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An Alabama secured promissory note is a promise to pay an individual or an entity for an amount of money loaned. The payback structure is determined by the parties with a maximum interest rate that is governed by the State known as a “Usury Rate”. The borrower may want to make sure that they are able…

An Alabama unsecured promissory note permits two (2) parties to come together for an agreement that allows a lender to issue borrowed money to the other party with the appeal of getting more money in return through interest. The only negative about an unsecured promissory note is that the lender is not guaranteed anything if…

An Alabama small estate affidavit allows heirs of an estate to distribute its assets and bypass the probate process. It is commonly called a “petition for summary distribution,” and is only available for estates with a total value smaller than the state-imposed minimum ($34,611), which is linked to inflation and changes each year. To file…

An Alabama last will and testament is a document to ensure loved ones receive the rights to their real and personal property after their death. The form must be written when the person is of sound mind and with at least two (2) witnesses. Although not required, it’s recommended a last will and testament be…

An Alabama special warranty deed is a legal document that transfers ownership of a property from the seller to the buyer, guaranteeing that the seller will compensate the buyer if any claims emerge against the title. If the seller is married, the spouse should also sign his or her interest in the property. Such interest…

An Alabama general warranty deed is used to transfer real property, or real estate, to another in the State of Alabama. This type of deed provides a broad warranty or guarantee that the property is being conveyed without any encumbrance not already disclosed and that no one else has any claim to the property. If…

An Alabama quitclaim deed is a document that transfers ownership of interest in a property from one party to another. The grantor (“seller”) will be the party that is giving their ownership interest and the grantee (“buyer”) will be the party that is paying or trading for said interest. Commonly Used The most common use…

The Alabama living trust is a document that places a Grantor’s assets into an entity to be distributed to a Beneficiary after the Grantor dies. During the Grantor’s lifetime, they may be able to designate themselves as the person who takes advantage of any interest or income from the assets or property. Depending on the type…

The Alabama irrevocable trust is a document that creates a separate entity to hold assets and property in order to bypass the probate process after the Grantor’s death. This type of trust has many other advantages such as creditors not being able to make claims against it. Although, after it has been created and property…

The Alabama revocable living trust is an entity created by an individual (the Grantor) into which they can transfer property and assets throughout their lifetime. The document will contain instructions for a Trustee (or Successor Trustee if the Grantor chooses to appoint themselves Trustee) on how to manage said assets should the Grantor become incapacitated…