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Can I Will the Home I Own Individually to the Children from My First Marriage if My Current Husband Agrees?

August 20, 2012 by Standard Legal

For such an situation, you can use Standard Legal’s Last Will and Testament document with the “Specific Gifting Provisions” to specify exactly who receives what assets when you die.

However, as discussed in the instructions provided within the Will legal forms software, be aware that in many states a spouse can choose to “elect against the Will” if a certain percentage of the deceased spouses’ estate is not bequeathed to the surviving spouse (the percentages typically range from 30% to 50% of the estate).

Does a Land Contract Buyer or Seller Typically Pay for Property Insurance During the Contract Term?

August 15, 2012 by Standard Legal

Under a Land Contract, the responsibility for the property insurance payment and the securing of a policy is a negotiated item.

Does an Executor Have a Right to Review a Will Before the Death of the Maker?

August 14, 2012 by Standard Legal

Unless the executor has possession of or access to the Will document through permission of the Donor (the person making the Will), there is no requirement that the executor be provided access or the ability to review the Last Will and Testament prior to the death of the Donor.

Must a Living Trust Be Settled Within a Certain Time Limit After the Death of the Maker?

August 13, 2012 by Standard Legal

There are two considerations related to time for the execution of a Living Trust after the death of the Maker: specific time limits may not necessarily be set or dictated by state law; and the Trustee must act in good faith with regard to the terms of the Trust.

If an Ex-Spouse Refinances a Home with a Promissory Note in Place, Must Payment Against that Note Be Made?

August 10, 2012 by Standard Legal

Most likely, yes, there would be an obligation to pay a Promissory Note upon the refinancing of a home formerly owned by a divorced couple.

But the terms of the promissory note itself (and perhaps even the Divorce decree) must be closely examined to ensure that the obligation to pay is still legally binding.

If a Limited Liability Company is Sold, How Are the Debts of the Business Handled?

August 9, 2012 by Standard Legal

The issue of debt treatment in a business purchase of a Limited Liability Company is usually highly-complicated and fact-specific. The answer depends upon how the debt was created, how the company was purchased, and other mitigating factors.

Can I Sell the Land Contract House I Live In?

August 6, 2012 by Standard Legal

A Land Contract, like all other contracts, can be transferred, sold or assigned — so long as the document itself permits a sale or assignment, or all parties involved in the existing contract consent and agree to such sale or assignment.

How is Company Stock Provided to a Beneficiary from an Estate?

August 2, 2012 by Standard Legal

In most circumstances, a Stock Assignment form or a Stock Transfer form is required to assign rights to company stock in an estate to a beneficiary of that estate.

This document could or should be prepared by the Executor of the estate — not left up to a beneficiary to create.

In Bankruptcy, How Do I Treat My Mother’s Checking Account if I am Listed Jointly as a Signor?

September 16, 2015July 25, 2012 by Standard Legal

A review of the true nature of the relationship a person has to another’s checking account is in order to determine how that account might be treated under a Bankruptcy filing.

Would a Property Promissory Note Due to a Family Member of One Spouse Affect the Finances of a Divorce Settlement?

July 23, 2012 by Standard Legal

Generally, an unsecured promissory note (i.e. a promissory note not secured by a mortgage or a lien on the property) will not reduce a party’s obligation to pay support (or otherwise alter the marital property division) in a Divorce action.