A lending institution is more likely to loan money when it feels that there is adequate security for its loan. While a lender may make a loan to one person who is to be the co-owner of a home (disregarding the other), most conventional loans require that both owners sign the note and grant the mortgage to secure the loan. (The theory is that payment from two sources is better than payment from one from the perspective of the lender.)
Through a Will or Trust After My Death, Can I Designate Custody of My Child to Someone Besides My Ex-Spouse?
Theoretically yes, one could use estate planning documents to designate child custody to someone besides a biological parent.
But the other parent certainly could contest guardianship after the death of the Will/Trust-creating parent, even if sole custody was granted in a divorce — regardless of the stated instructions in those documents.
What is the Difference Between Priority and Non-Priority Unsecured Debt?
Priority vs. Non-priority is not an issue as to the amount of a debt or claim, but rather an issue related to the type of claim or debt involved.
If I File for LLC or Incorporation This Year, May I Delay the Operation of the Business Until Next Year?
The filing of the paperwork to form an LLC or to incorporate does not obligate the entity to immediately begin conducting business.
But as is typical, that doesn’t mean that there won’t be some government requirements for the formed business.
How Do Multiple Siblings Transfer a House Not Covered by a Will to Just One of the Siblings?
Regardless of the desires of all the siblings / beneficiaries, a piece of property cannot simply be assigned to one person if a Last Will and Testament does not exist or specifically direct as much.
Can I Represent Myself Pro Se in Court With Help from an Attorney?
Yes, a person can represent himself pro se in court with help from an attorney, unless there is a local court rule that states otherwise. (Why a person would choose to pay an attorney AND take the lead in a court action is another question entirely, one that does not seem wise in 99.9% of … Read more
Must the Witnesses to a Last Will and Testament Be Present When the Will is Notarized?
If you are notarizing any legal document (including a Will), the notary will require the presence of — and require documentation to confirm the identities of — the person(s) signing the legal documents as witnesses to a maker’s signature. At the same time, note that Standard Legal’s Last Will and Testament documents are ‘self-notarizing’, meaning … Read more
What is the Timeline for a Power of Attorney to End and the Execution of a Will to Begin?
When an individual or an estate has one person who is named with Power of Attorney and a different person named as Executor for a Last Will and Testament, a circumstance can exist where questions arise as to who takes responsibility — and at what point — for financial matters of the Maker of each document.
But the law makes it clear when each person’s fiduciary responsibilities are in force.
When Do All Siblings Get Their Share of a House if a Will Says Certain Siblings Can Live There?
If parents wish to Will ownership of their home to one specific child or to specific children, the Will should clearly state as much.
If parents wish to Will ownership of their home to all children equally, the Will should clearly state as much.
But to create a Last Will and Testament stating an equal distribution should be made amongst all children AND certain children can live in the property after the death of both parents is a conflict that a Probate Court would need to resolve.
In a Last Will and Testament or Similar Legal Documents, Must I Designate Bloodline Children Differently from a Step Child?
For clarity purposes, when listing blood-related children and step-children within a Last Will and Testament, Living Will or Living Trust, it is suggested that all children be specifically listed in the document by name and then referred to as “my children”. No designation past that is required.