The Court Of Public Opinion

A mortgage is an interest in land created by a contract, not a loan. Although almost all mortgage agreements contain a promise to repay a debt, a mortgage is not a debt by and in itself. It can be better characterized as evidence of a debt. More importantly, a mortgage is a transfer of a legal or equitable interest in land, on the condition sine qua non that the interest will be returned when the terms of the mortgage contract are performed. A mortgage agreement usually transfers the interest in the borrower?s land to the lender. However, the transfer has a condition attached: if the borrower performs the obligations of the mortgage contract, the transfer becomes void. This is the reason why the borrower is allowed to remain on title as the registered owner. In practicality, he retains possession of the land but the lender holds the right to the interest in said land.

In essence, therefore, a mortgage is a conveyance of land as a security for payment of the underlying debt or the discharge of some other obligation for which it is given. In a mortgage contract, the borrower is called ?mortgagor? and the lender ?mortgagee?.

The History of Mortgage Law

Mortgage Law originated in the English feudal system as early as the 12th century. At that time the effect of a mortgage was to legally convey both the title of the interest in land and possession of the land to the lender. This conveyance was ?absolute?, that is subject only to the lender?s promise to re-convey the property to the borrower if the specified sum was repaid by the specified date

If, on the other hand, the borrower failed to comply with the terms, then the interest in land automatically became the lender?s and the borrower had no further claims or recourses at law. There were, back in feudal England, basically two kinds of mortgages: ?ad vivum vadium?, Latin for ?a live pledge? in which the income from the land was used by the borrower to repay the debt, and ?ad mortuum vadium?, Latin for ?a dead pledge? where the lender was entitled to the income from the land and the borrower had to raise funds elsewhere to repay the debt. Whereas at the beginning only ?live pledges? were legal and ?dead pledges? were considered an infringement of the laws of usury and of religious teachings, by the 14th century only dead pledges remained and were all very legal and very religious. And, apparently, they are still very religious in the 21st century.

Express Contractual Terms of a Mortgage

Following is an analysis of the clauses contained in most mortgage contracts. It should be emphasized, however, that the wording varies from contract to contract, and that the types of clauses change to conform to the particular types of securities mortgaged.

[ Redemption

When the mortgagor fulfills his obligations under the contract, the mortgage will be void and the mortgagee will be bound to reconvey the legal interest to the mortgagor.

[ Transferability

All the covenants made by the mortgagor will be binding upon him, his heirs, executors and administrators. This is the case whether the legal interest his held by the mortgagee, or by the mortgagee?s heirs, executors, administrators or assignees.

[ Personal Covenant

The contractual promise made by the borrower is his personal covenant. Because of this, it does not run with the land, so that the lender can sue the borrower on his personal covenant even in the eventuality that the borrower has sold the interest in land to someone else who has assumed the mortgage. In practicality, this means that until the original mortgage contract is valid, in full force and effect the original mortgagor is always liable.

[ Title Integrity

The mortgagor confirms and guarantees that he is the owner in fee simple and holds all rights and powers that such ownership entails, including the right to convey the land to the mortgagee.

[ Free and Clear

This is the very essence of the security for the debt: the title must be free and clear of all encumbrances (subject to certain statutory rights, such as taxation), so that conveyance can take place. Upon conveyance, the interest is transferred to the lender while the borrower retains possession. But on default, the borrower will deliver also possession to the lender subject to any encumbrance in priority. This can be a tax lien or, in the case of default on a second mortgage, a first mortgage.

[ Further Assurances

In the event of default, the mortgagor promises to do all that is necessary to allow the lender to obtain title of the property.

[ Prior Encumbrances

Except for statutory encumbrances, the mortgagor must make a declaration of any and all charges that have priority over the mortgage being contracted, otherwise the lender expects and has the right to be registered in first priority.

[ Insurance

The mortgage covenants to either keep the buildings located on said land insured at all times or, in the alternative, to provide a cash bond covering the replacement cost of said buildings.

[ Release of all Claims

The borrower gives up any claims he may have against the lender with respect to the property, except the borrower?s right to demand reconveyance when the underlying debt is repaid.

[ Acceleration on Default

Acceleration is a proviso stipulating the on default the principal and interest of the underlying debt will both become due and payable forthwith at the option of the mortgagee.

[ Quiet Possession

A stipulation that, until default, the mortgagor shall have quiet possession of said lands.

[ Omnibus Clause

In default of any payment of money to be paid by the mortgagor under the terms of the mortgage contract, the mortgagee may pay the same and the amount so paid shall be added forthwith to the principal debt secured by the contract and carrying interest at the same rate stipulated by the contract.

[ Repairs

The mortgagor has a duty and an obligation to keep the lands and the buildings thereon in good conditions and in a reasonable state of repair and, furthermore, he will not abandon or commit waste anywhere on the mortgaged property. This clause is intended to safeguard the value of the lender?s security.

[ Advances

The mortgagee shall not be bound to advance any part of the money intended to be secured by the mortgage contract. For example, where part of the money has been advanced and subsequently a builder?s lien is filed against the land, the lender will require the lien to be removed before advancing further funds. Note that builder?s liens have priority over mortgages.

[ Sale Clause

Also known as ?Due on Sale? the mortgagor agrees to pay, at the option of the mortgagee, all principal and interest of the underlying debt upon sale of the property. This clause effectively prevents the mortgage from being assumed by anyone unacceptable to the lender. Obviously, the other option of the lender is not to call the loan if the mortgagor sells to a Buyer acceptable to the lender. In the absence of this clause, the mortgage is always assumable.

Luigi Frascati

Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton-Centre Realty in Burnaby, BC.

Luigi is very proud to be an EzineArticles Platinum Expert Author. Your rating at the footer of this Article is very much appreciated. Thank you.

Advertising is a relatively recent development in the legal profession, and not all law firms engage in it today. Nonetheless, it is advisable for every law firm to take note of the important resource the internet has become to consumers seeking products and services. Computers are a household standard, and the internet provides information on every profession, in formats from simple ‘yellow page’ listings to proprietary web pages with audio and video presentations. Even among lawyers and firms that chose not to advertise, the importance of the internet as a consumer resource should not be overlooked.

There is a large assortment of online listing vehicles for attorneys. A lawyer seeking to be included in commercial online attorney listings could pay to have his or her name inserted in such sites as findlaw.com, lawinfo.com, lawyers.com, or the many ‘yellow pages’ services now online. There are at least four national listing services for personal injury attorneys, and others for family law, criminal law and so forth. Association membership is a vehicle for specialty listings: the Consumer Attorneys Association, the National Association of Consumer Bankruptcy Attorneys, The Council of Parent Attorneys, etc.

Then there are the localized ecommerce service listings for regions that are just as aggressive in seeking exposure on the search engines. In short, an attorney could make a significant investment in listing services alone. However, a simple listing is a hit-and-miss proposition: there is nothing in a mere listing that invites interest from the shopper. A personalized web site for an attorney or a law firm is the highest and best use of the internet.

A law firm with its own hosted website can accomplish a number of things. Most people who are conducting a random search for an attorney are probably somewhat frightened, not certain of the law regarding their problem, and concerned about cost. Moreover, there exists today a widespread skepticism about attorneys, especially among the uninitiated. A hosted website can ease some of those uncertainties, and thus invite contact from the potential client.

The website can describe the firm’s areas of legal focus. It can act as an educational tool, explaining the basics of selected areas of law and suggesting some initial steps for the potential client. Eventually the client will end up in a lawyer’s office somewhere, so providing some initial online education will give the law firm a benign and positive first impression.

A hosted website can provide and email template for an initial inquiry or invite a telephone call, ‘no strings attached’. The website can suggest a few online sources that provide detailed explanations of various legal specialties. Finally, the law firm’s web site can address the issue of payment and explain any options that might be available in that area.

As with other forms of media, defense and personal injury attorneys are the most likely to be found using the web as an advertising service. Most law firms with other sorts of specialties that use hosted websites tend to be a little more subtle, stressing the firm’s longevity or stability, its successes and perhaps providing biographies of the firm’s principal members.

A hosted web site can be an effective introductory tool for an attorney or a law firm. It can provide an initial level of comfort with the firm before any personal inquiries need be made. It can establish the firm’s credentials in its chosen areas of legal specialization and it can make the process of initial contact a comfortable one by explaining how and when fee structures are applied.

Connecting a potential client with a hosted web site can, in part, be a function of the site through the use of keyword optimization. But it is probably more practical to assume that the initial reference will come from some other, more common source such as a former client or the local bar association. At that point, the hosted attorney’s website becomes an effective outreach tool, minimizing the intimidating effect of a simple telephone number and a downtown address.

Madison Lockwood is a customer relations associate for ApolloHosting.com. She brings years of experience as a small business consultant to helping prospective clients understand the ways in which a website may benefit them both personally and professionally. Apollo Hosting provides website hosting, ecommerce hosting, vps hosting, and web design services to a wide range of customers. Established in 1999, Apollo prides itself on the highest levels of customer support.

My mom told me she has a living will. That way she’s going to avoid probate

I can’t tell you how many times I’ve heard this when a new person finds out I was a living trust lawyer.

They go on to say, She got one of those forms at the seniors’ center. You know, the one she can fill out herself. They even witnessed it for her.

I hate it when this comes up, because I have to set the record straight, I have to let the person know that a living will and a living trust are two different instruments that serve two different purposes.

One, the living will, is your statement that If I am terminally ill or mortally injured (I’m using simple language here to get the point across), then don’t hook me up to life support that will never return me to life. It’s the issue that’s currently being fought in Florida, with Governor Bush signing a law to keep a woman alive over her family’s wishes and a court ruling.

Her living will has nothing to do with avoiding probate. It is a health care document. Really it should be called a death desire, but our society can’t handle that bluntness.

A living trust, on the other hand, IS a probate avoiding document.

Basically, probate is used to transfer property you own when you die. If you have a will, your executor uses the probate court to carry out the terms of your will. If you die without a will, the laws of your state has statutes that describe where your property goes and who is in charge of getting it there.

So, if you don’t own any property when you die, then (generally…there are always exceptions) there is no need for probate.

This is where the living trust steps in. It called a living trust because it is created while you are living.

When you create a trust, you transfer title to your property to the trustee of the trust. You, as an individual, no longer own the property.

So, if you die, no probate is needed (remember, there are always exceptions), since YOU don’t own the property. The property is owned by the trustee of the trust. The trust instrument instructs him/her on what to do with the property upon your death.

A living trust is a LOT more complicated to set up and maintain than a living will. They accomplish different tasks.

So, when you hear that a loved one has a living will to avoid probate, it might be smart to ask a few questions.

Good luck and until next time,

Phil Craig

P.S. Feel free to forward this on to any friends.

Phil Craig, All Rights Reserved

Phil Craig is a licensed attorney and entreprenuer. He started practicing law at age 25 in 1979. He does not take on any more clients, but is advisor to some of the biggest names in the internet world. He shares his knowledge gained over the last 25 years at his Living Trust Secrets newsletter site: click here=========>http://www.LivingTrustSecrets.com

** Attn Ezine editors / Site owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify the content and include our resource box as listed above.

If you do use the material please send us a note so we can take a look. Thanks.

More articles at articles on database

Lemon Laws are not just for automobiles anymore. There are lemon laws that protect consumers from defective computers to puppies. You have rights after a purchase, you just need to know how and where to find the legal representation that best suits your situation.

Lemon Laws were designed to give the unsuspecting public from would-be frauds and sellers of damaged merchandise. Were it not for this respectable constitutional protection under the laws of our great nation, there would be more crime and violence exhibited than you could imagine. The unfortunate side is knowing where to seek the proper specialists that can provide the right counsel for your wronged situation.

We’ve all purchased an item that hasn’t lived up to it’s claim and we naturally assume the seller was probably aware before the sale that it was defective. Often a bargain is far from it, and once we buy into the bargain price, we see how we were taken. Being on the end of a bad deal doesn’t have to end there.

Lemon Laws actually save us from doing the unthinkable so many times. When we learn we have a defective item, we can follow some very clear cut steps to seek resolution. Legally, you have rights to correct this type of situation and once you’ve applied yourself constructively to get your money refunded, you can see how valuable the lemon laws really are.

Lemon Law Specialists can save you more than just the refund amount due to you. If there was intent to intentionally defraud you, you can seek additional restitution for your loss of time and additional expenses associated with the fraudulent item.

Take the time to read more in the area you feel your item is related and see what your options are. Don’t think you don’t have a voice or say in a bad purchase. Actually, your willingness to speak up and pursue your wrongful purchase can avoid it happening to others. You are exersizing your rights and helping to protect other unsuspecting victims like yourself.

http://wealthsmith.com/lemon-law-articles.htm

Jim is an online writer that covers the topics that you want to know more about. Check out his latest subject, Lemon Laws: http://wealthsmith.com/lemon-law-articles.htm

My mom told me she has a living will. That way she’s going to avoid probate

I can’t tell you how many times I’ve heard this when a new person finds out I was a living trust lawyer.

They go on to say, She got one of those forms at the seniors’ center. You know, the one she can fill out herself. They even witnessed it for her.

I hate it when this comes up, because I have to set the record straight, I have to let the person know that a living will and a living trust are two different instruments that serve two different purposes.

One, the living will, is your statement that If I am terminally ill or mortally injured (I’m using simple language here to get the point across), then don’t hook me up to life support that will never return me to life. It’s the issue that’s currently being fought in Florida, with Governor Bush signing a law to keep a woman alive over her family’s wishes and a court ruling.

Her living will has nothing to do with avoiding probate. It is a health care document. Really it should be called a death desire, but our society can’t handle that bluntness.

A living trust, on the other hand, IS a probate avoiding document.

Basically, probate is used to transfer property you own when you die. If you have a will, your executor uses the probate court to carry out the terms of your will. If you die without a will, the laws of your state has statutes that describe where your property goes and who is in charge of getting it there.

So, if you don’t own any property when you die, then (generally…there are always exceptions) there is no need for probate.

This is where the living trust steps in. It called a living trust because it is created while you are living.

When you create a trust, you transfer title to your property to the trustee of the trust. You, as an individual, no longer own the property.

So, if you die, no probate is needed (remember, there are always exceptions), since YOU don’t own the property. The property is owned by the trustee of the trust. The trust instrument instructs him/her on what to do with the property upon your death.

A living trust is a LOT more complicated to set up and maintain than a living will. They accomplish different tasks.

So, when you hear that a loved one has a living will to avoid probate, it might be smart to ask a few questions.

Good luck and until next time,

Phil Craig

P.S. Feel free to forward this on to any friends.

Phil Craig, All Rights Reserved

Phil Craig is a licensed attorney and entreprenuer. He started practicing law at age 25 in 1979. He does not take on any more clients, but is advisor to some of the biggest names in the internet world. He shares his knowledge gained over the last 25 years at his Living Trust Secrets newsletter site: click here=========>http://www.LivingTrustSecrets.com

** Attn Ezine editors / Site owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify the content and include our resource box as listed above.

If you do use the material please send us a note so we can take a look. Thanks.

More articles at articles on database

My mom told me she has a living will. That way she’s going to avoid probate

I can’t tell you how many times I’ve heard this when a new person finds out I was a living trust lawyer.

They go on to say, She got one of those forms at the seniors’ center. You know, the one she can fill out herself. They even witnessed it for her.

I hate it when this comes up, because I have to set the record straight, I have to let the person know that a living will and a living trust are two different instruments that serve two different purposes.

One, the living will, is your statement that If I am terminally ill or mortally injured (I’m using simple language here to get the point across), then don’t hook me up to life support that will never return me to life. It’s the issue that’s currently being fought in Florida, with Governor Bush signing a law to keep a woman alive over her family’s wishes and a court ruling.

Her living will has nothing to do with avoiding probate. It is a health care document. Really it should be called a death desire, but our society can’t handle that bluntness.

A living trust, on the other hand, IS a probate avoiding document.

Basically, probate is used to transfer property you own when you die. If you have a will, your executor uses the probate court to carry out the terms of your will. If you die without a will, the laws of your state has statutes that describe where your property goes and who is in charge of getting it there.

So, if you don’t own any property when you die, then (generally…there are always exceptions) there is no need for probate.

This is where the living trust steps in. It called a living trust because it is created while you are living.

When you create a trust, you transfer title to your property to the trustee of the trust. You, as an individual, no longer own the property.

So, if you die, no probate is needed (remember, there are always exceptions), since YOU don’t own the property. The property is owned by the trustee of the trust. The trust instrument instructs him/her on what to do with the property upon your death.

A living trust is a LOT more complicated to set up and maintain than a living will. They accomplish different tasks.

So, when you hear that a loved one has a living will to avoid probate, it might be smart to ask a few questions.

Good luck and until next time,

Phil Craig

P.S. Feel free to forward this on to any friends.

Phil Craig, All Rights Reserved

Phil Craig is a licensed attorney and entreprenuer. He started practicing law at age 25 in 1979. He does not take on any more clients, but is advisor to some of the biggest names in the internet world. He shares his knowledge gained over the last 25 years at his Living Trust Secrets newsletter site: click here=========>http://www.LivingTrustSecrets.com

** Attn Ezine editors / Site owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify the content and include our resource box as listed above.

If you do use the material please send us a note so we can take a look. Thanks.

More articles at articles on database

Legal age is an age at which a person becomes entitled under the law to engage in a particular activity or becomes responsible for a particular act.

Those acts and activities include getting married, getting a license, voting and basically anything that will make you accountable for your actions. Government sets a legal minimum age for all these.

So before you head out to town for the supposedly biggest party of the season (which will probably include one or all of the following events: bringing your folks’ car and getting drunk like crazy and ending up in Vegas with some random person you’re about to marry) check out the legal ages for all your needs so you don’t end up in juvenile court or jail for that matter.

Here’s a list of the most fundamental legal ages.

Legal Age of Candidacy

It is the legal minimum age at which a person can legally qualify to hold certain elected government offices. In many cases, it also determines the age at which a person may be granted ballot access for an election.

Legal Age of Cconsent

According to the law, when a person reaches the age of consent, persons are bound by their words and acts. There are different ages at which one acquires legal capacity to consent to marriage, to choose a guardian, to conclude a contract, and the like.

For marriage, the age may be higher for males than for females if the jurisdiction does not guarantee equal rights to men and women. Age of consent also means the age below which consent of the female to sexual intercourse is not a defense to a charge of rape.

Under common law this age was 10; state statutes in the United States generally set it between 13 and 18. Basically, legal age of consent is when you become solely responsible for your own actions. It’s about taking accountability.

Legal Age of Majority

In law, the age of majority is the age at which one acquires the full legal rights of an adult. This commonly includes things such as the right to vote and the ability to make contracts.

Legal Drinking Age

Many nations have a legal drinking age, or the minimum age one must be to drink alcohol. In most countries this is 16 or 18; in the US it is 21. Some countries distinguish between drinks with fairly low alcohol-content (such as beer and wine) and stronger spirit-based drinks.

Legal Marriageable Age

It is the age wherein an individual may decide on his or her own to marry or not. It’s different for most countries and the youngest so far is 16 with parental consent.

Legal Minimum Driving Age

Minimum driving age refers to the legal age after which a person can obtain a license to operate a motor vehicle. The minimum driving age varies between jurisdictions but is generally between the ages of 14 and 18.

Legal Voting Age

The voting age is the minimum legal age at which a person may vote in a governmental election. That means carrying out the right to suffrage.

Legal ages were put into law for a reason. Age comes with education and experience and who would want a reckless, drunk 13-year-old driving down our streets, right?

James Monahan is the owner and Senior Editor of TopLegalSites.com and writes expert articles about law.

There are many law firms that limit their family law practice to collaborative divorce. Our firm does not. We offer a full range of services for divorcing people, including collaborative divorce, mediation and litigation advocacy, including trials in all court in Massachusetts. We are committed to helping each client determine what approach is the most likely one to get them through the divorce process with the best outcome. We consider best outcome to include minimizing conflict and acrimony and maintaining post divorce relationships, in addition to financial results, which clients will sometimes make the mistake of concentrating on to the exclusion of other considerations. It is our belief that collaborative law optimizes the chances for a best outcome but it is not indicated in every case.

What is collaborative divorce?

You should see the other article entitled Getting Divorced? You Have Options by this author for details, but essentially in Collaborative Divorce clients choose specially trained collaborative divorce lawyers who are committed to a negotiated settlement. Clients agree in advance not to go to court except for obtaining of the divorce judgment, in an uncontested proceeding. Negotiations are conducted primarily in meetings with clients and attorneys in the room. Full disclosure and transparency is the hallmark of this process. Gamesmanship, threats to see you in court and the like are absent from this process. In the event the case does not settle, the collaborative attorneys are required to withdraw from the case and the clients choose new litigation counsel. With this feature the attorneys have no incentive to foster litigation.

Sounds Great right? Why shouldn’t everyone choose Collaborative Divorce? The following are reasons NOT to choose collaborative law:

1. Domestic violence or child abuse. Any history of recent domestic violence makes it foolish and perhaps even dangerous to consider a process in which parties are required to sit in the same room.

2. History of Financial misconduct: In a contested divorce financial restraining orders preventing the transfer of assets can be obtained automatically upon commencement of the case. This can prevent marital assets from disappearing. If there is a meaningful concern about this kind of behavior, clients should go to court immediately.

3. Serious mental illness: If one party has major depression, substance abuse, or psychosis, Collaborative Law is unlikely to work, although there is little risk in trying. Often an experienced Collaborative Lawyer is the best resource a person with such a disability can have, although, there may be a need for court intervention if the party’s ability to participate in the process is seriously impaired. In that situation a court appointed Guardian ad Litem will be appointed to act on behalf of the impaired spouse, and in such situations, Collaborative Divorce may be difficult to pursue.

4. If one party is not committed to the Process. For Collaborative divorce to work, both parties have to be committed to attempting to work in this fashion. If one party refuses to be transparent about disclosing information, or is using the Collaborative Divorce process as a way to delay or avoid dealing with the hard issues, then the only way to move things along so the parties can finally be divorced, is to go to court.

Most litigated cases end up settling eventually and for that reason even if Collaborative Divorce, as formally practiced is inappropriate, it does not mean that your divorce will be World War III, however, it is important that clients not be afraid to obtain the protection of the court when indicated.

More articles at articles on database

My mom told me she has a living will. That way she’s going to avoid probate

I can’t tell you how many times I’ve heard this when a new person finds out I was a living trust lawyer.

They go on to say, She got one of those forms at the seniors’ center. You know, the one she can fill out herself. They even witnessed it for her.

I hate it when this comes up, because I have to set the record straight, I have to let the person know that a living will and a living trust are two different instruments that serve two different purposes.

One, the living will, is your statement that If I am terminally ill or mortally injured (I’m using simple language here to get the point across), then don’t hook me up to life support that will never return me to life. It’s the issue that’s currently being fought in Florida, with Governor Bush signing a law to keep a woman alive over her family’s wishes and a court ruling.

Her living will has nothing to do with avoiding probate. It is a health care document. Really it should be called a death desire, but our society can’t handle that bluntness.

A living trust, on the other hand, IS a probate avoiding document.

Basically, probate is used to transfer property you own when you die. If you have a will, your executor uses the probate court to carry out the terms of your will. If you die without a will, the laws of your state has statutes that describe where your property goes and who is in charge of getting it there.

So, if you don’t own any property when you die, then (generally…there are always exceptions) there is no need for probate.

This is where the living trust steps in. It called a living trust because it is created while you are living.

When you create a trust, you transfer title to your property to the trustee of the trust. You, as an individual, no longer own the property.

So, if you die, no probate is needed (remember, there are always exceptions), since YOU don’t own the property. The property is owned by the trustee of the trust. The trust instrument instructs him/her on what to do with the property upon your death.

A living trust is a LOT more complicated to set up and maintain than a living will. They accomplish different tasks.

So, when you hear that a loved one has a living will to avoid probate, it might be smart to ask a few questions.

Good luck and until next time,

Phil Craig

P.S. Feel free to forward this on to any friends.

Phil Craig, All Rights Reserved

Phil Craig is a licensed attorney and entreprenuer. He started practicing law at age 25 in 1979. He does not take on any more clients, but is advisor to some of the biggest names in the internet world. He shares his knowledge gained over the last 25 years at his Living Trust Secrets newsletter site: click here=========>http://www.LivingTrustSecrets.com

** Attn Ezine editors / Site owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify the content and include our resource box as listed above.

If you do use the material please send us a note so we can take a look. Thanks.

More articles at articles on database

My mom told me she has a living will. That way she’s going to avoid probate

I can’t tell you how many times I’ve heard this when a new person finds out I was a living trust lawyer.

They go on to say, She got one of those forms at the seniors’ center. You know, the one she can fill out herself. They even witnessed it for her.

I hate it when this comes up, because I have to set the record straight, I have to let the person know that a living will and a living trust are two different instruments that serve two different purposes.

One, the living will, is your statement that If I am terminally ill or mortally injured (I’m using simple language here to get the point across), then don’t hook me up to life support that will never return me to life. It’s the issue that’s currently being fought in Florida, with Governor Bush signing a law to keep a woman alive over her family’s wishes and a court ruling.

Her living will has nothing to do with avoiding probate. It is a health care document. Really it should be called a death desire, but our society can’t handle that bluntness.

A living trust, on the other hand, IS a probate avoiding document.

Basically, probate is used to transfer property you own when you die. If you have a will, your executor uses the probate court to carry out the terms of your will. If you die without a will, the laws of your state has statutes that describe where your property goes and who is in charge of getting it there.

So, if you don’t own any property when you die, then (generally…there are always exceptions) there is no need for probate.

This is where the living trust steps in. It called a living trust because it is created while you are living.

When you create a trust, you transfer title to your property to the trustee of the trust. You, as an individual, no longer own the property.

So, if you die, no probate is needed (remember, there are always exceptions), since YOU don’t own the property. The property is owned by the trustee of the trust. The trust instrument instructs him/her on what to do with the property upon your death.

A living trust is a LOT more complicated to set up and maintain than a living will. They accomplish different tasks.

So, when you hear that a loved one has a living will to avoid probate, it might be smart to ask a few questions.

Good luck and until next time,

Phil Craig

P.S. Feel free to forward this on to any friends.

Phil Craig, All Rights Reserved

Phil Craig is a licensed attorney and entreprenuer. He started practicing law at age 25 in 1979. He does not take on any more clients, but is advisor to some of the biggest names in the internet world. He shares his knowledge gained over the last 25 years at his Living Trust Secrets newsletter site: click here=========>http://www.LivingTrustSecrets.com

** Attn Ezine editors / Site owners ** Feel free to reprint this article in its entirety in your ezine or on your site so long as you leave all links in place, do not modify the content and include our resource box as listed above.

If you do use the material please send us a note so we can take a look. Thanks.

More articles at articles on database