Wills, Trusts, Probate, and Estates
This legal document directs who receives your property after death but typically requires court supervision to take effect.
What is a will?
This simplest Alabama business structure offers no liability protection, making owners personally responsible for debts like loans or lawsuits.
What is a sole proprietorship?
This document transfers ownership (title) of real property from one party to another and must be in writing under the Statute of Frauds.
What is a deed?
7, 9, 11, 12, 13, and 15.
What are the different types of chapters for filing bankruptcy?
This Canadian actor plays Dale, a process server, whose service of legal papers kick starts the plot of the movie Pineapple Express.
Who is Seth Rogen?
Alabama law allows this flexible estate planning instrument to manage business assets during incapacity or to make health care decisions during incapacity.
What is a durable power of attorney?
Alabama requires this entity type to file a Certificate of Formation and pay a $200.00 fee, providing liability shielding for small business owners with a flexible management structure.
What is a Limited Liability Company (LLC)?
This Alabama commercial lease type requires tenants to pay all operating expenses associated with the property, including property taxes, insurance, and maintenance, in addition to base rent.
What is a triple net lease (NNN)?
Alabama's time limit for collectors to sue for breach of contract (i.e., default on payment), starting from the last date of default.
What is 6 years?
In this USA Network show, slick lawyer Harvey Specter and his team handle high-stakes corporate deals, mergers, and lawsuits for big New York firms.
What is Suits?
This pay-on-death directive can be made on a bank account, life insurance policy, or other financial asset to avoid probate.
What is a beneficiary designation?
For Alabama corporations, this internal document outlines management rules, shareholder rights, and operations.
What are bylaws?
Under Alabama's Uniform Commercial Code, this automatic legal hold allows creditors to secure interests in real estate, which is perfected by a recording in the appropriate county probate court.
What is a lien?
This immediate bankruptcy protection halts creditor actions like lawsuits or repossessions upon filing in Alabama.
What is the automatic stay?
To avoid a court ordered ejectment from his home, old man Carl ties balloons to his house to avoid seizure in this Pixar movie.
What is Up?
This type of trust goes into effect upon your death and is written into your will.
What is a Testamentary Trust?
This Alabama agreement, essential for multi-owner businesses, details ownership transfer in events like death or retirement to prevent disputes.
What is a buy-sell agreement?
Alabama law mandates this process for real property transfers, including title searches and insurance to protect against ownership disputes.
What is a closing?
This legal document is often signed by a creditor and debtor after a default is made on payments due under a promissory note in order to preserve the default while allowing the debtor more time to pay.
What is a forbearance agreement?
This mystery movie features a wealthy novelist who changes his will right before dying, cutting out his greedy family and shocking everyone at the reading of the will when it was revealed that he left his wealth to his nurse.
What is Knives Out?
For closely-held small Alabama businesses, this type of trust can hold ownership interests to prevent legal battles and ensure continuity upon an owner's death or disability while allowing the owner to retain control of the interests.
What is a revocable trust?
This federal agency, created in 1934, enforces securities laws and protects investors from fraud.
What is the SEC (Securities and Exchange Commission)?
This legal mechanism allows someone to gain ownership of real property in Alabama by openly, continuously, and hostilely possessing it for a statutory period of 10 or 20 years.
What is adverse possession?
This legal provision included in the typical Alabama mortgage allows the mortgagee to foreclose on real property without filing a lawsuit.
What is a private right of sale?
This TV boss incorrectly declared bankruptcy by shouting "I declare bankruptcy!" at his employees in hopes that it would magically erase his debts without any paperwork.
Who is Michael Scott?