Curious what a legal description of property document is? It’s a very short document, usually only about five sentences long, which describes a piece of real estate. In most cases, the legal description of property comes with a survey sketch as a visual way to determine the boundaries of a property.
This is an essential document in real estate transactions since it is a unique identifier to ensure everyone knows the details about the property that is being sold. A description of property is created by legal professionals but may be written in various ways depending on the property and its location.
What Is Included in the Document?
Several things must be included in legal descriptions of property. The following should be contained somewhere within the document:
- Information about the subdivision, town, or county
- The complete acreage of the real estate property
- All of the defining features of the land
- Where the exact boundary lines of the property can be found
As such, a legal description of property is not the same as the address of the property. While the address helps you find the property on a map, addresses can change. A legal description of property has the specific boundaries of the property and how much land is sold. While it can be more complicated and longer, it’s also more precise.
When Do You Need a Legal Description of Property?
The main time when a legal description of property is needed is when ownership of real estate is moved from one person to another. As such, the legal description is most often included in property deeds and signifies what piece of property is being described.
However, it will also be in sales contracts, mortgage papers, and other legal documents related to land. The main purpose of the legal description of property is to ensure everyone involved knows the boundaries of the real estate that is being sold. It is required to transfer the property to another owner.
In some cases, the legal description of property may also be used in disputes between neighbors over the boundaries of property. A surveyor will look at the description as a way to decide who is correct in the dispute.
If you need a legal description of property, The attorneys at Bell & Shah can help you with creating the document. It has exact boundaries and will be needed if you plan to sell a piece of property. Several methods can be used to determine the boundaries depending on the situation.
When preparing to have a first child, the number of things you need to do often seems endless. Everything from thinking about daycare to furnishing a nursery and buying a car seat can quickly fill a to-do list. Some of these things can be stressful but still worth it as you think about how your life is going to change.
However, one thing you may not have thought about is the need to make an estate plan. Making a will and naming guardians to care for the child also may be things you haven’t considered.
However, these are crucial steps to take in case tragedy hits your family while a child is still young. We’ll explain why having an estate plan is so essential below.
Opens Up Important Conversations
You may not have thought about who would raise your child if the worst happens. Or maybe you always assumed your parents would do so. However, these are only assumptions and things can change as time goes on. Grandparents might move away, have health issues, or otherwise be unable to step in if something terrible happens.
Having open conversations about your thoughts will help you make solid plans. These conversations might not be easy but they are essential. You’ll know who to name as guardian if you are unable to raise your child.
Avoids Court Battles
If you don’t have an estate plan and pass away, your loved ones who survive may argue about who should raise the child. In the worst case, this could result in a trip to the courtroom. When this occurs, a judge will be tasked with deciding who should take care of your child.
This can be stressful for everyone, especially a small child. The person you might have chosen to care for your child could end up losing. While appeals are possible, the winner is usually the person who was chosen by the first judge.
Another thing people may fight about if you don’t have an estate plan is who gets your property, money, and more. An estate plan notes who gets what to avoid additional disputes if you pass away.
It’s best to have a will, a power of attorney, and a healthcare power of attorney to avoid any confusion. If you have not had an estate plan made and have a child on the way, reach out to the attornies at Bell & Shah today. It’s something you want to have available as soon as possible.
You don’t like thinking about your death any more than other people do. However, just because it is an unpleasant subject doesn’t mean it’s something you can avoid. Sometimes, people ignore putting together a will because they think that their children or spouse will automatically inherit property and money.
Sometimes, that might be true. However, when you don’t have a will, it doesn’t mean that your assets will go where you want them to go. One of the things you will certainly end up leaving behind is a lot of stress if you don’t have a will.
What Does the Will Do?
The will is a legal document that has clear instructions on what is supposed to happen to your estate. It includes all of the details on how it needs to be handled if you die or become incapacitated. The will contains your last wishes for what you want to happen with your belongings.
You want to be the one who has control over what happens with your belongings. You don’t want the courts to be in charge.
What If You Don’t Have a Will?
In the state of Illinois, if you die without a will, it is known as dying intestate. The intestacy laws will determine who receives the deceased’s assets if there is not a will in place. In Illinois, this means that they will go to your closest relatives. Types of assets that are included in these laws include property, retirement savings you own, and bank accounts. The laws are specific about what happens to your property when you die without a will.
If this happens, it’s important to know that those who survive you will not have any say. Even if you told someone that you wanted to give them some of your property when you passed away, it won’t happen if it’s not in the will. This can often cause fights between family members and friends.
Create an Estate Plan
The best thing you can do to avoid this type of problem is to get in touch with an attorney and create an estate plan. It’s better to do this sooner rather than later even if you are young and healthy. You never know what tomorrow could bring, so it’s a good idea to make sure you are as prepared as possible. It’s time to get your will and the rest of your estate plan in order. Contact the experienced attorneys at Bell & Shaw Law, LLC today to discuss your situation more fully.
When you are starting up a small business, you have a lot on your plate. You want things to be as smooth and simple as possible, but we all know that things don’t always work out this way. Issues often arise, and you need to make sure you are handling them the right way. If those problems stem from your product or your messaging, you can probably handle them… but they might involve matters best left to an attorney.
There are countless benefits of using an attorney to help set up your small business. Let’s look at some of the best reasons to work with these lawyers below.
Help Choosing the Right Business Structure
This is one of the most important early steps when you are setting up your business. if you don’t structure properly from the start, it could cause problems for you later. For example, you might be exposed to more liability if you aren’t an LLC. You might not fully understand the tax implications of the different structure options. An attorney can help you with this.
Contract Creation and Review
Even small businesses will be dealing with all manner of contracts and agreements. It might be rental agreements, employee contracts, freelancer contracts, etc. Regardless, you will find that having an attorney go over these agreements and contracts before you sign them or give them to people to sign is essential. It can help to keep you from making a costly mistake.
Reduce the Risk of Lawsuits
Working with an attorney will ensure that your business is legal and that you are following the state and federal employment laws. This will reduce the chance of you making mistakes that could land you in hot legal water.
Protection of Intellectual Property
You need to be sure all of your intellectual property is protected. This includes things like original works, logos, inventions, product designs, etc. Your attorney can ensure you have all of the proper paperwork filed for copyright, trademark, patent, etc. It’s best to do this as soon as possible.
Get in Touch with an Attorney
As you can see, there are some great advantages to using an attorney when you are setting up your small business. Keep in mind that you don’t need to hire a full-time attorney for your business at this stage. Instead, you can simply employ the services of the attorneys at Bell & Shah, when you need them. Contact Bell & Shah today to see how we can help your business with.
Although nobody likes to think about their mortality, it’s important that they do. They have to think about those who are left behind, and this is particularly true when they are the owner of a business.
You Need a Succession Plan
How does it change hands after you pass away? Does it just fade away and no longer exist? Typically, it will end up going to your estate. However, it can depend on how your succession plan was created—or if you had a plan in place. In cases of a family business, it will likely go to whoever you named in your estate. The family member you name should be someone you feel is qualified enough to run the business.
Who this person is might change over time, which means you may need to update the plan when it’s called for. If you haven’t properly prepared a succession plan or updated it, the business may not go to the person you want it to.
What Happens to the business
When a business goes to the estate after you die, your executor will divide the assets according to your wishes. If the estate plan doesn’t address the business, though, it is going to end up creating some confusion, and you can be sure a lot of questions will arise.When a business goes to the estate after you die, your executor will divide the assets according to your wishes. If the estate plan doesn’t address the business, though, it is going to end up creating some confusion, and you can be sure a lot of questions will arise.
One of the options is to set up a trust, which can be overseen by a board of trustees. They can take care of the business until the children are old enough. Of course, you may want your kids to benefit from the business, but you may not feel as though they should operate the company, even if they are 18 or over.
If you have children who are under 18, they may be able to inherit and own the business. However, because of their age, they will not be able to handle certain business activities, such as signing contracts. When creating a succession plan, if you have minor children, you will also have to plan for the day-to-day operations of the company.
Talk with the attornies at Bell & Shah. We Can help get your estate plan in order, and to ensure you are setting your business up for success after you have passed away. Whether you are going to give the business to your children, a spouse, or someone else, take care of the legalities before it’s too late.