Generally, there is no requirement that Will or Living Will documents must be re-drawn when a person moves from one state to another, provided that the original document meets even the basic requirements of each state’s laws.

If there is any doubt regarding the validity of your documents, we suggest you create new ones, given that doing so is so very affordable using Standard Legal’s do-it-yourself legal forms software.

An LLC provides liability protection for any and all debts or obligations incurred in the name of the LLC.  If the members personally guarantee any LLC obligation, the entity structure will not protect the members from such obligation.

Also, if the members have not operated the LLC properly (i.e. did not maintain a separate bank account, did not enter contracts in the name of the LLC, did not keep accurate or sufficient company records, etc.), then creditors may have the opportunity to “pierce the veil” of the LLC entity and pursue the members personally for any LLC obligations.    [ Read More… → ]

A Bankruptcy debtor cannot file another Chapter 7 for a period of eight years from the date of the previous Chapter 7 filing.

A debtor filing bankruptcy can certainly list real estate taxes as part of the debt that will be discharged, assuming that the debtor is abandoning the home.

However, if it is the debtor’s intention to retain the home, the real estate taxes cannot be discharged in usual situations, and they must be paid by the debtor.

Complete details on Standard Legal’s Bankruptcy legal forms software here.

Most states do not permit a spouse to “disinherit” the other spouse, by law.

Most states permit a “disinherited” spouse to “Elect Against a Will” if the deceased spouse has attempted to disinherit him or her by naming other beneficiaries to the exclusion of the spouse.   [ Read More… → ]

When a person has no children, often times he or she wishes to provide a home or the content of their estate to a brother or sister.

But what is the best way to handle such a designation?

Typically, there are two ways you can handle a desire to add your brother or sister’s name to the deed to your home. [ Read More… → ]

As long as deeds to real estate or property are listed in the name of a Trust, the property is owned by the Trust and will be administered per the terms of the Trust. To make this structure legal for each state will require filing each property’s deed in the appropriate county records office under the Trust’s name, most likely using a Quitclaim Deed.

A reaffirmation agreement is a document used in conjunction with a personal Bankruptcy filing that “restates” or puts the terms of a contract with a creditor back into place, as if the bankruptcy had not been filed with respect to that creditor and that debt/loan. [ Read More… → ]

An individual can be a shareholder in more than one corporation (think of an individual owning shares of both Ford and General Motors), and as long as the corporations retain a completely separate existence (i.e. keep separate books and records, maintain separate bank accounts, etc.), merely owning shares in separate companies should not cause financial liability to flow between any of the entities.

Debtors are eligible to receive their Chapter 7 discharge 60 days from the date set for the 341 meeting, unless a creditor objects in a timely manner or the court orders otherwise. [ Read More… → ]

A discharge is an Order from the Bankruptcy Court which cancels (i.e. “discharges”) the debts listed by the debtor on the bankruptcy petition and schedules.  Once the discharge is issued, these listed creditors are prohibited from taking any further action to collect on their debts.

The Trust must be executed (i.e. signed and notarized) by the Donor (the person making the Trust) while he or she was living.

Upon the death of the Donor, the Trustees are required to administer the Trust by following the written language contained in the Trust document itself. [ Read More… → ]

In the petition and schedules, a debtor’s income and expense are relevant. And when there is a married couple filing, the debtor’s income and expenses and the spouse’s income and expenses (even if the spouse is not filing) can be relevant.

However, a Bankruptcy petition does not generally inquire about income and expenses of non-spouses. [ Read More… → ]

In most circumstances, day-to-day operational matters do not require the signatures of both parties in a Partnership — unless such a two-signature clause is created specifically within the initial Partnership Agreement or as a condition within a specific vendor contract, in advance.

See complete details on Standard Legal’s Partnership Agreement legal forms software here.