What types of professionals are involved when crafting an estate plan? What are the benefits?
Outside of financial planners, CPAs, attorneys, and private bankers, there are many supporting professionals crucial to estate planning for seniors. However, we are going to be focusing on mortgage brokers and real estate agents in this video.
A mortgage broker is initially responsible for helping homeowners with finding a home loan, looking for the best available mortgage for these individuals, and can even help with the refinancing process. However, with all of this in mind, you may be wondering, “How does a mortgage broker work in the estate planning process?” Many people don’t realize it, but mortgage brokers can play a vital role in the estate planning process later in life through selling and liquidating assets, among many other useful practices.
Mortgage brokers play a crucial role when it comes to estate planning. They are designed to determine a home's value initially but can also help liquidate assets. This process provides the value of any assets an individual might have, making it easier for them to determine the share their beneficiaries will receive.
Real estate agents work hand in hand with mortgage brokers because they try to find the best available price for any home. Real estate agents are focused on helping both home buyers and sellers with their transactions, but they can also assist in the sale of the home after the homeowners have passed away during the estate planning process and the liquidation of assets. Even in cases where an individual didn’t list what would happen to their home following their death, real estate agents can provide valuable insight into the current market conditions, potential value of any property, and various options for selling or transferring ownership of the property.
Working with a supporting professional for an estate plan saves money and time. These professionals can help seniors and their beneficiaries with the transaction or appraisal of their assets. Seniors must make sure to reach out to a mortgage broker or a real estate agent during the estate planning process to ensure they are getting the best value on their home before their passing.
Supporting professionals can help each client reach their fullest potential with their estate plan. Combined with an estate planning attorney, clients can rest assured their estate plans are in the right hands.
Ball Morse Lowe Estate Planning Attorneys Oklahoma
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