Hire a Lawyer to Cut Back on Your Financial Losses!

We often seek a lawyer’s expertise when we find ourselves in a legal mess and we’re in dire need of legal advice, either in our marital or familial situation or when dealing with criminal or administrative charges.

But did you know your lawyer can also help cut back on your financial losses? This may seem counterintuitive, but seeking proper legal advice will help you eliminate spending more money on unnecessary services. Hiring a lawyer to go through your documents and legal transactions may seem expensive, but it’ll save you more money in the long-term especially in these critical areas.

Estate Planning

According to Ramesh Vaidyanathan of Advaya Legal, it’s better to pay a small price in hiring a lawyer that can protect you from financial loss later. Not only can lawyers help protect your hard-earned money, but also your hard work in building your properties.

You might think that having your lawyer prepare your Will and Testament is enough to distribute your properties to your heirs, but some loopholes may end up with them paying for a small fortune on court fees. Examples of loopholes you should sort out with your lawyer are the following:

1. Appointing a will executor.
2. Describing your entire properties properly.
3. Leaving an asset to a personal witness of a will.

Vaidyanathan also notes you may need to add details on how to execute your will and distribute your assets depending on your religion’s laws of accessions. Your time and effort in making your will may be in vain if you commit a mistake.

A standard will-writing service usually cost around Rs5,000-15,000 and includes advice on types of properties and determining which laws permit you to pass on your will, assigning and distributing your assets, as well as getting two witnesses. For complex estate planning like building a trust, your cost may increase from Rs45,000-50,000.

Buying Properties

The cost of hiring an independent lawyer to take care of your property documents is around Rs20,000-25,000.

You might think that buying a house or property is easy, but conducting shady transactions with hidden fees without you knowing might leave you financially drained for life. Hiring a lawyer can help you avoid hassles in property dispute such as buying a house that is already mired in a legal dispute, or not registering the house under your name.

Aside from handling your legal documentation, a lawyer can also help conduct a background check on the property’s previous owner as well as the properties’ status to ensure you’ll be entering a clear and legitimate transaction.

Leasing Property

When we think about leasing property, the first thing that comes to our mind is to find a local broker. This local broker will then search a lessee and property that matches to our preference and handles the paperwork. But lawyers claim a broker is not the best contact to prepare your lease contract since they’re not as well-versed in legal terms. These legal terms play a crucial role in leasing agreements.

For example, there is a difference between leasing and renting. Interchanging such words could create unexpected problems. A lawyer can help clarify and specify which type of agreement you want to enter.

Aside from that, the housing society may impose certain charges like higher maintenance or non-occupancy once you lease a property without you knowing. Vaidyanathan says your lawyer can determine the charges’ validity.

Should You Hire a Family Lawyer?

For families who have high net worth and properties distributed to their heirs and future offspring, it’s best to hire a family lawyer. A family lawyer can take care of the legal matters of the family and its members especially in divorce, custody, estate planning, and property matters. However, they would also refer you to a specialist lawyer for serious matters beyond their expertise.