellers must make when selling a home.

Structural and Mechanical Issues

One of the primary areas of concern for buyers is the structural integrity of the home. Sellers must disclose any known issues with the foundation, roof, walls, or other structural components. This includes past repairs or any ongoing problems, such as leaks, cracks, or pest infestations. Mechanical systems, such as plumbing, electrical, heating, and air conditioning, must also be disclosed if they have defects or require significant repairs.

Read more: Construction Defects and How They Affect Real Estate Transactions

Environmental Hazards

Sellers must inform buyers about any environmental hazards...