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.
A Deed of Trust is an agreement between a lender and borrower to place the legal title of the property being sold in the hands of a neutral third party who acts as trustee until the borrower’s debt is completely paid off.
If you become dissatisfied with the person you have tasked with carrying out financial or medical details on your behalf, you have the right to “fire” the person you have given that responsibility, provided you signed a durable power of attorney. The revocation of power of attorney should then be send both to the old agent and any agencies that have a copy of the original power of attorney.
As the name implies, a Promissory Note is a written promise to pay someone to whom you owe money. It may also be referred to as an IOU or a loan agreement. Although it may seem like an informal document — particularly if you sign a promissory note when borrowing money from a friend or family member — promissory notes are legally enforceable.
Warranty deeds are legal documents used to indicate that real estate property has passed from the hands of one person (the grantor) to another (the grantee). A warranty deed should not be confused with a quitclaim deed, even though both indicate the transfer of property. A warranty deed provides a greater degree of protection to the grantee because it pledges that the grantee owns the property free and clear, without liens, mortgages, or other impediments to ownership.
The quitclaim deed is a written document used to transfer the interest, or ownership, in a real estate property from one party (the grantor) to another (the grantee). Quitclaims are the simplest form of property deed. You typically use a quitclaim deed when the other party is a family member or a business partner — i.e., when the grantee is a close associate.
1099-MISC is used to report taxable income for individuals that are not directly employed by the entity making the payment.
A purchase agreement is a legal document made between two parties, one of whom (the seller) wants to sell a piece of personal property and the other of whom (the buyer) wishes to purchase it. A purchase agreement is different from a bill of sale, or sales receipt. It is an agreement to enter into a future transaction, specifying what the terms of the transaction are.
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