Equity Issues: Why You Need an Attorney

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Equity Issues Determine Worth of Property – A Lawyer Can Help

The value of a property is critical to many types of transactions. It is an important piece of information to know when buying and selling property, sharing ownership, or adding a property to a will. Equity is the term used to describe how much a piece of property is worth. In all cases, each party involved in a transaction, where property is passed from one owner to the next, should be aware of the equity and if there is any unpaid balance of the property.

Equity Issues and Estate Planning

In estate planning, this is especially important so that the inheritor knows if they will incur a financial responsibility with their inheritance. It is best to seek guidance from Chicago IL estate planning attorneys in such matters because the concept of equity and the components related to it are complex. At Anthony J. Madonia & Associates, our staff is very experienced in estate planning and can help you with the entire process.

How A Lawyer Can Help with Equity Issues

As a leading estate plan law firm in Chicago, our attorneys will explain what equity is. They will illustrate how it relates to your estate planning. A lawyer can also show you how you should make decisions about the property. They can help with any unpaid balances, and how that can have an impact on the equity. Chicago IL estate planning attorneys are also well-informed about specific laws and regulations regarding property. We know how these laws play a role in how the equity is determined for your estate. Most people are unaware of how to make these types of plans on their own. So it is best to work with an attorney who can ensure that the final arrangements for an estate are legally compliant.

If you are in need of an estate plan law firm in Chicago, contact the law office of Anthony J. Madonia & Associates. We can answer all of your questions as you begin the estate planning process.