One confusing aspect of estate planning is the numerous myths about the co-ownership of bank accounts. The different types of bank accounts are often confused with the standard forms of property co-ownership. This article discusses some of the myths about the co-ownership of bank accounts. A Bank Account Is a Contract With the Bank There [...]
The easiest way to make sure that a person's property is distributed after his death in keeping with his wishes is for him to prepare a will. A will is a legal document that explains where a person wants or does not want his property to go after his death. A will becomes effective upon [...]
TOD or transfer on death registration of securities allows an investor to arrange for transfer of securities upon the investor's death without the necessity of having the securities go through probate. The executor or administrator of an estate does not have to take any action regarding specific securities that have TOD registration or even entire [...]
A trust is simply an alternate way to own assets. If you created a trust, you would be the Grantor of the trust. You would typically also be the Trustee of the trust. As the Trustee, you would manage the assets titled in the name of the trust according to the terms of the trust [...]
John's neighbor, Betsy, loved animals. In particular, Betsy loved dogs. Betsy's dogs barked all day and all night. The noise was terrible. John and Betsy's townhouses were right next to each other. The noise from the dogs just seemed to come right through the walls into John's house. John tried talking to Betsy, but she [...]
One of the biggest decisions in a person's life is the decision to buy real estate. The excitement that is often associated with the purchase of a new home can be overshadowed by disappointment once the newness wears off and defects become apparent. Generally, the rule of "caveat emptor" -- buyer beware -- requires the [...]
John owned an apartment building. Some of his tenants had pets, including dogs. Jake, one of John's tenants, had a friendly little dog. One day, however, Jake's little dog bit a construction contractor hired by John. The injury wasn't serious, but the construction contractor required some medical treatment. Can John be held liable? In residential [...]
Jack decided to pursue his dream of owning a ranch. It was Jack's plan to raise cattle for profit. Jack found some farmland in Montana that he thought would work out well. The land was undeveloped and had no fence around its boundary. Jack wondered whether he would be required to erect a fence. The [...]
A wrap-around mortgage refers to a type of loan transaction. With a wrap-around mortgage, a lender (often the seller of property) assumes or continues responsibility for an existing mortgage and makes a new mortgage for an additional sum which essentially "wraps" around the old mortgage, because the lender will make the payments on the old [...]
Under the common law, there existed a tort for the alienation of a spouse's affections. Although most states have enacted statutes that have abolished the tort, there are approximately nine states that permit such a tort action to be brought against a third party. An action for alienation of a spouse's affections may be brought [...]