A trust protector is an independent third party or institution given the authority to perform certain duties with regard to a trust. A trust protector’s role is to ensure that the wishes of the trust maker, the individual who made the trust are fulfilled and that the trust continues to serve the purpose for which it was intended. The trust agreement typically details his responsibilities and his areas of authority. Serve as a Trust ProtectorAs an independent third party, the trust protector cannot be related to the trust maker or to any of the trustees or trust beneficiaries. Sometimes the trust agreement, the trust’s formation documents will specifically name a trust protector, but it might instead just lay out the process by which a trust protector can be appointed instead. If the trust maker is married, his spouse may be granted the power to appoint someone. Otherwise, the trust beneficiaries can nominate someone and the court can appoint that individual. If the trust agreement names a specific individual, the document should also specify how he should be replaced if the initial individual is unable or unwilling to serve when called to action. For all practical purposes, the terms of these trusts are set in stone. The trust maker of an irrevocable trust cannot later undo it or take back property he placed into it. In the case of an emergency, such as if something happens so the trust can no longer serve the purpose for which it was intended, or if changes in the economy cause it to lose money at an alarming rate as it’s presently set up only a trust protector can step in and take action to make things right. The trust maker has relinquished all control, so he’s personally powerless to remedy the situation. The trust protector may be granted limited or an expansive list of powers. At a minimum, he should be able to remove and replace the existing trustees. He may be given the power to settle disputes among co-trustees, or between trustees and beneficiaries. He may be permitted to alter trust provisions due to unanticipated circumstances, such as changes in the economy or with tax laws. This power is critical for Dynasty trusts that can continue for many years into the future after being set up. He may be able to terminate the trust entirely, to modify the powers of the trustee, to change the sites or legal jurisdiction of the trust, or to correct ambiguities or errors made when the trust was drafted. Under the laws of some states, the trust protector will be able to exercise these powers without the need for court approval. This can minimize the costs incurred in administering the trust. The role of trust protector is a function that carries out enumerated administrative and strategic purposes generally not reserved to the trustee, settler, or beneficiaries. There is no mandate that the trust protector actually protect the trust. The name itself could be anything and has no inherent meaning. To help interpret the intricacies of the trust protector’s role, commentators look to the variety of statutory and case law that exists in the United States regarding trust advisors, although there seems to be some question about how similar the roles of trust protectors and trust advisors are. Also, there is international common law jurisprudence that can be used for reference purposes. In structuring a trust, generally the attorney delineates the relative rights and powers of the parties. For instance, the trust generally addresses matters such as whether the settler (and beneficiaries, after the settler’s death or incapacity) will have the right to remove or replace a trustee. Further, the powers of the trustee regarding many matters, including investment and distribution, are also generally addressed. Beyond these basics, sometimes more profound issues are not easily addressed by the traditional roles. For example, questions can arise over whether to change the legal sites, governing provisions, or beneficiaries of the trust. These are the instances in which the role of the trust protector is most helpful. Paying the Trust ProtectorA trust protector is entitled to compensation for the services he renders on behalf of the trustees and beneficiaries. The trust agreement should set forth the method for determining how much he is paid. A Dynasty Trust is a long-term trust created for the purposes of passing and building wealth from generation to generation without incurring federal estate tax. For families with significant wealth, this trust provides substantial tax savings for future generations for up to 360 years in Tennessee. The Dynasty Trust is created in your will/revocable trust and only becomes funded at your death. The idea behind the trust is that your children do not receive their inheritance outright. Instead, your assets pass through the Dynasty Trust and stay in trust for their lifetime. Most often, clients want their children to be trustees of their own trust and that is certainly possible. But the trust must have certain boundaries/standards by which money may be used. The broadest limits we usually put in the trust are the assets may be used for the child’s health, education, maintenance, and support. That restrictive language is critical to ensure that the assets in the trust are not included in the child’s estate. A trust with no standard by which the trustee must distribute assets would likely cause the trust to be included in their estate. This circumstance would make the trust asset subject to the estate tax and thereby defeat the entire purpose of the Dynasty Trust. Be aware that if you use a broad standard for distribution of the assets, it would ensure that the child may use significant portions of the assets for their needs. For example, if your child wanted to purchase a home she could do so with trust assets. If she needs groceries, or to pay for medical expenses, the money would be there to support her. Also, included in the Dynasty Trust is a limited power of appointment. This limited power of appointment allows the trustee to appoint trust property by will to whomever they like. So, if someone wanted to leave her trust assets to her spouse or children she can choose to do so in her will. But note, the Dynasty Trust has a provision which directs the trust assets to pass to your lineal decedents should your children fail to exercise this power of appointment. Even if your children do not exercise their limited power of appointment, the trust assets will be provided to the new beneficiaries in a new Dynasty Trust that will be governed by terms and standard of the original Dynasty Trust. As such, each successive generation of beneficiaries will have a power to appoint where these assets go in their will, just as if they owed the assets personally. But these successive beneficiaries will never own the assets personally. Rather, the trustees will control the assets in trust and keep them free from estate taxation for generations to come. Under the terms of the Dynasty Trust, your daughters would have the ability to appoint new trustees at their death. For example, your children could easily name your grandchildren as trustees of their trust once they are of age. On the other hand, if a grandchild has substance abuse problems, your child may decide to name a third party as trustee for that grandchild for his or her life. Second, it is likely that assets that were purchased many years ago have increased in value over time. If the assets are owned by individuals they will receive a step-up in tax basis at the death of the owner. What that means is if the owner dies his family inherits the property based upon the value at his death, not what he paid for it. This step-up in basis amounts to significant tax savings for families. However, that is not the case with Dynasty Trusts. These trusts do not provide families with a step-up in basis at the death of each successive generation. So, as a consequence, a Dynasty Trust may not be appropriate for families that plan to sell assets down the road. Make Trusts More FlexibleTrusts that continue for the benefit of a surviving spouse’s lifetime and then for the benefit of several generations have become the norm. Drafting trust agreements that will cover the administration, investment, and distribution of trust property over the span of multiple decades is challenging. In this issue you will learn how trust agreements can be made flexible to address changes in the lives of beneficiaries and governing laws by:• Carefully selecting trustees. • Defining trust beneficiaries. • Including powers of appointment. • Allowing for trust decanting. • Providing for the appointment of a trust protector. Choosing the right succession of trustees for an irrevocable trust that is intended to continue for years into the future is critical to the trust’s success and longevity. Typically the client’s initial thought is to name one or more family members as Trustee(s) who can then appoint additional family members because they will better understand the varying needs of the beneficiaries and will keep the costs of administering the trust down. But in reality family members will not be able to fulfill all of their fiduciary obligations without hiring legal, investment, and tax advisors. These expenses will add up and can ultimately cost more than a corporate trustee, such as a bank or trust company, which will be able to meet all fiduciary obligations under one roof for one fee. On the other hand, forcing trust beneficiaries to be stuck with the wrong trustee without a reasonable means for removing and replacing the trustees will land the beneficiaries and trustee in court. It is crucial to build provisions into the trust agreement which allow beneficiaries or a trust protector to remove and replace trustees without court intervention. A corporate trustee will act as a neutral party to oversee discretionary distributions and investment strategies that benefit both current and remainder beneficiaries. To create flexibility, specific beneficiaries (such as current income beneficiaries) or a trust protector should be given the right to remove the corporate trustee and replace it with another corporate trustee. Clients need to consider who they want to include as trust beneficiaries twenty, thirty, or even fifty years into the future. While clients cannot predict or foresee everything that will happen in the future, they should still take time to consider who they want to take care of after they are gone. Clearly defining the class of beneficiaries who will benefit from the trust will allow for a smooth transition between generations and potentially head off litigation. Clients who are concerned about how children, grandchildren, or great grandchildren will eventually grow up can build flexibility into a dynasty trust by giving a surviving spouse or other beneficiary the ability to include or exclude heirs through a power of appointment. A power of appointment is also important when a trust is designed as a generation skipping trust but one or more beneficiaries do not have children, and it can also be used to include or exclude charitable beneficiaries. Powers of appointment at each generation should be considered when designing a trust that is intended to last for decades into the future. The powers can be as limited or as broad as the client desires without creating any gift tax or estate tax problems. Trust Decanting involves taking the funds from an existing trust and distributing them to a new trust that has different and more favorable terms. Decanting may be authorized under state common law or statutory law and should be included as an option in the trust agreement.Reasons for Decanting a trust may include the following: • Tweaking the trustee succession provisions. • Converting a trust that terminates when a beneficiary reaches a certain age into a Dynasty trust. • Changing a support trust into a full discretionary trust so that a beneficiary’s creditors cannot seize assets from the trust. • Clarifying ambiguities or drafting errors in the existing trust. • Changing the governing law or trust sites to a less taxing state. • Modifying powers of appointment. • Merging similar trusts into a single trust or creating separate trusts from a single trust. • Adjusting the trust terms to provide for a special needs beneficiary. Clients may be concerned that including decanting provisions into a Dynasty Trust will defeat their long-term goals and intent. However, including the authority to decant a trust provides flexibility into the trust agreement from the beginning, reducing the risk that a client’s beneficiaries will end up in court to fix a trust that no longer makes practical or economic sense. A trust protector is an individual or entity that is empowered to make trust changes so that the grantor’s wishes can be ultimately fulfilled. A trust protector’s duties can be as limited or all-encompassing as the grantor chooses. In essence a trust protector can be given the power to modify the terms of a trust without necessarily having to decant it and to address unforeseeable events such as changes in tax laws or family dynamics. Of any of the options clients can include in their trust agreements to insure flexibility; a trust protector is in and of itself the most flexible. This is because a trust protector can be given the right to appoint, remove and replace trustees; include or exclude beneficiaries; adjust powers of appointment; and decant the trust into a new one. Therefore, trust protector provisions should be included in all trust agreements. Unfortunately trust agreements that are more than a few years old will most likely lack provisions for allowing the trust terms to be adjusted as the needs of the beneficiaries and governing laws change. The good news is that modern trust law contemplates these changes and can be invoked to fix an old trust that has gone sideways. Trust Protector Lawyer Free ConsultationWhen you need legal help with a trust protector or dynasty trust, please call Ascent Law LLC for your free estate law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Can The Executor Of A Will Take Everything? Can Divorce Cause Mental Illness? Criminal Defense Lawyer Bluffdale Utah Can The Chapter 7 Trustee Sell My House? via Michael Anderson https://www.ascentlawfirm.com/trust-protector-and-dynasty-trusts/
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Misdemeanors in Utah are punishable by up to 364 days in county or local jail, and are designated as class A, B, or C. Some misdemeanors are unclassified and punished as infractions. Felonies (more serious crimes) are punishable by incarceration in state prison. Under Utah’s laws, class B misdemeanors are punishable by up to six months in jail and a fine of up to $1,000. For example, an adult who knowingly furnishes alcohol to a minor can be convicted of a class B misdemeanor in Utah. If a statute designates an offense as a misdemeanor but fails to classify or specify a punishment for it, the crime is punishable as an infraction. Potential punishments include: • a fine of up to $1,000 Common Utah Misdemeanors with Devastating Collateral Effects: Small Possession of Marijuana Being charged with even small amounts of marijuana is still illegal in Utah. A petty marijuana conviction in Utah carries mandatory driver’s license suspensions, fines, court probation and possible a substance abuse evaluation. According to the Utah State Courts, a Class B misdemeanor includes charges of assault, resisting arrest, DUI, reckless driving, possession of marijuana under 1 ounce, drug paraphernalia, shoplifting (under $300), trespass of a dwelling and public nuisance. Concealed weapon violations and numerous traffic offenses are also Class B misdemeanors. A Class B offense is punishable by up to six months in jail, and up to a $1,000 fine. If a person is convicted, a judge determines sentencing by consulting the Utah Sentence and Release Guidelines. Other factors can affect sentencing, including the severity of the crime, which may increase or decrease the usual recommended sentencing. In Utah, a person commits domestic violence by committing (or attempting to commit) any crime involving violence, physical harm, or the threat of violence or physical harm against a cohabitant. Cohabitants include spouses; former spouses; people in relationships that resemble marriage; people who live together or have lived together; people who are related by blood or marriage; and people who have children together. Cohabitants must be over the age of 16 or emancipated minors. Siblings under the age of 18 and parents and their children are not cohabitants of one another. Any violent crime, such as harassment, stalking, violating a restraining order, or assault, is domestic violence if committed by one cohabitant against another. People who are convicted of crimes of domestic violence in Utah more than once are subject to increased punishment for subsequent offenses. Arrests for Domestic ViolenceUnder Utah’s laws, if a police officer has probable cause to believe (a reasonable belief) that domestic violence has occurred; the officer must make an arrest without a warrant or issue a citation (ticket). This is an exception to the usual rule that an officer can make a warrantless arrest only under certain conditions when a misdemeanor has been committed in his presence, or he has reason to believe a felony has occurred and the arrest is outside the home. If the officer has probable cause to believe the victim will continue to be in danger or that the defendant has recently caused serious injury or used a dangerous weapon, the officer must make an arrest and take the defendant into custody. People who are arrested for domestic violence may not personally contact the victim before being released and may not be released from jail before the next court day unless they are ordered as a condition of their release not to: • personally contact the victim Protective OrdersA protective order (also called a restraining order) is a court order requiring one person (the respondent or defendant) to not contact and stay away from another person (the petitioner or victim). Pre-trial protective ordersWhenever a defendant is charged with domestic violence, the court may issue a pre-trial protective order: Ex parte ordersEven if no charges are pending, any cohabitant who has been the victim of or is in danger of domestic violence or abuse (physical harm) may also file a petition for a protective order in Utah. An “ex parte” order is one made without notice to the defendant and without the defendant first appearing in court. Under Utah’s laws, if a court finds that there is a danger of domestic violence or abuse, it may issue an ex parte order: • prohibiting the respondent from committing domestic violence or abuse An ex parte order may be in effect for up to 20 days before a hearing is held. If the court finds that there is a good reason to delay the hearing, the order may be in effect for up to 180 days. After The Court HearingTo obtain a court order that is in effect for a longer period of time, the petitioner must have the respondent served (given a copy). Then, there is a hearing, where both the petitioner and the respondent may appear. Following a hearing, the court may also issue an order granting custody and visitation of any children, as well as any relief that can be granted as part of an ex parte order. Generally, the criminal provisions (see below) of a protective order are in effect for two years. After that time, a hearing can be held to dismiss the order. Criminal and civil provisionsUnder Utah’s laws, a person who violates almost any provision of a protective order issued ex parte or after a hearing commits a crime. The only exceptions are those provisions related to custody or other relief necessary for the safety and welfare of the petitioner or another person. A person who violates these provisions can be punished only with civil contempt. Contempt (violating a court’s order) is punishable by a fine and time in jail. Contacting a victim before being released on a domestic violence arrest is a class B misdemeanor, punishable by up to six months in jail and a fine of up to $1,000. If the defendant was originally arrested for a felony, violating a judge’s order to not contact a victim or a pre-trial protective order is a third degree felony, punishable by a prison term of up to five years and a fine of up to $5,000. If the defendant was originally arrested for a misdemeanor, violating a judge’s order or a pre-trial protective order is a class A misdemeanor, punishable by up to one year in jail and a fine of up to $2,500. When a person who has been convicted of a domestic violence offense within the past five years is convicted of another domestic violence crime, including violating a restraining order, if the current offense is: A restraining order or conviction for domestic violence can have serious consequences. If you are charged with domestic violence or served with a restraining order, you should contact a Utah criminal defense attorney immediately. An attorney can tell you what to expect in court and advocate on your behalf so that you can obtain the best possible outcome. Utah is poised to become the second state in the nation to adopt an automatic system that will eventually wipe out the criminal records of people convicted of certain low-level crimes. The legislation does not change the eligibility criteria for expungements. It covers mostly low-level crimes, and does not allow expungements for felonies, DUIs, or violent misdemeanors like domestic violence or sexual battery. A person must be crime-free for five years for a class C misdemeanor, six years for a class B misdemeanor and seven years for drug possession — the only class A misdemeanor that is eligible for expungement. Having a criminal record can affect someone’s ability to get a job and can limit housing opportunities, so people often seek expungements to give them a fresh start after a minor conviction. Reckless DrivingA person is guilty of reckless driving who operates a vehicle: In willful or wanton disregard for the safety of persons or property. Reckless driving is punishable as a class B misdemeanor. Anyone who wants to join a like fad or challenge is encouraged to think about the physical as well as criminal repercussions that could occur. Parents are encouraged to speak to their teens about dangerous challenges that are currently making the rounds to ensure their teen are using common sense before joining in with the crowd. While the student charged with sexual abuse obviously crossed the line from innocent hazing to criminal activity, other hazing rituals may also be against the law as well. Utah Code states “A person is guilty of hazing if that person [knowing the activity is for those to be or remain a member of any organization] intentionally, knowingly, or recklessly commits an act or causes another to commit an act that: Depending on the severity of the hazing and what weapons of illicit materials are used, hazing may be punished ranging from a class B misdemeanor to a second degree felony. Any teens facing charges for their involvement of criminal hazing are encouraged to seek the legal counsel of a reputable juvenile defense attorney. Class B Misdemeanor Lawyer in Utah Free ConsultationIf you’ve been charged with a Class B Misdemeanor in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help defend you against these charges.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Can The Executor Of A Will Take Everything? What Assets Can I Keep In Chapter 7? via Michael Anderson https://www.ascentlawfirm.com/what-is-a-class-b-misdemeanor-in-utah/ Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)’s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. How Foreclosure WorksWhen you buy expensive property, such as a home, you might not have enough money to pay the entire purchase price up front. However, you can pay a portion of the price with a down payment, and borrow the rest of the money (to be repaid in future years). Homes can cost hundreds of thousands of dollars, and most people don’t earn anywhere near that much annually. Why are lenders willing to offer such large loans? As part of the loan agreement, you agree that the property you’re buying will serve as collateral for the loan: if you stop making payments, the lender can take possession of the property in order to recover the funds they lent you. To secure this right, the lender has a lien on your property, and to improve their chances of getting enough money, they (usually) only lend if you’ve got a good loan to value ratio. File a Lawsuit to Stop Your ForeclosureDespite the banks best efforts, you’ve fought off foreclosure for longer than you expected to be able to. Perhaps you’ve used a third party to postpone the foreclosure process, or even filed for Bankruptcy to stop the sale – but this time it looks like they’re really going to go through with selling the home. Many people think that they are at the end of the road, with no legal option to stop their foreclosure, but filing a lawsuit to save your home may be the best option you have. Filing a lawsuit against your lender to stop foreclosure is effective, and can ease all of the stresses that most homeowners deal with while stuck in the process. The official legal term is “mortgage litigation,” and most cases against lenders never make it to trial. Instead, our foreclosure attorneys go up against legal counsel that represents the bank, and negotiate a deal that prevents the two parties from having to spend the big bucks by taking the case to trial. Many homeowners facing foreclosure don’t even take the time to call us for a free consultation because they think that filing a lawsuit to stop foreclosure will simply be too expensive and time consuming. The truth is, that our foreclosure defense attorney’s goal is to leave you in a much better position than when you first decide to sue the lender. Our free consultations will answer all your questions regarding cost, timeline, and what you can reasonably expect in the end. There are 2 common legal options that can prevent a foreclosure. These options include either filing a lawsuit [foreclosure litigation], or filing a bankruptcy. The best legal strategy to stop a foreclosure depends on your personal situation and is best carried out by a successful foreclosure attorney with a strong track record of stopping foreclosure and saving homes. A homeowner can sue their lender if they illegally issue a notice of trustee sale or initiate a foreclosure sale in violation of the California foreclosure laws. In many cases, lenders do not comply with the California laws that protect a homeowner from an illegal foreclosure. An experienced foreclosure lawyer can immediately determine if the lender has violated the law and if it is possible to file a lawsuit to stop foreclosure proceedings. Bankruptcy is also a very effective legal strategy for stopping a foreclosure proceeding immediately. An experienced foreclosure attorney can file the case to stop a sale the same day. In many instances, bankruptcy allows individuals to restructure debts, get debt relief, stop foreclosure sales, and keep the home. A loan modification is a negotiated agreement to change the monthly payment you make, the length of the loan, and the interest rates the loan charges. This type of negotiation does not require a foreclosure lawyer. When it is impossible to continue making payments on a property, a short sale is another way to avoid foreclosure. The lender must agree to sell the property for the current value. This usually results in avoiding a claim from the lender later, and may result in making money from the sale depending on whether there is equity in the property. A deed in lieu of foreclosure can also prevent a foreclosure and possibly keep a foreclosure from affecting long term credit rating and a borrower’s ability to buy another home. Foreclosure is a complicated and emotionally draining process. If you are having received a notice of foreclosure, notice of default, or notice of trustee sale, you should pick up the phone and talk to a foreclosure lawyer at Consumer Action Law Group. Their lawyers are trained and dedicated to preventing foreclosure, with a documented record of success in all methods of stopping foreclosure and saving homes. Call our foreclosure attorney today. We offer free legal advice on the first call, and we can stop your sale right away and save your home. File a Lawsuit to Stop the ForeclosureIf your lender is using a no judicial process to foreclose—where the foreclosure is completed outside of the court system—then you might be able to delay or stop the foreclosure by filing a lawsuit against the lender to challenge the foreclosure. This tactic normally won’t work if the foreclosure is judicial because by the time of a foreclosure sale, you’ve already had your opportunity to be heard in court. To prevail in your lawsuit against your lender, you will need to prove to the satisfaction of the court that the foreclosure should not take place because, for example, the foreclosing lender: • cannot prove it owns the promissory note The downside to suing your lender is that if you’re unable to prove your case, this will only delay the foreclosure process. Lawsuits can be expensive and, if you have no reasonable basis for your claims, you could get stuck paying the lender’s court costs and attorneys’ fees. Call Ascent Law LLC today to learn more about Fighting Your Foreclosure in Court. Talk to an AttorneyIf you’re facing an imminent foreclosure sale and considering any of the options discussed in this article, it is strongly recommended that you consult with a local foreclosure attorney or bankruptcy attorney immediately. To get information about different loss mitigation options, you should also consider talking to a HUD-approved housing counselor. Foreclosure LitigationUnless you and your lender agree on how to cure the default on your mortgage, you are unlikely to stop the foreclosure process without taking court action. A lawsuit must be filed with the Superior Court in the county where your property is located alleging the basis for stopping the foreclosure — for example, violations of foreclosure or lending laws. Your lawsuit must also request that the court issue temporary restraining orders and a preliminary injunction to stop the foreclosure process while your lawsuit is pending. The temporary restraining orders are typically sought within days of filing the lawsuit and are generally granted by the court; however, by law the temporary restraining orders cannot last longer than 22 days. Therefore, the court will also set a hearing date within the 22 days regarding whether a preliminary injunction should be issued stopping the foreclosure for the duration of the lawsuit. How much will it Cost?Most homeowners that pick up the phone and call us for a free consultation want to know how much it will cost to file a lawsuit against their mortgage company to stop foreclosure. The truth is that we typically cannot answer this question until we ask a few of our own. Can I Really Stop Foreclosure?Absolutely! Many recent cases have been filed improperly and an experienced attorney can assist with the identification and filing of substantive and procedural defenses with the court and vigorously defend your case. Due to the lender’s actions, omissions or other facts surrounding your case, you may be able to stop making mortgage payments and stay It is possible to completely Stop Foreclosure if the bank or lender is in violation of the Florida Unfair Lending Act or other predatory lending practices. If the lender has committed such a violation, the entire principal and interest balance may be waived and the mortgage may be voided. This may not be relevant in your case. But, at the very least, a successful defense can do is buying you precious time to: Stay in your home Foreclosure Attorney Free ConsultationWhen you need legal help with a foreclosure in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you with your foreclosure.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Is A Loan Modification A Good Idea? What Needs To Be Done If I Have Full Custody For The Father To Sign Over Rights? via Michael Anderson https://www.ascentlawfirm.com/how-do-you-stop-a-foreclosure-from-lawsuit/ An executor is a legal term referring to a person named by the maker of a will or nominated by the testator to carry out the instructions of the will. Typically, the executor is the person responsible for offering the will for probate, although it is not required that they fulfill this. The executor’s duties also include disbursing property to the beneficiaries as designated in the will, obtaining information of potential heirs, collecting and arranging for payment of debts of the estate and approving or disapproving creditors’ claims. An executor will make sure estate taxes are calculated, necessary forms are filed, and tax payments are made. They will also assist the attorney with the estate. Additionally, the executor acts as a legal conveyor who designates where the donations will be sent using the information left in bequests, whether they be sent to charity or other organizations. In most circumstances, the executor is the representative of the estate for all purposes, and has the ability to sue or be sued on behalf of the estate. The executor holds legal title to the estate property, but may not use the title or property for their own benefit, unless permitted by the terms of the will. When there is no will, a person is said to have died intestate without testimony. As a result, there is no tangible testimony to follow, and hence there can be no executor. If there is no will or the executors named in a will do not wish to act, an administrator of the deceased’s estate may instead be appointed. Choosing The ExecutorThe person who sorts out your property when you die and carries out the instructions in your will is called your executor. You can choose whoever you like to do this job (and it can be more than one person) but it’s an important choice to get right. What does an executor do?Your executor takes on the job of carrying out the instructions you leave in your will when you die. It can be a complicated job even if your instructions and your property are quite simple – it’s not unusual for the process to take several months. Who can be an executor of a will?Anyone aged 18 or above can be an executor of your will. There’s no rule against people named in your will as beneficiaries being your executors. In fact this is very common. Many people choose their spouse or civil partner or their children to be an executor. But that doesn’t mean they have to write them out of the will. Up to four executors can act at a time, but they all have to act jointly so it might not be practical to appoint that many people. It’s a good idea, though, to choose two executors in case one of them dies before you do. For example, you might choose one family member and one professional, like a solicitor or accountant. Professional executors tend to charge, but it can be helpful to have someone involved with specialist knowledge. You can appoint substitute executors to cover the situation if your first choice dies before you. When you’ve chosen your executor, Make sure you confirm your executor’s full name and address in your will otherwise they might not be able to do their job, if they cannot be found. Agreeing to be the executor of an estate (also known as a personal representative) is a bigger decision than most people realize. It is important to consider the responsibility of the position before agreeing to take on the role. things you should know before signing on• The Complexity of the Estate: Taking on the executor role is not simply a matter of reading the will and using it as a set of instructions for giving away someone’s wealth. An executor essentially steps in for the testator (the person who wrote the will) and sees to all the final arrangements—financial and otherwise. To be prepared, you should: Duties and Responsibilities of an Executor of a WillBeing chosen an executor is both an honor and an obligation. Before accepting, you should be sure you understand what you’re getting into. Broadly speaking, you’ll be distributing the deceased person’s property and arranging for payment of estate debts and expenses. Specific duties will include: choosing the type of probate, filing the will for probate, setting up an account for paying bills, paying estate debts and taxes, maintaining willed property, making and filing an inventory with the court, distributing assets, and many more. It’s a big commitment. An executor is legally responsible for sorting out the finances of the person who died, generally making sure debts and taxes are paid and what remains is properly distributed to the heirs. State law varies on the requirements of who can serve as executors, but generally, executors tend to come from the close ranks of family, spouses, children, parents and siblings. Although state laws provide for the payment of executors, since so many executors are close family members, they often don’t ask to be compensated. In addition to carrying out duties in a diligent, impartial and honest manner, an executor may also be required to perform any or all of the following activities, among others: • Get a copy of the will and file it with the local probate court: The executor is in charge of locating, reading and understanding the will usually, even if probate isn’t necessary, the will still must be filed with the probate court. At this step, the executor also determines who inherits the property. • Notify banks, credit card companies, and government agencies of the decedent’s death: The Social Security Administration along with the decedent’s bank and credit card companies are just some examples of who should be notified of the death. • Decide what kind of probate is necessary: Because inheritance laws may facilitate the passing of certain properties without probate (such as property held jointly by a husband and wife), probate isn’t always necessary. Additionally, the value of the estate may allow it to pass through an expedited process. If probate is required, you need to file a petition with the court to be appointed an executor. You will likely need an attorney’s assistance to accomplish this. • Represent the estate in court: An executor may be required to appear in court on behalf of the estate. • Maintain the property until it can be distributed or sold: This includes keeping up a house until it is distributed to heirs or sold- even deciding whether the property needs to be sold at all. Also, an executor must be sure to find all personal property in the estate and protect it until distribution. If the decedent had a safety deposit box, the executor should locate it and keep it safe. • Pay the estate’s debts and taxes: State law dictates the procedure for notifying creditors, and the estate must also file income tax returns from the first of the current year until the date of the decedent’s death. If the estate is large enough, there may be state and/or federal estate taxes to pay as well • Distribute assets: Distribution occurs according to the wishes expressed in the will. If there is no will, state intestacy laws apply. • Dispose of other property: If there is any property left after paying off the estate’s debts and distribution to heirs, the executor is responsible for disposing of it. Since estates vary greatly in size and complexity, and executor’s job may be easy or challenging to carry out- and responsibilities may very well go beyond the 10 basic items in this list. But while an executor can decline the position or resign at any point in the process, sometimes all that is needed is some legal advice. Consulting with an attorney is generally to make sure that the executor properly complies with his or her duties. • Identify the assets and liabilities of the testator; Executor Attorney in Utah Free ConsultationWhen you need legal help with a probate in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Is A Loan Modification A Good Idea? Probate Lawyer Woods Cross Utah via Michael Anderson https://www.ascentlawfirm.com/can-the-executor-of-a-will-take-everything/ Understanding what it means to have charges dropped as opposed to dismissed is very important if you are facing criminal charges. When you go to court, the prosecutor has a lot of flexibility to decide whether your charges will continue, and what crimes should be added or removed from your list of charges. This is called “prosecutorial discretion,” and is an important part of our criminal justice system in Utah and across the country. If charges seem overly harsh, do not fit the facts, or come from illegal police activity, the prosecutor can choose to drop charges. A prosecutor’s job is to ensure that justice is done, not to simply get convictions. This means prosecutors will often drop unjust charges. Alternatively, charges can only be dismissed by a judge. When your case goes to court, it is the government’s responsibility to prove you committed the crimes as charged. This means they must meet the burden of proof. At a preliminary hearing, the burden of proof is to show there was probable cause that you committed the crime. This means proving that it is likely that a crime occurred, and you were likely responsible. At trial, the burden of proof is beyond a reasonable doubt. This means showing that you undoubtedly committed the crime as charged. If the government cannot meet their burden or the judge finds the charges do not fit the alleged activity, the judge may dismiss the charges. Any criminal charge is eligible to be dropped or dismissed. However, many prosecutors may have instructions from their superiors or a personal rule that they will not drop charges. This may make it difficult to convince them your DUI charge is unjustified, but there is always the option of dismissal. Judges are held to a very high standard, and they cannot allow illegal or unjustified charges to go through. If your DUI charges do not fit the conduct or were the result of illegal police activity, your lawyer may be able to convince a judge to dismiss the charges. After a DUI arrest in Utah, you may be able to enter a plea to the reduced charge of impaired driving, but only under the circumstances described here. In Utah, impaired driving is a class B misdemeanor punishable by up to six months in jail and a fine of up to $1000.00. There are two ways that you may be allowed to enter a plea to impaired driving. The first way requires that the prosecutor agree to an impaired driving plea, and that you complete all the requirements of court ordered probation. The second way that you can plead to impaired driving, requires that the prosecutor agree to it, and that the court find that the impaired driving plea is in the interest of justice. What this means is that there are two types of impaired driving pleas. The first type of impaired driving plea is conditioned on the successful completion of probation. This means that you can plea to impaired driving, but if you fail to successfully complete the terms and conditions of probation, the court will change the reduced impaired driving plea to a full DUI conviction. Utah’s DUI laws prohibit all motorists from operating a motor vehicle: A conviction on a DUI charge will have immediate serious effects on your life. To begin with there are the court imposed fines. A first time DUI conviction carries a minimum fine and fee of $1,420. If the circumstances warrant, the judge has the discretion to raise the fines and fees to $1,920. In addition, if your DUI involved an accident where any person was injured, or if there was a child in your vehicle under 18 years of age at the time of your arrest, the conviction carries a fine and fee of $4,625. Next, there is the potential for incarceration. There is a mandatory minimum sentence of two days in jail for a first time DUI conviction. In general, judges usually order a defendant to perform two days of community service in lieu of jail time. If the circumstances warrant, this sentence can be increased up to 180 days. If your DUI involved an accident where any person was injured, or if there was a child in your vehicle under 18 years of age at the time of your arrest, conviction is punishable by up to 365 days in jail. Then you have the suspension of your driver’s license. If you are over 19 years of age but less than 21 years of age, a first time DUI conviction comes with a mandatory six month suspension of your driver’s license. If you are younger than 19, the suspension time is increased to one year. If you are 21 years of age or older, the suspension period is 120 days, if there was no refusal, which carries an 18 to 36 month revocation. Next, we have probation. A first time DUI conviction also comes with a possibility of a period of probation up to 18 months. This means that the court could keep your case open for 18 months following the date of conviction. During this time, the clerk of the court will verify that you have followed all the conditions of probation, including paying your fine, performing community service, and attending alcohol/drug education classes. In some sense, this is a form of not taking the charges against you seriously enough. You’ve just seen what the penalties are for a first time DUI conviction. When you represent yourself, you greatly increase the odds that you will be hit with each and every one of these penalties when your case goes to court. Utah’s DUI laws are complex. Utah’s judges and prosecutors know these laws inside and out. The prosecutor who handles your case has likely dealt with hundreds of DUI cases just like yours. The courtroom is their home court and the laws that govern it are a playbook that they know like the back of their hand. You will walk into that court as a rookie in a room full of seasoned professionals. Because of this, any chances that you may have had to avoid conviction or the worst aspects of the penalties for conviction will vanish like smoke. The prosecutor will see your case as an easy win and will treat you accordingly. DUI Attorney Free ConsultationWhen you need legal help with a DUI Charge in Utah, please call Ascent Law today for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Does Wife Get Half In Divorce? Criminal Defense Lawyer Magna Utah via Michael Anderson https://www.ascentlawfirm.com/can-a-dui-charge-be-dropped/ Sometimes all you need is a little break when you find yourself struggling to make your mortgage payments. A loan modification program can provide relief by making permanent or temporary changes to your loan, such as by reducing your interest rate or extending your payments. You don’t have to default entirely you can make a few adjustments and get back on track without doing significant damage to your credit. A loan modification is a change to the original terms of your mortgage, typically due to financial hardship. The goal is to reduce your monthly payment and this can be achieved in a variety of ways. Your lender will calculate a new monthly payment based on amendments made to your initial mortgage contract. Options for Loan ModificationsSome types of modification are better than others, and your lender might not offer all of them, although it might have additional options. Options include: • Principal reduction: Your lender can eliminate a portion of your debt, allowing you to repay less than you originally borrowed. It will recalculate your monthly payments based on this decreased balance, so they should be smaller. Lenders are typically reluctant to reduce the principal on loans, however. They’re more eager to change other features which can result in more of a profit for them not a loss. If you’re fortunate enough to get approved for a principal reduction, discuss the implications with a tax advisor before moving forward because you might find that owe taxes on the forgiven debt. This type of modification is usually the most difficult to qualify for. • Lower interest rate: Your lender can also reduce your interest rates, which will reduce your required monthly payments. Sometimes these rate reductions are temporary, however, so read through the details carefully and prepare yourself for the day when your payments might increase again. • Extended term: You’ll have more years to repay your debt with a longer-term loan, and this, too, will result in lower monthly payments. This option is commonly referred to as “re-amortization.” But longer repayment periods usually result in higher interest costs overall because you’re paying interest across more months. You could end up paying more for your loan than you were originally going to pay. • Convert to a fixed rate: You can prevent problems by switching to a fixed-rate loan if your adjustable rate mortgage is threatening to become unaffordable. • Postpone payments: You might be able to skip a few loan payments. This can be a good solution if you’re between jobs but you know you have a paycheck out there on the horizon somewhere, or if you have surprise medical expenses that will be paid off eventually. This type of modification is often referred to as a “forbearance agreement.” You’ll have to make up those missed payments at some point, however. Your lender will add them to the end of your loan so it will take a few extra months to pay off the debt. Depending on the type of loan you have, it might be easier to qualify for a loan modification. Government programs like FHA loans, VA loans, and USDA loans offer relief, and some federal and state agencies can also help. Speak with your loan servicer or a HUD-approved counselor for details. For other loans, try the Fannie Mae Mortgage Help Network. The federal government offered the Home Affordable Modification Program (HAMP) beginning in 2009, but that expired on Dec. 31, 2016. The Home Affordable Refinance Program (HARP) expired two years later at the end of 2018. But HARP has been replaced by Freddie Mac’s Enhanced Relief Refinance Program and by Fannie Mae’s High Loan-to-Value Refinance Option, so these might be a good place to start for assistance. Why Lenders Modify LoansModification is an alternative to foreclosure or a short sale. It’s easier for homeowners and it tends to be less expensive for lenders than other legal options. You get to stay in your home, and your credit suffers less from modification than it would after a foreclosure. Otherwise, your lender has several unattractive options when and if you stop making mortgage payments and it must foreclose or approve a short sale. It can: • Attempt to collect the money you owe through wage garnishment, bank levies, or collection agencies The application process can take several hours. You’ll have to fill out forms, gather information, and submit everything in the format your lender requires. Your application might be pushed aside or worse, rejected if something your lender asked for is missing or outdated, such as a tax return that’s three years old. It might be several weeks before your lender gives you an answer, and it can take even longer to actually change your loan when and if you get approved. Keep in frequent contact with your lender during this time. It might have questions and just hasn’t gotten around to calling you yet. It’s usually best to do what your bank tells you to do during this time, if at all possible. For example, you might be instructed to continue making payments. Doing so could help you qualify for modification. In fact, this is a requirement for approval with some lenders. Lenders have different criteria for approving modification requests, so there’s no way to know if you’ll qualify. The only way to find out is to ask. Unfortunately, homeowners in distress attract con artists. Beware of promises that sound too good to be true. It’s best to work directly with your lender to be on the safe side. Some organizations will promise to help you get approved for a loan modification, but these services come at a steep price and you can easily do everything yourself. They typically charge you, sometimes exorbitantly, to do nothing more than collect documents from you and submit them to your lender on your behalf. Modification is typically an option for borrowers who are unable to refinance, but it might be possible to replace your existing loan with a brand new one. A new loan might have a lower interest rate and a longer repayment period, so the result would be the same you’d have lower payments going forward. You’ll probably have to pay closing costs on the new loan, however, and you’ll also need decent credit. Consider BankruptcyIf all else fails, you might have one other option filing for Chapter 13 bankruptcy. This isn’t the same as a Chapter 7 bankruptcy where the court takes control of your non-exempt assets, if any, and liquidates them to pay your creditors. Chapter 13 allows you to enter into a court-approved payment plan to pay off your debts, usually for three to five years. You can include your mortgage arrears if you qualify, allowing you to catch up and get back on your feet, but you must typically continue to make your current mortgage payments during this time period. This might be possible, however, if you can consolidate your other debts into the payment plan as well. You must have sufficient income to qualify. A loan modification can help if you’re behind on paying a loan, such as a mortgage. Defaulting on a secured loan can result in the loss of your home, car, or other valuable possession. Although refinancing a loan is one possibility that can avoid, for example, foreclosure, it may also be possible to modify your loan. With a loan modification, you keep your existing loan, but the lender agrees to changes in its terms. A modified loan may have a lower interest rate. You could even have a variable interest rate converted to a fixed-rate. The length of your term may be extended as well. A lender will often consider your circumstances to find a solution that helps you pay back the principle. The alternatives, including foreclosure, can be extremely costly not just for you, but your lender or financial institution. You may also face aggressive collections actions. There are specific qualifications if you are considering mortgage modification. The requirements include being delinquent on a loan for at least 60 days, having an imminent danger of default, and demonstrating financial hardship, such as the loss of a job, spouse, or physical or mental capacity to repay the loan. Generally, you can modify a loan when you have bad credit. Lower payments can help you get back on your feet. As a result, the loan will be stretched out longer. But the paperwork for modifying loans can be complex. The process may be worthwhile in the long run, but to determine if it’s a good idea for you, consider the following: • The process takes time: Loan modifications require a lot of paperwork that can be long and frustrating. If your circumstances are bad enough, and you risk losing your home, the process may be worth it. You are most likely to consider this route, with the help of an Orange County bankruptcy attorney, if you’re behind in payments or poor loan terms are hurting your finances. • It’s easy to be conned: Scam artists and even entire organizations prey on consumers who are struggling. If your home is foreclosed on, it goes on public record, so con artists have access to your information. You may approach your lender or bank about the situation. But the information provided is available to other companies, which may try to trick you into a financial solution. If any company contacts you, research with the Consumer Financial Protection Bureau to see if it has engaged in illegal activities; otherwise you may be conned into sending money that doesn’t go towards your loan. • Your credit: A loan modification may be noted on your credit report. Although the impact isn’t as severe as foreclosure, the process can lower your credit score and affect your eligibility for future loans. Changing your mortgage terms is all about weighing the risks. If your financial circumstances are tough enough, having to pay the loan over a longer period, with more interest, is a better alternative to, for example, losing your home. Loan modifications can be confusing. There is a lot of paperwork and most of it is full of legalese. In many cases, homeowners find that it is far too easy to agree to something when they don’t realize what it is they are agreeing to. There isn’t just one approach to modifying a loan. You may have modified your student loans. That doesn’t mean that it will be just as easy to modify your home or car loan. They have their own oddities. Some federal student loans allow borrowers in repayment to skip their payments for a month or even a year – without any interest added. Other federal student loans do not. The boundaries for what is possible and what’s not are very clear, but they are specific to each and every lender. If you have questions about loan modifications or you are struggling with debt and trying to make your mortgage payment, please get in touch with one of the experienced loan modification attorneys. Loan Modification Lawyer Free ConsultationWhen you need to get a loan modification, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Selling Construction Material To Unlicensed Contractors Is A Legal Separation Necessary? via Michael Anderson https://www.ascentlawfirm.com/is-a-loan-modification-a-good-idea/ The U.S. Environmental Protection Agency (EPA) has authority over matters concerning the proper disposal of hazardous waste. But what exactly is hazardous waste, and how should it be disposed of? What rules or regulations apply to small business owners in particular? A number of industries and business types handle hazardous waste, some more than others, but failure to comply with federal and other regulations can result in fines or lawsuits and ultimately sink a small business. The following information will help you determine what, if any, materials handled by your company are hazardous and what to do about them. Under EPA regulatory guidelines, to be considered hazardous any waste must first meet the definition of “solid waste” as defined by the EPA. The term “solid waste” does not have the common meaning these words typically conjure. In fact, “solid” waste under EPA laws and regulations means any solid, liquid, or contained gaseous material that is no longer being used and is either recycled, thrown away, or stored until enough is collected to treat or dispose of it. If a waste meets the definition of “solid waste” it is considered to be hazardous if: • It is one of over 400 wastes included on one of the four lists of hazardous waste as contained in the federal Resource Conservation and Recovery Act (RCRA) regulations, meaning that it is a “listed waste;” (i.e., it has been shown to be harmful to health and the environment when not properly managed); or Note: There are some exemptions from the definition of hazardous waste for waste that would otherwise meet these criteria. Warning: Just because a particular waste is not listed on a RCRA regulations list, that does not necessarily mean it is not included on a state hazardous waste list. Both federal and state law for the appropriate jurisdiction need to be complied with. How Do I Get Rid of It?There are specific laws and regulations that govern how hazardous waste may be disposed of, and there are other, separate federal laws that allow for the imposition of criminal penalties if hazardous waste is not disposed of properly. There are also state laws regarding the disposal of hazardous waste that must be followed. The EPA has established three different sets of rules for the disposal of hazardous waste. The set a particular enterprise or company must comply with depends upon how much waste they “generate.” Large quantity generators (LQGs) and small quantity generators (SQGs) have specific rules they each must follow. Then, there may be some conditionally exempt small quantity generators (CESQGs) who do not have to comply with hazardous waste management regulations. The majority of business owners probably fall in the SQG category, that requires generation of between 220 and 2,200 pounds of waste per month, or the exempt CESQG category. LQGs must produce serious amounts of waste per month-more than 2,200 pounds per month-and have more stringent storage and disposal requirements. Information will only be provided, therefore, on storage and disposal requirements for SQGs. SQGs must obtain an EPA identification number and are allowed to accumulate hazardous waste on-site for up to 180 days without having to obtain a permit. An extension may be granted if the waste must be transported more than 200 miles away for recovery, treatment, or disposal. SQGs must store their waste in tanks or containers that are properly constructed, labeled, sealed, and maintained. If the waste is stored where it was generated, it is called “satellite accumulated waste.” Most hazardous wastes may not be “land disposed” unless they meet “treatment standards” as set for by the EPA’s Land Disposal Restrictions (LDR) program. It is the responsibility of the SQG to ensure that any waste that is to be land disposed either be treated to reduce hazardous constituents to a level approved by the EPA or by using a special, approved technology. If hazardous waste is treated on-site in an unacceptable or unapproved manner the wrongdoer can face fines up to $50,000 per day of violation and jail time. Other options for waste disposal are recycling and off-site disposal. In some circumstances, wastes can be disposed of on-site even though they may be considered hazardous. This is a limited exclusion that allows business owners to essentially “flush” wastes that are mixed with domestic sewage and are discharged to a publicly owned treatment works. The exclusion is commonly called the “domestic sewage exclusion” (DSE). The DSE is the only acceptable method of on-site hazardous waste disposal, and it is not available in every situation. Hazardous Waste Lawyer Free ConsultationWhen you need legal help with Hazardous Waste in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
How Long Does The Probate Process Take? How Do I Find Probate Documents? Rights Of Probate Creditors In Utah via Michael Anderson https://www.ascentlawfirm.com/removal-of-hazardous-waste/ Probate leads are potential seller clients who inherit properties they often want to sell quickly after going through the probate process (the legal process of transferring the assets of a deceased person to heirs). Since many heirs live out of state, or are otherwise not prepared to maintain the property, they often look to sell quickly. While probate leads are great, in order to be truly successful you need to access as many leads as possible. For most new real estate investors, locating, pitching, and closing probate leads sounds right up there with root canal as a way to spend an afternoon. You may even think probate investors are like ambulance chasing lawyers-except they actually chase hearses! The last thing you want to do is bother a grieving widow to make a buck, so probate investing is just not worth it. That is until you start reading about the jaw dropping deals many investors who specialize in probate leads are pulling in. Like most great real estate lead generation strategies, the hardest part is getting started. That’s why we put together this guide. In this article we’ll tell you everything you need to know to start locating, pitching and closing probate properties the right way. No hearse chasing required. When it comes to real estate investing, lead generation is always a road block for new investors. They may have the cash, they may have the knowledge, they may have a great contractor, but when it comes too actually finding leads, most new investors are at a loss. How on earth do you manage to buy properties for less than they are really worth? In order to buy probate properties or any property for below market value, one of four basic conditions must be met: • The owner should want or need to sell the property quickly While pre foreclosures and short sales meet the first condition and absentee owners the second two, probate leads often meet all three conditions. For example, someone who unexpectedly inherits a home from a deceased relative is often unprepared for the financial burden of owning and maintaining a second home, often lives out of state, and rarely needs the home as a primary residence. Even better, since the mortgages of deceased people are often paid off, they own the property free and clear. That means any profit from selling the home will be seen as a windfall. How to Buy Probate PropertiesProbate properties are owned by the estate of a deceased homeowner and are often sold below market value to property investors and potential homebuyers. The process of purchasing these properties can take anywhere from 6 months to several years. Before buying a probate property, you should understand where to find these properties, how to purchase these properties, and the process of court approval for your purchase. Finding Probate Property• Contact local real estate agents: Probate property sales may be marketed like any other home sales, which mean that local real estate agents may have probate listings. The executor of the estate (the person in charge of disbursing a person’s goods after they die), will hire a real estate agency to handle the marketing and sale of the property. Buy property at a public auction: Certain properties are more typically sold at auction, such as farms. Public auctions are advertised and a number of buyers may show up to bid on one or more properties. Review local newspapers: Local newspapers provide a variety of information that can be used to locate probate properties. When reviewing local newspaper, look for the following: Buying Probate PropertyPrepare for a lengthy sales process: After identifying a probate property in which you are interested, you should be prepared for a potentially long process. Generally, purchasing a probate property takes at least six months and could take much longer. If you have a hard timeline for moving into a property, it may be better not to purchase a probate property. Make an offer: You can make an offer on the probate property at any time. However, you should be aware that there are specific requirements for probate properties that are not typically required for regular real estate. Ask for an inspection: If your offer is accepted, you should request to have a home inspection. Most often, family members selling a property do not know all of the problems with the property. By having the home inspected, you get a better understanding of the potential problems with the home and whether the value of the home is less than you originally anticipated. Outbid other buyers: If there are other interested parties, the court will begin raising the price of the property at an incremental rate until a final bidder is left. This process is referred to as overbidding. If another buyer outbids your initial bid, you have the right to continue bidding on the property until a final bidder remains by outbidding everyone else. • The court may choose to raise the price of the house by increments of $5,000 or adopt a more complicated formula. For example, some courts may set the minimum overbid as “the accepted offer plus 10% of the first $10,000 plus 5% of the balance. Rather than trying to locate a real estate agent with experience in probate properties, you could go to your local probate court to find them. When you get there, ask to speak with the court clerk or the individual assigned to the probate court. To make sure you get the right list, ask for the last six months’ worth of probate cases. After receiving the probate cases, identify the ones that remain open by checking the court’s online docket or by asking someone who works at the court office. Once you recognize the open estates, make sure you ask for the inventory for each property. The inventory is drawn up by the executor of the property and then gets filed with the court. If you find any properties that you would like to view, contact the executor or the attorney for the estate by using the contact information on the docket sheet. Make sure you talk to either the executor or the attorney directly to understand more about the property. You want to know if there have been any offers made, how the executor is handling the sale, and if the court has approved an asking price. If one has been approved and the executor is motivated to sell, they may negotiate with you directly. Probate Lawyer Free ConsultationWhen you need legal help with probate in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Can You Get Jail Time For Misdemeanors How Long Does The Probate Process Take? Probate Lawyer Grantsville Utah How Many Mortgage Payments Can I Miss Before Foreclosure Happens? via Michael Anderson https://www.ascentlawfirm.com/how-do-i-find-probate-homes/ We as a whole prefer to spare a buck where we can. Employing an unlicensed contractor to spare a buck can carry incredible dangers to you and to your family home. While leaving on a home improvement venture can be a thrilling undertaking, doing as such expects you to put your trust, future satisfaction, and prosperity in the hands of outsiders. That is the reason it is basic that you pick a contractor cautiously, and without compromising. Possibly sparing a dollar in the short run, can cost you beyond all doubt over the long haul. Unlicensed contractors will in general be temperamental, and perform work in a poor design, with second rate materials, and infringing upon construction regulations. An unlicensed contractor is probably not going to pursue the required construction norms clung to by authorized contractors, prompting second rate and unacceptable workmanship that can finish up costing you essentially more than if you had enlisted an authorized contractor at the start. An unlicensed contractor is probably not going to have risk protection. That implies that if your neighbor is harmed or its home ends up harmed because of your contractor, you can be held actually obligated for any such harms or wounds. Since your property holders’ protection strategy likely prohibits cases emerging from unlicensed construction rehearses, you face the danger of money related ruin to fulfill such risk. Regardless of whether it is your very own home that is harmed and harmed because of a later setback, your back up plan may deny your case in the event that it tends to be appeared unlicensed work was performed on your home. As unreasonable as it sounds, you may likewise be in charge of the hospital expenses, lost wages, and different harms supported by your unlicensed contractor on the off chance that the person is harmed while working unlawfully on your home. Other than these extreme money related results, there are different dangers to you too. For example, since your unlicensed contractor is unfit to acquire licenses for the work being outfitted on your home, the neighborhood allowing expert won’t examine such work for consistence with appropriate codes, and to guarantee that the base guidelines for construction have been pursued. You can likewise be found infringing upon your locale overseeing reports for having performed unpermitted work. In the event that that occurs, you will be unfit to get another grant to play out any work on your home, you will probably confront solid money related fines, and you will be unfit to sell or renegotiate your home until such issues are redressed. Your protection and home loan organizations can discover you in default of your home loan and protection arrangements, and you can get yourself uninsured, and being required by your home loan organization to fulfill your home loan in full or face abandonment. You are likewise in danger for arraignment for helping and abetting of unlicensed contracting. Alongside the capability of such a conviction, you can confront extra thoughtful punishments of up to $5,000 for every infringement. In each express, an individual making enhancements that are surpassing a specific dollar edge is required to have a legitimate contractor’s permit. Generally the sum is five hundred dollars ($500.00). Any work over this figure requires getting a contractor’s permit issued by the express contractor’s authorizing board. Inability to get a permit commonly has an extreme effect upon the individual playing out the work. On the off chance that an unlicensed contractor completes a redesign or other improvement for a buyer where the expenses of the administrations and materials surpass the limit sum, the property holder under shifting state resolutions isn’t committed to pay the unlicensed contractor for administrations and materials rendered. The reason is that numerous states like California have rules expressing that people performing enhancements where a contractor’s permit is required can’t document a claim for installment. State governing bodies sanctioned the resolutions to secure the public. They require the participation at classes and section of a state examination to end up authorized in that state. This guarantees the individual doing contracting work has the negligibly required preparing, instruction, and experience to execute as an authorized contractor and knows about the standard of consideration and the acknowledged custom and practices in the construction business. On the off chance that a property holder enlisted an unlicensed contractor to rebuild a washroom at a cost surpassing $500 and the establishment was imperfect, for example, the tile was not appropriately laid with a dampness obstruction as required inside industry benchmarks, not exclusively is the mortgage holder legitimately qualified for not pay the unlicensed contractor, the mortgage holder can procure an authorized contractor to fix the faulty tile work and bring a claim against the unlicensed contractor for the expenses for the restroom redesign that surpass the measure of concurred installment to the unlicensed contractor. In the event that an unlicensed exterior decorator introduces the water system framework with no defects under a composed contract for $4,500 and now needs to be paid the concurred sum, under the laws of most expresses, the mortgage holder isn’t lawfully committed to pay any bit of this $4,500 to the unlicensed greens keeper. More awful yet, numerous states have rules restricting this unlicensed greens keeper from suing the mortgage holder for the $4,500 sum. The final product in this model is the mortgage holder gets a free water system framework esteemed at $4,500. On the off chance that the property holder and unlicensed contractor can’t achieve a consent to fix the activity, the mortgage holder can for the most part document a claim for harms. The issue with documenting any claim is gathering the sum granted by a judge or jury. The unlicensed contractor may have not many individual resources, and once a question emerges can’t be effectively found. In any case, motivation to document an objection is that the unlicensed contractor normally does not answer the grievance served upon him, and a default judgment is then issued by the court. The expense to get a default judgment from the get-go in the case procedure is very little as far as attorney’s charges ($1,500 to $2,000 territory) and the judgment can be reestablished inside ten years. The property holder would then be able to allot the judgment to a gathering organization with the goal that the mortgage holder does not need to tolerate the expenses of attempting to gather. On the off chance that the accumulation organization is effective, the mortgage holder gets a level of the gathered sum. In the event that the property holder never gathers upon the default judgment, there might be sure duty points of interest with respect to discounting the judgment. The drawback of suing an unlicensed contractor for broken work is that costs for the case will be caused, and if a judgment is granted for the property holder, the mortgage holder may never gather. The unlicensed contractor is never fortified and once in a while works through a restricted obligation organization or partnership dissimilar to the authorized contractor who as a rule works through a constrained risk organization or enterprise and is reinforced. On the off chance that the mortgage holder decides to record a claim against his unlicensed contractor, he ought to counsel an attorney experienced in construction law. The attorney can build up legitimate speculations of recuperation, can learn whether the property holder is qualified for attorney’s expenses if the mortgage holder wins, can find out the presence of potential resources of the unlicensed contractor that could be exacted upon after a fruitful honor, and offers the information that an unlicensed contractor can’t record a claim for unpaid administrations and materials supposedly owed by the property holder. It isn’t legally necessary that a construction material provider check whether the individual/substance that materials are being sold to is authorized. Be that as it may, there are a couple of dangers to remember when settling on the choice either to deal to unlicensed contractors or to not confirm the licensure of customers. There is a hazard that the unlicensed contractor may not get paid on the grounds that the contractor’s entitlement to keep up an activity for pay is lost by inability to have the option to claim and demonstrate proper licensure. Consequently, the contractor may experience issues paying its providers. The absence of licensure does not influence the providers’ rights to seek after an agreement guarantee, technician’s lien guarantee, or installment bond guarantee, as appropriate. Private construction (single family segregated lodging or multifamily staying up to and including duplexes) – This conveys a similar hazard as business construction. What’s more, no case for installment can be made to the Utah Residence Lien Restriction and Recovery Fund on the off chance that it can’t be demonstrated that the administrations or materials for which pay is being looked for, were given to an authorized contractor. The rule does not unmistakably give a planning prerequisite to when the licensure ought to be viable. In any case, my comprehension of the position taken by the Lien Recovery Fund is that the contractor ought to be authorized at the time materials are given in the interest of the venture at issue in the case. The impact of the licensure terminating after certain materials are given, however before others, has not been tended to. A contractor or alert business or organization may not go about as operator or start or keep up any activity in any court of the state for gathering of pay for playing out any represent which a permit is required by this part without asserting and demonstrating that the authorized contractor or caution business or organization was fittingly authorized when the agreement sued upon was gone into, and when the supposed reason for activity emerged. Contracting without a permit can have an assortment of pessimistic ramifications for the individual or people who take part in it. As unlicensed contractors are an issue in practically all states, nearby governments have arrangements set up to viably counter and punish people who give administrations without the essential business permit. From punishments and prison energizes to a court-requested compensation, an assortment of lawful systems have been set up to counter the material and money related harms that unlicensed contractors cause. Here are a portion of the outcomes that unlicensed contractors experience whether got and indicted. Unlicensed contracting is commonly subject to criminal and managerial assents or punishments. Furthermore, people who have employed a contractor who isn’t authorized and reinforced can likewise carry that contractor to court and expect them to, at any rate, reimburse them. Contingent upon the state you are in, criminal assents for contractors may vary however they are regularly comparative in degree. For instance, as indicated by Chapter 489 of the Florida Statutes too under 775.082 F.S., people who contract without a permit are submitting a first degree crime the first run through around they are gotten. Resulting occurrences of unlicensed contracting are viewed as a third degree lawful offense. Wrongdoings are generally subject to a punishment of about $1,000 and a correctional facility sentence of as long as a year (or a probation of a similar term), while lawful offenses can result in as long as 5 years in jail or probation and a $5,000 punishment. Essentially, unlicensed contractors in Arizona can expect a fine of at any rate $1,000 the first run through around and at any rate $2,000 the second time around as indicated by 32-1164 of the Arizona Revised Statutes just as a conceivable sentence. Sometimes, lawful offense accusations can likewise be documented against any individual who unlawfully utilizes someone else’s contractor permit or essentially contracts without a permit during a State of Emergency, similar to the case in Florida and California for instance. Construction Lawyer Free ConsultationWhen you need legal help with a contractor or licensing issue in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C itemprop=”addressLocality”>West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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Is Dating During Separation Adultery? Criminal Defense Lawyer Bountiful Utah via Michael Anderson https://www.ascentlawfirm.com/selling-construction-material-to-unlicensed-contractors/ If you find yourself asking about the length of the probate process from start to finish, sit down and buckle up because unfortunately the process is an unpredictable and lengthy legal procedure. The length of the probate process timeline depends on several factors. For example, the size of the decedent’s estate and level of complexity, whether or not the decedent left behind a will and if it’s contested, outstanding debts and obligations, and the number of proposed heirs can all add several months or years to the procedure. Other factors may include tax complications, non-probate lawsuits, and probate procedural requirements. It’s important to note that procedural requirements regarding probate vary by state. Additionally, the majority of courts have local court rules. It is a good idea to research probate law and various probate attorneys ahead of time. Researching probate will facilitate an understanding of various state requirements, local court rules, and key probate terms. In turn, this will help you understand what is involved for the probate process. Another benefit of researching probate law and contacting a probate attorney regarding the process details of probate is that you will be able to determine a timeline tailored to the specific circumstances of your probate matter. The time estimates will not apply in every situation since specifics of the probate process differ with every estate; however our probate timeline can act as a reference tool for approximating how long your probate process may take and how long it may be until you can access your inheritance. If you are currently involved in probate, you may be able to identify which stage of the probate process you are in by reviewing the timeline. Whether you are currently involved in probate or you anticipate being involved, this probate process timeline can give you an idea of just how much money you may need in order to withstand the entire duration. If you find yourself low of funds, IFC can help you get an inheritance advance in less than a week. The easiest way to understand the probate timeline is to look at all of the major steps most probate cases will require and how long each one is estimated to take. We’ll also take a look at when and how to handle the parties involved in the probate process. • Notice of Probate: 1-2 Months, Even if all beneficiaries of the decedent’s will attended the funeral and are aware that you’ll be handling the estate, this fact alone isn’t enough for the probate courts. You’ll need to issue a formal notice of probate to all interested persons, which means all beneficiaries and heirs. Depending upon local laws, you may have up to three months to notify interested parties after your probate petition is accepted by the courts at your first hearing. However, it’s best to get this done prior to your hearing so that you can obtain a waiver of process and consent to probate from all interested parties. This waiver and consent tells the court that all beneficiaries acknowledge the validity of the will (if there is one) and are willing to have you act as the executor or personal representative With this consent, they are waiving their rights to contest the will or any legal action you may take in regards to the estate. Having these waivers at your first hearing increases your chances of being awarded the rights of independent administration which means the court will be less involved in your handling of estate assets. This process can take as little as a few days if you have current contact information for all beneficiaries and they are willing to sign the waivers. If you need to search for the beneficiaries or if any parties decide to contest the will, this can take one to two months or longer. • Petition to Probate: 1-4 Months, unless the value of the estate is extremely low and contains no property, you will likely need a probate attorney to file the petition to probate the decedent’s estate. Once this petition is filed, you’ll receive a court date for your first hearing which will be set several weeks or months out based on the court’s availability. How long this step takes depends largely upon how soon you can get a court date scheduled. Prior to this hearing, you are not officially the executor or personal representative of the decedent’s estate, so you cannot legally conduct estate business, such as signing a listing agreement with a real estate agent for estate property. However, you can bring on a probate experienced real estate agent to help you prepare for the sale of the property by assessing the property’s value, running comparables in the neighborhood, determining the home’s value, connecting with cleaning services, contractors, and other vendors. Provided all of your petition paperwork is in order, the probate court judge will name you as the personal representative of the decedent’s estate by issuing letters of administration if there is no will, or letters of testamentary if there is a will. At this time, the judge will also decide to grant you either the rights of independent administration or dependent administration. • Notice to Creditors, Debts, and Taxes: 4-6 Months, Any debts owed by the decedent prior to death (such as credit card bills and mortgage payments) need to be paid out of the balance of the estate. These funds come from estate assets such as existing bank accounts, sold off stocks, life insurance benefits and the proceeds from the probate property sale. In order to determine any debts owed, you’ll need to issue a formal notice to creditors which, depending upon state law, may need to be published in a local newspaper for a set period of time. You should also go through the decedent’s financial paperwork for any bills and request a credit report for decedent to identify potential creditors. This creates a paper trail for the courts to show you made appropriate efforts to identify any potential debt claims against the estate. Once you’ve given all creditors notice, they have a set period of time in which to make a debt claim. While you’re sorting through financial records for creditors, you should also be on the lookout for tax documents. As part of closing the estate, you’ll need to file the final individual tax returns for the decedent and you may also have to file estate or gift taxes. All tax transactions must be completed before probate can close. • Inventory and Appraise Assets: 1-3 Months, One major task that needs to be done during probate is the inventory of assets. For this you’ll need the official probate forms from your state as this document will become a part of the official records of the estate that must be filed with the final petition at the close of probate. It’s important to note that some estate assets are not subject to probate, so check with your probate attorney as you compile your inventory. This inventory helps the probate court determine the cash value of the estate, based in part on the date of death value or the alternative valuation date which is within six months after the date of death. Generally, a professional appraisal is needed in order to determine these valuations, especially for real estate. This step can take anywhere from a few weeks to several months, depending upon the size of the estate and how long it takes to arrange the asset appraisals. • Probate Property Sale: 2-6 Months (or More) When the estate contains real estate you intend to sell during probate, the procedures of the probate sale depends upon whether you were awarded independent or dependent administration rights. If you’ve been granted independent administration rights, there is little to no court oversight during the sale of probate property. The sale precedes much like a traditional real estate sale; however, there are differences in procedure, contracts and disclosures. This is why having a probate experienced real estate agent can be extremely helpful. A personal representative with independent administration rights is permitted to list, accept an offer and close on the property sale without approval from the probate court. All of the probate sale paperwork simply needs to be included in the final accounting paperwork. These probate sales follow the timeline of a traditional real estate sale, which currently takes take an average of three weeks to receive and accept an offer and an average 47-day escrow period. If you’ve only been granted dependent administration rights, the probate sale process is significantly different and longer. While you will be able to list the home and even accept an offer, you cannot complete the sale on your own. The probate court will need to approve and oversee the sale with a court confirmation hearing. At the hearing, your probate attorney will present the offer you’ve accepted to the court however; the court will not immediately accept this offer. Instead, the probate judge will open the overbid process, which proceeds similar to an auction. Any interested buyers may then put in a bid for the property, starting at a percentage above the presented offer—as set by the court per state laws. The best offer is accepted and confirmed by the court during this hearing. A probate sale with court confirmation adds another several weeks or months to the timeline. Just as in a traditional sale, receiving and accepting an offer takes several weeks. Once you’ve accepted one, you can schedule for the court confirmation hearing often several weeks or months out. In some states, you may even be required to remarket the property at the accepted offer price for 30 to 45 days before you can have your court confirmation hearing. All told, these extra steps add anywhere from a month or more to the timeline. Whether yours is a simple probate sale or a more complex one requiring court confirmation, Utah advises hiring an experienced probate real estate agent: It’s nicer if the agent has significant probate experience so that they know the differences between a traditional sale and a probate sale. Finding an agent with accreditation or who can show that they’ve done a number of probate sales would definitely be advisable. • Final Accounting: 1-2 Months, while you are selling the property and settling account debts, you need to keep track of all the paperwork generated while conducting business transactions on behalf of the decedent’s estate. All of this documentation must be compiled and presented to the probate court for review. This process is generally known as the final accounting. Although the final accounting forms and requirements vary from state to state, these forms basically present the financial information of the estate. This includes the initial cash value of the estate, the debts, fees and taxes paid, and deposits received such as the proceeds from the property sale. Along with the final accounting forms, you’ll also submit other documentation including your asset inventory, appraisals, and the probate sale contracts. You should also include any signed receipts for any tangible property you’ve distributed to beneficiaries, such as family heirlooms bequeathed in the will. Once assured that all the paperwork is in order, your attorney will file another petition for a final hearing to distribute remaining funds and closes the estate. • Final Distribution and Closing the Estate: 1-3 Months, during the probate process, you may distribute some assets, like tangible personal property. However, in most states you are required to wait to distribute financial assets such as proceeds from the property sale until the final probate hearing. This is to allow the probate court to review your final accounting to ensure that every effort was made to identify creditors and pay the decedent’s debts before the estate is dissolved. If a credible debt claim is made against the estate, the court can hold the executor personally liable for failing to properly notify the creditor or distributing funds to beneficiaries before all debts were paid. Like the initial petition to probate, the number of weeks or months between filing your petition and that final hearing largely depends upon the probate court’s availability. Provided all of your documentation checks out, the probate judge will rule for probate to be closed and the estate dissolved. At that time, you will use the estate funds from the estate to pay final expenses, including court costs and attorney’s fees. The remaining balance is then distributed to the beneficiaries and your duties and responsibilities as the personal representative are concluded. The timeline of the probate process is definitely intimidating when you look at how long each step can take. However, many of these steps such as sending the notice to creditors and the probate property sale can happen simultaneously. With the help of a top-notch attorney and an experienced probate real estate agent, you can considerably shorten the probate timeline. Unless the deceased had very limited assets, someone has to either get probate or letters of administration. • Testamentary promises: Sometimes if the deceased made a promise to someone before death then this promise can be enforced against the deceased estate. • Family protection claims: These are claims by close relatives where the will has not provided for their adequate maintenance and support. • Claims by spouses and partners: These people have an option to either take what the will or administration gives them or to claim what they would be entitled to under the property sharing rules. Therefore the minimum time to get an estate distributed after the date of death is: It is sometimes possible to distribute the estate during the six month claim period if the executors/administrators are certain that there will be no claims and they are prepared to take the risk that they will be liable to pay any claims that do come in. They may get the beneficiaries to promise (in a document called an indemnity) to repay money if it is needed. There can be other delays resulting from any delays in cashing up any assets, particularly in these days of a slow property market and where any assets include investments which are in receivership or moratorium. Also if the cause of death has to be established by a coroner this can delay payment of some assets like life insurance policies. Probate proceedings are used to validate a will, account for the deceased person’s assets, settle estate disputes and give legal authority to the named executor. An executor is a person specified in the will by the deceased person to oversee the estate and carry out the final directions and wishes. If the executor is unable or unwilling to perform as such, the probate of the will may be delayed until the successor executor named in the will, if any, steps forward. Once an executor is named, the matters of the estate can be handled, including the maintenance of assets and payment of bills. Delays in probate can cause the estate to lose assets, such as a house the deceased person owned being foreclosed on because the mortgage was not paid. The executor may be able to receive an order in court allowing him to perform limited actions to protect estate assets, but the court has the final say. Probate Attorney Free ConsultationWhen you need legal help with a probate case in Utah, please call Ascent Law LLC (801) 676-5506 for your Free Consultation. We can help with Estate Planning. Probate Case Administration. Estate Litigation. Probate Mediation. And Much More. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
How Do You Find Someone’s Will After They Die? Bankruptcy Lawyer Midvale Utah What Is An Estate When You Die? via Michael Anderson https://www.ascentlawfirm.com/how-long-does-the-probate-process-take/ |
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