Why You Need a Will
This article describes how someone’s property is distributed under the intestacy laws of Pennsylvania should they die without a valid Will.
There’s an old adage that a person either devises his own plan in life or ends up as part of someone else’s. Because 50%-60% of the population never executes a Will, the majority of us will allow our state legislature to determine who is most deserving of our money, belongings, and real estate when we die. Why do otherwise intelligent people who work and save their whole lives fail to plan for the inevitable? Are we that trusting, that apathetic, that fearful, that cheap?
What is Power of Attorney Agent?
A power of attorney (POA) agent is often times also called an “attorney-in-fact”. This person is appointed by some one to legally represent them for specific or general tasks or situations. This is done by creating a power of attorney form, it only needs to be notarized (recorded by your county) if it involves real estate.
Ri Real Estate Law - Purchase And Sales Agreements - Single Family
In Rhode Island most buy and sell agreements (purchase and sales agreements) for single-family homes are on a form prepared by the Rhode Island Association of Realtors. The Purchase and Sales Agreement is a very important legal document that typically sets forth the sales price, time, date and place of the residential real estate closing, contingencies based on financing, as well as many other provisions.
You may attempt to negotiate modifications to this agreement and are not obligated to sign the standard form. Prior to signing the Purchase and Sales Agreement, the buyer should contact a Rhode Island lawyer / attorney who specializes in real estate law, residential real estate closings and title law.
Can My Parents Gift Real Property To Me Directly From Their Living Trust?
Question: I am not sure if this is the place, or if this question can be asked / answered here.
My parents have property / real estate currently held in a trust whereby they are both the Grantor and the Trustee. I am the Successor Trustee.
Is it possible to transfer ‘ownership’ of this property from that trust to me prior to their death?
I am aware there are several methods to do this. However, what we would like to do is simply transfer ownership (not sell), whereby I become the legal owner of this property.