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  1. Common Terms in Wills and Trusts | Nolo

    www.nolo.com › legal-encyclopedia › common-terms

    Grantor: Someone who creates a trust; a settlor. Failed or lapsed gift: A gift made in a will that cannot be given to the intended recipient because that person has not survived the will-maker and the will does not state what should happen to the gift. Heir: Someone who inherits property under state law if there's no valid will.

  2. Wills - Elements of a will - What is in a will

    www.rocketlawyer.com › elements-of-a-will

    A testator (or testatrix) is someone who has made a valid will or has died leaving a valid Will. The will is a document that records how the deceased wants to dispose of their property and estate. A person who dies without having made a valid will is said to have died intestate. What is an executor?

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  4. Kansas Wills Laws - FindLaw

    statelaws.findlaw.com › kansas-law › kansas-wills-laws

    Jun 20, 2016 · The person who creates a will is called the “testator.” Legal Requirements for a Valid Will: A valid will in Kansas must be: In writing; Signed at the end by the person making the will (testator) or by someone else in the presence of and at the express direction of the testator

  5. Glossary of Probate - Estates Terms - Alaska

    courts.alaska.gov › shc › probate

    Having a legally valid will (a testament). A person who dies leaving a valid will is said to have died testate. The decedent's property usually passes to the beneficiaries named in the will. For more information, see Wills. Testamentary Trust: A trust created under a Will that is not effective until the person who made the Will dies. Testator

  6. What to Do When You're Left Out of a Will

    www.investopedia.com › articles › pf

    Jul 29, 2021 · Anyone who creates a will has the final say in who is and isn't in the will. If you believe the will has changed, perhaps under duress or diminished mental capacity, then you can hopefully find out...

  7. Officers of an LLC | UpCounsel 2021

    www.upcounsel.com › officers-of-an-llc
    • LLC Officers
    • What Is A Member?
    • Single-Member LLCs
    • Multi-Member LLCs

    A limited liability company can choose to have officersin charge of everyday operations, but is not required to do so. Officers will serve under either members in the LLC or managers in the LLC. Managers or members can also be officers. There isn't a limit on how many officers there can be, and a single person can hold multiple offices. One person can even hold all of the offices if they choose. If there is more than one person who will be officers, the secretary and president should be different people. The following extra officers may also be elected: 1. Assistant Secretary 2. Chief Administrative Officer 3. Assistant Treasurer 4. Chief Operating Officer 5. Controller 6. Assistant Secretary 7. Chief Technology Officer 8. Vice President Corporations have a requirement of appointing a minimum of one officer, such as a treasurer, president, or secretary. The majority of states don't make it a requirement for LLCs to have officers, however. Within some specific institutions, like bank...

    Understanding who owns the limited liability corporation is essential. Any person who creates an LLC is considered a member and has interest in the LLC's membership. A valid LLC is required to have some type of operating structure, which means ownership control will need to be designated. Every member of the LLC will have an active part in the company's management unless it is manager-managed. They also will have the authority to contractually bind the LLC. The specific responsibilities and powers of the members should be written in the operating agreement.

    Each state has different requirements for the structure of operation of a limited liability company. A majority of limited liability companies are smaller and only have a couple members. If there is just one person, they can have the title of President or CEO to show that they have the responsibility of the company. At least one person needs to be in charge of the operations of the company. In a single-member LLC, that member can self-appoint themselves the organizational leader to show they're in a position of leadership. Limited liability companies that have more than one member need more structuring. Official agreements or contracts need to be created to clearly define what all members' roles are. It should also list their obligations, duties, and responsibilities. In a single-member limited liability company, there is freedom to pick the title the member wishes, such as Executive Manager, President, Principal, and so on.

    A multi-member LLC does not need to designate someonewith the title of President or CEO. However, the person who is chosen to be in charge needs to have control and authority to sign on behalf of the LLC. They will also need to be in charge of any agreements or contracts. Regardless of their title, at least one person needs to have signatory authority, which means they're authorized to sign agreements and documents on behalf of the company. Each member must have a specific title attached to them as well as their assigned duties, and this should be in the organizational documents. The person with the authority to sign contracts will be binding the LLC to contracts in the future. If you need help with information on officers of an LLC, you can post your legal needon UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work...

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