In this article, you can discover… The function of probate letters in estate planning. The difference between probate letters and letters of administration. Whether probate letters can be contested. What Are Probate Letters? A probate letter, also known as a “letter of testamentary,” is sent out when a person’s will has been admitted to probate, and someone has been named within that will to execute the probate process. The letter certifies from a court that the person named as executor has the legal authority to handle the estate of the person who has passed away. In some cases, this person is a beneficiary themselves, such as a child of the person who has passed away. As executor, they legally act on behalf of the decedent, executing their will and distributing assets according to that person’s wishes. What Is The Difference Between Probate Letters And Letters Of Administration? Both letters of…Read More
In this article, you can discover… What trust administration entails. The financial records that a trustee must keep. How an estate planning attorney can help guide families and trustees. What Is Trust Administration? A trust is an agreement to hold assets for another person’s benefit. Trusts operate based on distribution standards, meaning that there are guidelines that stipulate when money can and can not be paid out to the beneficiary. The trust administrator is someone appointed by the creator of the trust to manage funds, invest the trust’s money wisely, and ensure the standards of the trust are adhered to. Finally, the trust administrator distributes the trust’s assets in compliance with the trust’s parameters once the trust is terminated. What Are The Fiduciary Duties Of A Trustee? Fiduciary duty means that the trust administrator (or trustee) is legally obligated to put the interests of the beneficiary above their own. When…Read More
In this article, you can discover… The essential elements of a loan agreement. The borrower’s responsibilities under a loan agreement, How an attorney can help you draft and review a secure loan agreement. What Is A Loan Agreement? A loan agreement (also called a promissory note) lays out the terms of the loan to be used in a real estate transaction. The loan agreement establishes who the buyer is, who the seller is, who the lender is, and how much is being loaned. It will also include interest rates, expected monthly payments, and any taxes or insurance to be paid. Loan agreements also lay out how the lender (usually a bank) is going to be paid, the penalties for late payments, and the date by which the loan must be paid back. It’s important to make sure to have an attorney look over any loan agreements before you sign them…Read More
In this article, you can discover… The function and importance of a deed. How different deeds affect property ownership. How an attorney can help you determine which type of deed is best for you. What Is A Deed And Why Is One Important To Have? A deed is a document that describes a property and declares the deed’s owner to be the lawful owner of that property. Under Texas law, any transaction or conveyance of real estate must be done in writing. The best practice in light of these laws is to have a formal, written deed drafted so that property can be conveyed from one person to another. It is also important to understand that in Texas, a valid deed must be drafted by an attorney. Simply writing up a deed on your own and having it notarized does not make the document legally binding. To ensure any transfers…Read More
