Monday, November 12, 2018

Money Management Tips for Singles and Couples by Vivienne Diane Neal

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. 


No comments: