There is an old expression in the law that “An oral contract isn’t worth the paper that it’s written on.” This is especially true for contracts that involve real estate. A contract to buy or sell real estate MUST be in writing in order to be enforced by a court. A lease lasting more than […]
Many clients like to plan their estate by making sure there are always a least two owners on a piece of real estate. That way, when one owner dies, there is no need to go through the probate court to have the property transferred; it simply passes to the survivor. This is simple enough to […]
Many people like to plan their estates by having two names on every asset. That way, when one owner dies, the asset automatically passes to the surviving owner, thus avoiding probate court. Once a person is added as an owner to an asset, that ownership takes effect immediately, and all owners have equal claim to […]
It is common practice to always name at least two owners on any asset. When one owner dies, the asset passes to the surviving owner and probate court can be avoided. However, problems can arise if a parent adds only one of his children as a co-owner on an asset. The parent and child may […]
You may have heard that it is wise to always title assets in the name of two people, or “owners.” In the event of the death of one owner, the asset passes directly to the surviving owner and avoids probate court. However, did you know that in some cases, including an additional owner on an […]
Deciding who should take charge of your affairs after you are gone can be very tricky. Parents often just list all of their kids to be co-representatives, but that can result in deadlocks and disagreements. Simply listing the kids, in their birth order, can also be a problem and can create resentment between the children. […]
Too often, families are torn apart by trying to decide "who-gets-what" after a parent dies. A recent story in the Denver Post compiled a few of the horror stories that estate planning attorneys see on a regular basis: An irate sister who smashed a crystal vase in her attorney’s parking lot “so nobody will get […]
On May 5, 2010, President Obama signed the Caregivers and Veterans Omnibus Health Services Act into law. This law is designed to ensure that families of veterans who were severely wounded in Iraq and Afghanistan will receive comprehensive, coordinated financial and other support to provide home-care for these veterans. This new law provides: Health care, […]
The Legal Hotline for Michigan Seniors recently published an excellent article explaining the use of “Lady Bird” deeds. A Lady Bird deed allows an owner “the best of both worlds”. He can maintain control of all legal rights regarding his home until his death. Upon death, the home transfers to the beneficiary without the need […]
