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Incorporation means creating a new corporation. A corporation is an organization that is approved by your state to conduct business. It is a legal entity separate and distinct from its owners; a separate person in the eyes of the law. Most people form corporations to protect their personal assets because the owners of a corporation are generally not personally responsible for the corporation’s debts. This is called “limited liability protection.”
The creation of this entity generally requires the preparation and filing of certain documents with The Secretary of State (or other appropriate department) in your state of formation, and running the corporation generally requires more formality than is required for most types of businesses. The corporation is formed by an incorporator, owned by shareholders, managed by directors and typically operated by its officers.
A divorce ends a marriage and all direct legal relationships between the couple, except those specifically written out in the divorce decree or judgment. Such issues as spousal support, parenting arrangements, support of children, division of property and payment of debts may be addressed in a written agreement. When both parties agree on these issues, the divorce is “uncontested.”
To obtain a divorce, one or both parties (depending on options available in your state) will file all required paperwork with the appropriate court, beginning with a petition (or complaint) for divorce.
A divorce is granted by a judge after the necessary paperwork has been submitted, all required waiting periods have lapsed and all appearances before the judge are completed. In some cases it is not necessary to be physically present in the court to get a divorce.
A living trust is similar to a will in that it lets you control who gets your property when you die. The primary benefit of a living trust is that it can help your beneficiaries avoid the expense and delay of probate of the assets transferred to the living trust before your death. Probate is the court-directed process of distributing a person’s assets and possessions after death. The probate court governs the distribution of your estate according to the instructions of your will if you left one, or if you did not, according to your state’s laws of intestate succession. At death, most property must pass through probate before it can be inherited. However, property transferred to a living trust prior to death does not. This is why most people prepare a living trust - to avoid probate.
In a nutshell, you create your living trust, you then transfer ownership of your assets to the trust which you manage as the trustee and then those assets pass to your designated beneficiaries upon your death. In addition, If you become incapacitated or no longer want to manage your trust assets, your named successor trustee can take over the management of the assets for your benefit and then distribute them in accordance with your wishes upon your death.
A deed is a legal document that is used to transfer ownership of real estate from one person or entity to another.
A Quitclaim Deed is a type of deed where a grantor, a person who owns an interest in a property, transfers all or a portion of his/her interests to someone else. The grantor offers no guarantees about the title to the recipient, who is called the grantee. A Quitclaim Deed is often used to clear up problems with a title or when soemone wants to use a simple method to give up all interests in a property. A Quitclaim Deed transfers only the right of the person signing the deed. It does not guarantee that other people don't have an interest in the property. If there are other owners, their ownership is not affected by the quitclaim deed.
A Grant Deed is that when the grantor makes significant and important covenants by using this form of deed. With California Grant Deeds, the following covenants are implied by law:
• That previous to the time of the execution of the grant deed, the grantor has not conveyed the real estate to any person other than the grantee;
• That the real estate is at the time of the execution of the grant deed free from encumbrances (mortgages, liens, taxes, etc.) done, made, or suffered by the grantor, or any person claiming under the grantor.
Such covenants may be sued upon the same manner as if they had been expressly inserted in the Grand Deed. You need to make sure that all of the above convenants are true before you use a Grant Deed. Otherwise, you may find yourself in the middle of an expensive lawsuit.
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