(NC)-Most of us see a regular check-up with our doctor as preventative medicine. Similarly, a simple visit with your lawyer could prevent or minimize legal problems for you in your future. Too often we don't take the time to consider if our current financial or legal situation is right for us, or whether our arrangements will work in our best interest in the event that something should happen to us or our families.
A good time for a legal check-up is when you are meeting with your lawyer anyway, such as when you refinance your mortgage.
"A mortgage is a large financial commitment and getting professional advice when you are refinancing can be invaluable to protecting your interests and saving money," says Kathleen Waters, a specialist in real estate law and vice president of TitlePLUS title insurance. "Having a lawyer involved helps borrowers understand the transaction and know their legal options."
You may not even be aware of some potential problems. For example, your mortgage may prevent you from renting out part of your house, as planned. Your lawyer can help negotiate more suitable mortgage terms or suggest other options.
If you did not buy title insurance when you bought the property, your lawyer can discuss its benefits and help you obtain a policy, if appropriate. For example title insurance may protect you if your property is the target of a fraud scheme.
Meeting with your lawyer when you are refinancing is also the perfect time for a tune-up of other legal matters. Do you have a will and is it up-to-date? Getting married, separated, divorced or having a child are just some of the reasons for updating your will.
Have you signed powers of attorney for property and/or health care? These are very important documents that can allow others to manage your assets (such as paying your bills) or make decisions about your health care when you are incapacitated. Having these documents and keeping them up-to-date can help to avoid costly court applications by family members who need to manage your assets.
A useful resource is the TitlePLUS Real Simple Real Estate Guide, a website that provides information on what lawyers do and how to avoid fraud, as well as mortgage calculators, a locate-a-lawyer feature and other tools. It is available for free at www.titleplus.ca.
Credit: www.newscanada.com