Managing your money doesn’t just involve
finances but understanding when to implement important legal documents. When
planning your personal or business objectives, there will come a time when a
legal document, whether simple or complex, will be extremely vital.
Following are some legal documents pertaining
to personal finance, estate planning, power of attorney, and real estate
planning.
This guide will help you to understand and select
the document that will best meet your particular needs. Of course, when
planning to execute any legal document, it is a good idea to consult an
attorney.
Personal Finance
Check Stop Payment - request to a
bank not to honor a particular check.
Lost Credit Card Notice - letter to a
Credit Card Company from the cardholder requesting the halt in credit.
Promissory Note - a promise to
pay a principal sum plus interest.
Request for Credit Report - a letter to
reporting agency for full and complete disclosure of credit file.
Request Under Freedom of Information - letter to any
government agency that may keep files on individuals.
Estate Planning Documents
Codicil - an amendment to an original Will that
changes or modifies a Will.
Last Will and Testament - a legal
document that sets forth the wishes of the testator after his or her death.
This document distributes the property of the testator and appoints
representatives to administer the estate.
Organ Donation - a document
that specifies the wishes of an organ donor.
Premarital Agreement - a written
contract between intended spouses, which provides for the division of property,
income, and responsibilities to each other and their child or children should
the marriage ends in divorce or other means.
Revocable Living Trust - a trust
established while alive also known as an “inter vivos” trust that can be
revoked.
Power Of Attorney Documents
General Power Of Attorney - an instrument
authorizing one person to act on behalf of another, usually in signing legal
documents and in making legal decisions.
POA (Power of Attorney) Delegating Parental
Authority - appoints a custodian for a minor child or children and
specifies custodian’s powers.
Revocation of Power Attorney - a notarized
statement by principal rescinding appointment of power of attorney.
Specific Power of Attorney - appoints an
attorney-in-fact to perform a specific action on behalf of the grantor.
Real Estate Documents
Claim Of Lien - notifies third
parties of a monetary interest in property where work was performed.
Commercial Lease - an agreement
to rent commercial property.
Demand For Rent - a document
designed to give a tenant a final opportunity to pay overdue rents before the
landlord may commence eviction proceedings.
Discharge Of Mortgage - a mortgage
holder’s release of the mortgagor.
Mortgage Deed - a borrower
gives mortgage covenants to the lender in consideration of a loan.
Offer To Purchase Real Estate - a document
used when a buyer is presenting an offer to purchase real estate from a seller.
Quitclaim Deed - a document
which transfers title to real estate.
Residential Lease - an agreement
to rent residential property.
Sublease - an agreement between tenant,
landlord, and subtenant to sublet premises currently under lease to a tenant
that retains tenant’s liability.
Waiver Of Lien - lien holder
releases all rights to claim any liens for work done or materials furnished.
Warranty Deed - land conveyed
with warranty covenants providing assurance of title.
###