A revocable living trust agreement — often known simply as a living trust — is a legal entity that an individual creates to hold their assets. The person who creates the trust, known as the grantor, also serves as the trustee, managing the assets that are held inside the trust. It is called a “revocable” trust because the grantor can undo the trust at any time.
The last will and testament, simply known as a will, is a legal document that provides directions to love ones for distributing a person’s possessions and assets after death. The person who creates the will, known as a testator, chooses an executor who gives these directions to a court after the person dies.
A sublease agreement is a contract between the original tenant of a rental property, also known as a sublandlord, and a subtenant who agrees to occupy part or all of the property for a set period of time — though not longer than the terms of the original lease. A sublease does not invalidate the terms of the original lease; the tenant must still meet the obligations set forth in that document.
Although the standard lease is for a year, landlords and tenants who want flexibility can enter a rental agreement that is renewable each month. For the renter, there is no concern about paying a penalty to break the lease early. The landlord, on the other hand, has the option to terminate the lease at any time once they have given a 30-day notice to their tenant.
Durable Power of Attorney is a document in which you select a trusted person, known as an “agent” or “health care proxy,” to make decisions for you in the event that an accident or illness renders you mentally incapable of acting on your own behalf. The term “durable” means that the document remains in effect until you are incapacitated.
A contract for deed, also known as a “land contract,” or “bond for deed,” is a document allowing a seller to finance the sale of their own property. Typically, the buyer agrees to pay for the property in monthly installments and takes immediate possession of the property. The buyer has the right to occupancy and, in some states, the right to claim the homeowner exemption on their property taxes. The seller, meanwhile, retains the legal title to the property until all the payments have been successfully made.
A sublease is a legally binding contract made between the tenant and a subtenant, or sublessee, granting them use of part or all of your commercial property. The subtenant pays rent to the tenant rather than directly to the landlord. And the landlord holds the tenant, not the subtenant, responsible for rent and property damage. Tenants normally must get permission from the landlord before they can sublet a commercial property.
Not to be confused with a last will and testament, a living will, or advance directive, provides instructions about what kind of medical care you wish to receive if you become seriously ill or otherwise incapacitated and cannot communicate your preferences. As part of the living will, you designate an attorney-in-fact who will represent your interests. The living will grants that person power of attorney so that they can communicate your stated wishes with medical providers.
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