If a lease is signed with a management company, and if the management company no longer has authority to manage the property, an argument could be made that the lease is no longer effective.
Can Assets Be Added to a Trust After the Death of the Grantor?
Yes. If a CD (or any similar asset) is designated as ‘payable on death’ to the Trust, then that asset would be paid to the trust without the need to take any additional steps.
Does a Sole Member LLC Still Elect Officers and Directors, Even Though There is Only One Member?
Generally, a sole member LLC is managed by its Member.
In most cases, LLC’s do not elect officers or directors, although an LLC could, if it so wished, through its Operating Agreement.
This arrangement is not, however, the “norm” for sole member LLCs.
As a Named Beneficiary Designated to Receive a Percentage, How Do I Find Out the Total Value of a Trust?
It is the responsibility of the Trustee named within the Living Trust documents to provide a full accounting of the Trust contents to the named beneficiaries. Make such a request to the Trustee.
If Multiple Persons Own a Property and One Does Not Wish to Sell, Can the Majority Vote to Sell Anyway?
Absent an agreement amongst all of the owners, a “majority vote” cannot compel the sale of a person’s ownership interest in a property against his or her will.
But there is another option available to move the process forward for all parties.
On a Deed Listing My Deceased Father or Myself as Owners, Can I Use the Death Certificate to Revise and Add My Grandson?
Based solely on the information provided, it is difficult to determine how title to the real estate was owned, or how it can be transferred going forward.
Specifically, the “or” language may be at issue.
Can a Wife Purchase a Husband’s Solely-Owned Home in Her Name Alone to Save it from His Bankruptcy Filing?
A wife could purchase a husband’s solely-owned using only her funds (i.e. not using any joint funds or co-mingled marital funds).
If she became the sole owner of the home, then that home would not be included as an asset in a husband’s bankruptcy case.
But it is unlikely the transaction would be ‘clear sailing.’
If I Quitclaimed Our House to My Ex-Husband in Divorce, and He Just Died Without a Will, is the Quitclaim Deed Void?
Properly signed and notarized Quitclaim Deeds are generally unaffected by death.
How are Assets Disbursed if a Will States I Receive a Bank Account and Deposit Box but also States All Money is Divided Equally Among Siblings?
Typically, specifically-listed gifts and assets from a Last Will and Testament are disbursed first.
Once those assets are provided to the named beneficiaries, only then does the general division of all remaining assets begins.
But that assumes very clear instructions are provided within the Will document.
Can I Use a Joint Bank Account to Give Money to a Beneficiary and Avoid Probate?
Bank account owned jointly “with rights of survivorship” are not subject to the probate process when one of the owners dies.
Upon the death of one owner, the other account owner simply continues to own and have complete access to the money in the account.
But there are several drawbacks to setting up and using this type of bank account: