A
living trust (or
"inter vivos trust") is a legal document allowing an individual (grantor) to place assets under the management of a trustee,
who can be the grantor or another party.
The trustee is responsible for safeguarding the trust's assets during the grantor's lifetime.
The assets will be transferred to the beneficiaries upon the grantor's death.
A deed conveys the ownership of property from a seller ("grantor") to a buyer ("grantee"). After the deed is completed,
it is recorded in the local registry of deeds.
Transferring the property may incur transfer taxes,
which must be paid at the recording time.
A
last will and testament or
will is a legal document outlining how an individual (testator) wants to transfer their assets after death.
It also appoints who will manage the estate during the probate process (personal representative) and guardians for minor children and pets.
A
small estate affidavit is a court document allowing beneficiaries to bypass the probate process after someone's death.
Commonly for estates of lesser value,
it allows the family members of someone who died intestate (without a will) to distribute any remaining assets without a court order.
A
living will or
health care directive allows a person (principal) to create end-of-life treatment preferences.
The main purpose of a living will is used to direct medical staff on whether to provide or remove life-sustaining procedures.
A living will
only becomes effective if a person is deemed to have a terminal or incurable condition.
A promissory note is a written pledge given by a borrower to repay money. If interest is charged, the rate should be included with a repayment schedule. It is common for lenders to request "security" for the loan (such as a vehicle). If a secured loan is not repaid, the lender can sell the asset to cover the loan.
A
loan agreement is a legal document between a creditor who lends money to a borrower that is repaid with interest.
It should include the loan amount,
repayment schedule,
security (if pledged),
and the terms for default.
An
LLC operating agreement is a legal document between the owners (members) of a company that governs its decisions,
rules,
and ownership.
A copy should be kept by each member.
It is not filed with a government authority.
An
eviction notice,
or
notice to quit,
is sent by a landlord to notify a tenant of a lease violation.
It grants the tenant a specified number (#) of days to cure the issue or vacate the property.
If the tenant decides to leave,
they will likely be liable for unpaid rent until the landlord re-rents the property.
A lead-based paint disclosure form is a federally required form issued to all tenants and potential buyers of residential property built before January 1,
1978,
to warn of the existence of lead paint.
The use of lead paint was outlawed by the U.S.
Consumer Product Safety Commission due to the hazard it poses when it chips.
.
.
