There are so many specialties that legal professionals must be familiar with and trained in. Within each greater legal responsibility or contract, there are many more specific individual functions required. In some cases, these individuals or specialty services may be all that is needed by the client.
A power of attorney is a very broad and sweeping definition that can carry up to total and complete control over a person’s finances, assets, and estate, even if the client is perfectly healthy and competent. And of course, the more common cases involving this responsibility come in the form of an injured, incapacitated, or grievously ill client.
For the purpose of this article, we will look a little more closely at this type of legal arrangement when dealing exclusively with real estate.
Personal Property
Regardless of the reason that the power of attorney has been invoked, all the way up to an including the death of the client, this will reflect the personal wishes of the client at the time of hiring this family lawyer. Their personal homes, buildings, and property will be distributed accordingly.
Business Property
Business property is usually more complicated as businesses will continue to operate. In addition to that, other factors might be in play if that property was financed or if there were creditor issues or outstanding contracts with vendors or suppliers.
Land or Similar Assets
Real estate doesn’t have to mean houses, condos, or office spaces. Undeveloped and rural land, as well as residential land which hasn’t been built on all have value and can be distributed in the same manner.
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