Trusts are structured with liability in mind, to keep the beneficiaries removed from the assets involved. Most Trusts are set up with personal property assets like land, or homes or vehicles, and their liabilities are somewhat limited. But some trusts hold assets like fully operating businesses, LLCs and corporations. So if a business held by a Trust ‘goes bad’, can the beneficiaries of that Trust become personally liable for any portion of the debt generated by any operational business assets within a Trust — especially if that debt exceeds the value of the assets in the trust?
Can a Survivorship Deed List the Name of Only One Spouse?
The document structure would be incorrect to have just a single name on a deed with survivorship rights, as a Survivorship Deed must name the person to whom the right of survivorship would pass.
Can I Sell the Home I Am Buying via Land Contract?
Typically, the “buyer” in a Land Contract does not own the property or hold clear title until the entire amount due as listed within the land contract document is paid. So the Land Contract “buyer” cannot sell the property until all payments have been made and the Deed has been revised with the county recorder … Read more
If a Deed Does Not Provide Survivorship, What Can I Do to Transfer Property When a Listed Owner Dies?
If there is no survivorship language detailed in a deed and one of the owning parties in the Deed dies, then the surviving parties may need to open an estate case with the appropriate probate court to permit that court to issue an order transferring the property (since the deceased is no longer able to sign the deed transferring the land).
Is a Premarital Agreement Legitimate If It Is Not Created by Attorneys Each Representing One of the Parties?
If the soon-to-be husband and wife are concerned about their individual assets entering into the premarital agreement process — or even if they are uncomfortable having financial discussions directly — then the couple should choose to secure individual legal counsel and have the attorneys “negotiate” the document.
(Certainly the bar association would recommend this; that keeps the lawyers working!)
Can a Divorced Person Sell a Home if the Ex-Spouse’s Name is Still On the Deed?
Sometimes a person can gain full ownership rights to a home from a Separation Agreement or a Divorce proceeding. But what if the Deed to that home still shows both names of the divorced couple on it, and the newly single owner wishes to sell it?
If I Divorce, Is My Current Last Will and Testament Still Valid?
An existing Last Will and Testament is valid until the maker creates a new one. If you wish to change the listed beneficiaries in your Last Will and Testament because of a Divorce, simply create a brand new Will document then have it notarized. To easily and affordably create a new Will document without the … Read more
Can I Grant Power of Attorney to a Foreign Citizen?
Standard Legal is unaware of any state restrictions on the residency of the person named as the “attorney in fact” on a Power of Attorney document.
However, the ability of a foreign-based ‘attorney in fact’ to carry out the wishes of the Grantor could be an issue for any transaction involving the attorney-in-fact and any USA bank, financial institution, local/state/federal government, courts, etc.
Can the Bankruptcy Court Take My Income Tax Refund?
Short answer, yes: the Trustee administering a bankruptcy case is permitted to take a tax refund that is paid to the debtor from the IRS (as well as any State tax refund).
The theory is that such refund is an asset of the debtor that can be used to pay creditors.
But there is one consideration, however.
Can I Create an LLC to Pass My Assets to My Children without Estate Taxes or Loss Through Divorce Settlements?
Remember, ‘Ask Standard Legal’ was created to respond only to ‘questions of fact’ for the legal topics listed at the left. So it follows that we cannot respond with suggestions on how a person might structure something or how to proceed; that’s the very definition of legal advice. You can certainly create an LLC at … Read more