Equity Issues: Why You Need an Attorney

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equity issues

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. 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.

As a leading estate plan law firm in Chicago, our attorneys will explain what equity is and how it relates to your estate planning. A lawyer can also show you how you should make decisions about the property, 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 and how they 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.