Are Two Signatures Required to Validate Purchases or Operation Decisions in a Partnership?

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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.

What Can I Do About a Sibling with Power of Attorney for My Parent Who is Misusing Funds?

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If you believe that your sibling has engaged in criminal conduct (i.e. took cash for personal expenditures, opened credit accounts in the parent’s name for personal use, cashed life insurance policies, etc.), you should contact your local police department concerning the issue. If you wish to recover such funds, or attempt to revoke the Power … Read more

Am I Responsible for Debts of My Spouse or His Business if He Dies or Becomes Incapacitated?

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Let’s use an example of a husband and wife who do not “mix finances”. The wife owns the house solely in her name, and the husband has a business solely in his name with debts both personal and under the business. They carefully keep completely separate bank accounts, credit card accounts, etc.

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Am I Responsible for Debts from My Parent’s Estate?

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Upon death, the expenses owed by the decedent (i.e. the person who has died) are usually due and owing to creditors by that person\’s estate.

The Executrix of the decedent\’s Last Will & Testament usually opens a probate case to administer the decedent\’s estate, in an effort to settle all creditor debts and to distribute the assets per the terms of the Will.

If there are positive assets of value belonging to the decedent at the time of death, creditors of the decedent can usually make a claim for payment of expenses against the assets of the estate.

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If a Deed Names Two Persons but Only One is Named on the Mortgage, How is the Property Treated in Separation?

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Ownership of real estate is evidenced by a deed.  If two people are listed on the deed as joint owners, each owns an undivided one-half interest in the whole of the property.

Mortgages, on the other hand, are encumbrances placed upon real property by a lender to secure payment of a loan.  A mortgage signed by one person to purchase real property encumbers that person\’s one-half interest in the real property.

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