Wills And Probate

Part of preparing for the time when an individual dies is estate planning. Included in estate planning is the creation of a last will and testament, a written and legal expression under which the individual determines what should be done to his properties when he dies. An individual executed a will before he died is said to have died "testate," while an individual who died without leaving a will prior to his death is said to have died "intestate." Leaving a will is not a guarantee that the distribution of the individual's properties will be smooth following his death as a will can be, and, is often, challenged. Probate is the legal process of administering the deceased person's estates, resolving claims against the deceased person's estate, and distributing the deceased person's properties.

Probate begins with the filing of a petition by an heir, creditor, or an interested party, asking the court for a right to settle an estate. The petition must be filed where the deceased owned a property. If the deceased owned properties in other areas, then petitions must be filed in each of the areas where the properties are located. The petition must name the heirs of the deceased, their relationship, and their residence. When the deceased died testate, the will be taken to court, probed of its authenticity, and recorded in the book of register kept by the clerk of court. After this, the court appoints an executor or administrator to settle the estate. An executor is named when the deceased died testate, while an administrator is named when the deceased died intestate. An administrator is required to post a bond with the court to ensure that he can properly complete his duties. Following the appointment of either executor or administrator, an appraiser will be called in to assess the value of the deceased's properties. During probate, the executor or administrator may sell some of the properties of the estate to settle the deceased's unpaid debts. Heirs, creditors and interested parties may challenge the will by asserting that they are entitled to more than what is indicated in the will. The court will then decide which of these claims are valid. Potential creditors are notified of probate proceedings as there is also a statute of limitations for the filing of claims. Failure to timely file claims may lead to their extinguishment. Child custody may also be included during probate when the deceased person left behind minor or incapacitated children.

Issues on inheritance is settled by state law, thus, rules and regulations vary differently from state to state. In cases where the individual owns properties in different states, it is imperative to seek the assistance of an expert attorney to determine the laws that would apply to the properties, especially on the areas of taxation. The federal government has attempted unify the often conflicting state probate laws by enacting the Uniform Probate Code. Not all states, however, have adopted the Code, so the issues arising from probate are still difficult to tackle without the help of expert probate laws attorney.


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Zone Planning And Land Use Law - Legal Information and Resources

Zone Planning And Land Use

Zoning and land use planning are governed by both federal and states laws, depending on who has jurisdiction over the subject property. Zoning refers to the local government's permit for specific uses of certain lands. Parcels of land can be designated as commercial, residential, or special. Mixed residential-commercial areas are areas where commerce and residences are grouped together, while special areas are areas allocated for sports complexes, areas, and malls. Land can also be designated as agricultural or industrial. In addition, zoning is also used to designate the types of buildings that can be erected in a certain area. With respect to the construction of buildings and houses, local governments has different requirements.

Zoning laws vary from state to state but the goal is the same -- to separate incompatible property uses. This means that industrial areas are designated certain distance from residential areas to minimize any untowardly incidents that typically happen in industrial zones. In addition, zoning laws are also sensitive as to the needs of the citizens, providing different access roads for industrial trucks and family cars. Zoning is an inherent power of the state, which is why there are numerous legal issues arising from this power. States, in order to provide the basic services needed for its citizens, routinely tramp over the property rights of individuals or private entities. In addition, one of the complaints of citizens with respect to zoning would be social and economic segregation through exclusion. Moreover, there are complaints with respect to taxes as municipalities are able to artificially maintain high housing costs.

One of the most common legal disputes with respect to zone planning and land use would be disputes between neighbors with respect the right to build. It is not uncommon for prospective property buyers to consider the "view" from the property as an essential factor in deciding whether to purchase such property. The "view" increases the value of the property, which is why properties with views are purchased easily. This view, however, can be obstructed because of another person's right to build. All persons are granted the right to build, for as long as the building requirements are complied with. But this right often interferes with another's person privilege. In the suits arising from a neighbor's right to build, it is best to contact an expert land use attorney as there may be intricacies accompanying this dispute that cannot be seen at plain sight by an ordinary property buyer.

Another common legal dispute with respect to zone planning and land use is property easements. There are numerous ways that another person may encroach upon the property of another person without being detected. Often, the property at issue may be a small portion of the property but the cost of litigating the issue may not be commensurate as to the value of the encroached property. The laws provides for various remedies to property owners whose land has been eased upon, with some of the remedies not requiring expensive litigation. It is thus best for property owners to seek the help of a counsel to determine which remedy to pursue in order to avoid costly litigation.

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Shareholders Rights

Shareholders' rights law is a part of the all-encompassing business law and securities law. The Securities and Exchange Act of 1934 requires public companies, or companies with stocks trading in exchange houses, to register and disclose financial and any major events that shareholders should know about. Since 1934, numerous legislation, such as the Shareholder Bill of Rights Act of 2009, have been enacted in order to protect and provide more rights to shareholders and address events that have affected shareholders through the years. Shareholders' rights law is derived mainly from the Securities and Exchange Act, subsequent federal legislation, state laws, and court decisions. In addition to laws and agencies created by law to protect shareholders' rights, there are also numerous private organizations, both at state and international levels, which serve as additional watchdogs for shareholders' rights.

Under the law, shareholders are protected by virtue of their being owners of stocks in a corporation. The law provides for priority in the hierarchy of securities issued by the company. Bondholders have the highest priority, followed by preferred stockholders, with common stockholders having the least priority. Each class of securities have accompanying rights and privileges. Bondholders are guaranteed payment but they do not have the same level of control over the corporation as the common stockholders, which have voting rights. Preferred stockholders receive dividends prior to common stockholders, but common stockholders stand to earn a substantial return of investment when the corporation is performing well.

Common stockholders, under the law, are given more rights over the day-to-day management of the corporation, compared to the other classes of securities. Common stockholders are part owners of the company, which means they have a say and a stake in the corporation. Common stockholders can vote on major issues affecting the company, such as mergers and acquisitions, compensation and incentives to executives and directors, and bankruptcy and liquidation. In addition, common stockholders can elect a person or several persons as members of the company's board of directors and present proposals relating to environmental, governance, and social issues. The right of common stockholders to probe into the corporation's books and records is a fundamental, but not absolute, right.

Common stockholders can also file so-called derivative actions to pursue the company for any act that is in violation of the Securities and Exchange Act. One of the common issues arising from shareholders' rights law, would be a corporation's failure to publicly disclose on financial reports and major company events, or the corporation's misrepresentation of these information. Corporations are required by law to disclose the truthful standing of the company in order for shareholders to make informed decisions as to subsequent actions, such as pulling out of stocks. There are numerous instances of companies misrepresenting their finances in disclosures with the U.S. Securities and Exchange Commission, causing shareholders to file shareholders' suits. Stocks are volatile and its prices are easily affected by any movement of the company, which means stockholders are always on the lookout for major events in the company in order to minimize losses with respect to their investment. Shareholders rights' law attorneys are knowledgeable of both the rights of shareholders and how to protect these rights and in litigating against corporations when these rights have been trampled upon.

Areas of Law