Do I need an estate plan?
How do I start?
What if I have real property?
There are several tools for estate planning and real property.
Why might I need a limited liability company?
Wyoming offers special protection for real property that is designed to work with your estate plan, and for investment real property.
Real Estate Law
Why do I need a title review in a real estate transaction in Wyoming?
There are different reasons why you may need to have your title reviewed through a title search. A title search will go back a certain number of years and document:
- Who has owned the property during that time period
- Whether there are any mortgages or other liens on the property
- Whether there is anyone else that may claim an ownership interest in your property.
It would not be a good idea to purchase a property that has not had the title searched and reviewed. It is the best way to be sure of what you are actually purchasing.
Is litigation the only option to settle real estate disputes in Wyoming?
Litigation is rarely the only option for real estate disputes. Mediation is typically available and is highly recommended. Mediation is usually less time-consuming and less expensive. It also allows the parties a say in how the matter is settled. If mediation fails, litigation is always available.
Does a real estate lawyer help with both residential and commercial real estate transactions?
Whether or not a real estate lawyer is able to help with both residential and commercial real estate transactions depends on the attorney. While there are a lot of similarities between residential and commercial transactions, there are even more differences. Some attorneys are comfortable handling both while others prefer to focus on one or the other.
How does a real estate lawyer help?
A real estate lawyer can help you understand the governing laws and the legal ramifications of your real estate transactions. They help with crucial aspects of the transaction, like:
- Contracts. Real estate lawyers will review, negotiate, and draft contracts, keeping your interests at the forefront of this process.
- Title Search. A real estate lawyer will conduct a title search, and if a lien or another issue is discovered, the lawyer can help address it timely and can obtain proof that the lien is fulfilled.
- Closings. Any number of issues can arise during closing events, and only a real estate lawyer has the legal wherewithal to address them and keep the seller or buyer from being left in the dark or having their rights violated without their knowledge.
- Fraud. Real estate fraud and scams are on the rise. Unsuspecting buyers lose out on their closing funds and the home they thought they were purchasing. With a lawyer who has done the due diligence, becoming a victim of one of these types of real estate schemes can be avoided.
- Advice. Generally speaking, real estate attorneys can provide legal advice that a seller or buyer cannot obtain from an agent or broker. Getting smart legal advice over any and all matters related to the real estate transaction offers value from the peace of mind to favorable and timely solutions.
Further, real estate attorneys make sure that once the property has passed hands, you have received the property (as the buyer) or compensation (as the seller) to which you are entitled.
What is a Trust?
A trust is a fiduciary relationship wherein one person or entity, known as the trustee, has custody and control over certain assets. The custody and control of the assets are given to the trustee by the trustor. The trustee has the responsibility of managing the assets according to the terms of the trust and for the benefit of the person, persons, or entity the trust was created for. The person, persons, or entity benefiting from the trust is known as the beneficiary.
There are different types of trusts designed for various situations, like:
- Revocable trusts
- Irrevocable trusts
- Charitable trusts
- Special Needs Planning
- Spendthrift trusts
- Testamentary trusts
- Gun trusts
Trusts can be very specific, or they can be broad. People opt for different ones to satisfy different purposes.
When Do I Need a Trust in Wyoming?
Trusts can be used at any age and for a variety of reasons. Some of the most common reasons people will benefit from the use of a trust include:
If you have inherited a large number of assets, it is a good idea to look at a trust to manage them and keep them safe. It is also beneficial to place your own assets in a trust to protect your children's inheritance.
Special Needs Family Member
If you have a child or other member of your family who has special needs, a trust is a common way to protect any assets they may have access to. The trustee will ensure the proceeds of the trust are used for the special needs family member and not for some other purpose.
The terms of trusts, unlike Wills, are not made public. Trusts are a good choice if you do not want the details of your financial matters made public.
How Do I Terminate or Modify a Trust in Wyoming?
The ability and process to terminate or modify a trust may depend upon the terms of the trust itself. Some make the process easy, and the trustor may retain the ability to terminate or amend the trust up until the moment of their death. Others are formed in such a way that once they are formed, termination or amendments require a complex process and, in the end, may not be eligible for termination or modification.
Do I Need a Trusts Attorney in Wyoming?
Setting up a trust is a sound strategy whether doing it for financial reasons or ensuring your beneficiaries have all the resources they will need after you are gone. For simple trusts, you might be able to use do-it-yourself software or online service, but to make sure the process is undertaken so that the trust cannot be challenged in court, it is always a good idea to have an estate planning attorney review the trust and confirm it is executed properly.
For more a trust with many assets, multiple beneficiaries, and/or complex instructions, it is always advisable to have an attorney draft, review, and execute it. The laws can get confusing. Plus, anytime you deal with finances, it's always good to have someone with experience follow up. Also, we can help you:
- Choose an appropriate trustee
- Update documents as needed and when appropriate
- Avoid probate
- Protect assets
- Achieve estate planning goals