Joint ownership of assets is a way of two or more people to own shares in an asset. The asset generally is real estate but can be other property such as a brokerage account, insurance company products or any other valuable property. The concept of joint tenancy is the transfer of the asset to the survivor or survivors. When one person dies, the asset immediately becomes the ownership of the surviving owner or owners. These assets will be transferred without the need of a will or any probate action.

Many different forms of joint ownership are available but the most common use is "joint ownership with right of survivorship." This could be effective for spouses or could also be used for transfer between a parent and a child or children.

Property owned in joint tenancy automatically passes without any need for probate to the surviving owner or owners when death occurs to one of the owners. There is no cost to set up joint tenancy other than forms or a small legal expense if an attorney is used. Also joint tenancy is considered a private issue and the transfer is made without public notice.

Numerous pros and cons of joint tenancy decisions exist. Adding a child to a real estate asset may change the step up in tax basis for the portion of the value of the asset. This may have a future tax issue for the survivor. Also, adding another person to the ownership of an asset is a gift and once given it cannot be taken back. The value of the gift could also be in violation of gifting laws and it is important to understand your gifting options. By simple understanding the gifting options will offer you more choices in planning.

Like all estate planning issues, it is important to understand legal and tax liability possibilities. Always seek legal and tax advice for areas you do not fully understand.

By: Bill Broich
Obtain a free guide about investing in annuites: Annuity Investing Advice.

Submitted by:
Tom Reynolds
Legal Articles Information and Resources

What are these powers of attorney?

A Power of Attorney is a written document in which a competent adult individual (the principal) appoints another competent adult individual (the attorney-in-fact) to act on the principal's behalf. In general, an attorney-in-fact may perform any legal function or task which the principal has a legal right to do for him/herself.

The term durable in reference to a power of attorney means that the power remains in force for the lifetime of the principal, even if he/she becomes mentally incapacitated. A principal may cancel a power of attorney at any time for any reason. Powers granted on a power of attorney document can be very broad or very narrow in accordance with the needs of the principal.

Why is Power of Attorney so important?

Every adult has day-to-day affairs to manage, such as paying the bills. Many people are under the impression that, in the event of catastrophic illness or injury, a spouse or child can automatically act for them. Unfortunately, this is often wrong, even when joint ownership situations exist.

The lack of properly prepared and executed power of attorney can cause extreme difficulties when an individual is stricken with severe illness or injury rendering him/her unable to make decisions or manage financial and medical affairs. All states have legal procedures, guardianships or conservatorships, to provide for appointment of a Guardian. These normally require formal proceedings and are expensive in court. This means involvement of lawyers to prepare and file the necessary papers and doctors to provide medical testimony regarding the mental incapacity of the subject of the action. The procedures also require the involvement of a temporary guardian to investigate, even intercede, in surrogate proceedings. This can be slow, costly, and very frustrating.

Advance preparation of the power of attorney can avoid the inconvenience and expense of legal proceedings. This needs to be done while the principal is competent, alert and aware of the consequences of his/her decision. Once a serious problem occurs, it is too late.

The Power of Attorney can be effective immediately upon signing or only upon disability. Some examples of legal powers contained in the Power of Attorney are the following:

1. REAL ESTATE: To execute all contracts, deeds, bonds, mortgages, notes, checks, drafts, money orders, and to lease, collect rents, grant, bargain, sell, or borrow and mortgage, and to manage, compromise, settle, and adjust all matters pertaining to real estate.

2. ENDORSEMENT OF NOTES, ETC.: To make, execute, endorse, accept, and deliver any and all bills of exchange, checks, drafts, notes and trade acceptances.

3. PAYMENT OF NOTES, ETC.: To pay all sums of money, at any time, or times, that may hereafter be owing by me upon any bill of exchange, check, draft, note, or trade acceptance, made, executed, endorsed, accepted, and delivered by me, or for me, and in my name, by my Agent.

4. STOCKS, BONDS, AND SECURITIES: To sell any and all shares of stocks, bonds, or other securities now or hereafter, belonging to me, that may be issued by an association, trust, or corporation whether private or public, and to make, execute, and deliver any assignment, or assignments, of any such shares of stock, bonds, or other securities.

5. CONTRACTS, AGREEMENTS, ETC.: To enter into safe deposit boxes, and to make, sign, execute, and deliver, acknowledge, and perform any contract, agreement, writing, or thing that may, in the opinion of my Agent, be necessary or proper to be entered into, made or signed, sealed, executed, delivered, acknowledged or performed.

6. BANK ACCOUNTS, CERTIFICATES OF DEPOSIT, MONEY MARKET ACCOUNTS, ETC.: To add to or withdraw any amounts from any of my bank accounts, Certificates of Deposit, Money Market Accounts, etc. on my behalf or for my benefit. To make, execute, endorse, accept and deliver any and all checks and drafts, deposit and withdraw funds, acquire and redeem certificates of deposit, in banks, savings and loan associations and other institutions, execute or release such deeds of trust or other security agreements as may be necessary or proper in the exercise of the rights and powers herein granted; Without in any way being limited by or limiting the foregoing, to conduct banking transactions as set forth in section 2 of P.L. 1991, c. 95 (c. 46:2B-11).

7. TAX RETURNS, INSURANCE AND OTHER DOCUMENTS: To sign all Federal, State, and municipal tax returns, insurance forms and any other documents and to represent me in all matters concerning the foregoing.

You should contact your attorney to have a Power of Attorney Prepared, together with a Will, Living Will and other vital Estate Planning documents.

By: Kenneth Vercammen
KENNETH VERCAMMEN & ASSOCIATES, PC
ATTORNEY AT LAW
2053 Woodbridge Ave.
Edison, NJ 08817
(Phone) 732-572-0500
(Fax) 732-572-0030
http://www.njlaws.com/power_of_attorney.htm

Submitted by:
Tom Reynolds
Legal Articles Information and Resources

A last will is a legal document that determines the distribution of a person's estate, which includes assets, upon his/her demise. A last will and testament must be filed with your local courthouse and legally approved for it to be valid. You are free to leave your estate to anybody you want according to most state laws. You are free to leave your money, and property to charity even if you wanted. Doing so though may cause your legal heirs to try and contest your will.

Beneficiaries sometimes contest a will because they're not happy with the size of their share or may feel left out of the beneficiary list all together. Whatever the reason, many wills are subject to contesting; this is especially true with larger estates and large sums of cash.

Contesting a will is simply a formal objection against the validity of a will in which you don't believe the will reflects the actual intent of the testator. Wills are contested on the grounds that the testator lacked the ability/capacity, was mentally disabled or intoxicated, delusional, or a subject of partial influence.

When contesting a will on the basis of the capacity of the testator then consider if the testator was above the age of 18 since minors are termed incapable. Litigation usually is about incapacity of testator due to senility, dementia and insanity or any such defects which render him/her unable to form a proper will. Although, the state recognizes that capacity to form a will is present if three conditions exist. These conditions are that the testator knows the value and extent of his property, which his family are legal heirs of and how they treated him in his lifetime. This legal test is relevant because dissatisfied heirs ( complainant ) who expected a larger share should have to come up with the burden of proof that establishes the incapacity of the testator. Often times it's hard to prove someone was mentally unable to have the capacity to write a will.

Besides these conditions, there are a few minor technical details that could be contested. If there is a mistake on the will it can then be contested and proved invalid. Common mistakes are that beneficiaries sometimes sign as witnesses, and another common mistake is when the signatures are not in order. Property value could also not be calculated correctly, which could cause a will to be contested. The names of the beneficiaries may be wrongly identified on the will, or the dates maybe wrongly marked. There are many minor details that could be contested.

By: Nick Fagan
'How to Contest a Will' has been brought to you by Legal Forms Bank .Biz a leading provider of legal forms online. We provide everything you need to simply file a Last Will and Testament, a Legal Name Change, and much more.

Submitted by:
Tom Reynolds
Legal Articles

It may go by a slightly different name from state to state, but it's universally considered a crime for a driver to operate a motor vehicle while under the influence of alcohol or other drugs. Depending on which state you're in, it can go by the title driving while intoxicated (DWI), operating under the influence (OUI), and driving under the influence (DUI).

Regardless of the title, these laws make it a crime to drive under the influence of drugs or alcohol when certain conditions are met. One such condition is that the driver's ability to operate the vehicle safely is undermined by drugs, including alcohol, street drugs, prescribed medication, and even antihistamines. Also, the driver must meet certain impairment levels as established by each state. This is often called the blood-alcohol concentration, or BAC.

It's common for a law enforcement officer to stop a vehicle if it's suspected that the driver is impaired in some way. The officer usually conducts what's called a field sobriety test. The officer may also ask for a chemical test of some kind. Again, the process will depend on the particular state.

The field sobriety test may include physical tests like having the driver walk in a straight line. The test may also be cognitive, like reciting the alphabet in reverse.

The chemical test done at the time of the incident may involve a "Breathalyzer". This device measures the blood-alcohol-concentration of the driver. Chemical tests can also be done at a hospital and include blood or urine tests.

Although many states allow the driver to elect which test they'd like to take, all states have what is known as "implied consent". This simply means that when an individual accepts a driver's licenses, which is considered a privilege, the driver is giving his or her consent to being tested if it is reasonably believed that the driver may be impaired. Also, if the driver refuses to take a sobriety test or a chemical test, implied consent laws impose stiff penalties. These include mandatory driver's license suspension.

If convicted of driving under the influence, criminal penalties may ensue. The consequences of a DUI conviction include jail time, community service, fines and probation. The severity of the punishment varies from state to state. Other factors may increase the severity of DUI penalties. For example, a history of DUI convictions or having a child in the vehicle may make the punishment harsher. Additionally, if the driver was simultaneously committing another moving violation, the penalty is often more severe.

If a loved one is arrested for driving under the influence, it is wise to find an attorney skilled at DUI defense cases. The penalties of driving under the influence include jail time and a suspended license. One of the primary tasks of the DUI defense attorney is to analyze the evidence involved. This includes the field test and the results of any chemical tests that may have been conducted. Choosing an experienced lawyer may make the difference between a severe and a less harsh penalty.

By: Kent Harper
If you are looking for an Attorney or Lawyer in Phoenix Arizona, visit: Phonenix DUI attorney

Submitted by:
Barry Arcant
Legal Resources Services