LEGAL CONSULTING SERVICES
A will is a document in which a Willmaker states their intention as to the distribution of their personal and real property. The person ("Executor") will carry out the Willmaker's desires as to the distribution of the estate to the Beneficiaries, the persons or organzations who will receive the Willmaker's property.
LIVING TRUST:
A Living Trust is also known as a "revocable trust". It provides for payments of income for the Grantor and the distributionof the remaining assets of the Trust upon the Grantor's death. The Grantor can amend or revoke the Trust at any time. Some of the perceived advantages of the Living Trust compared to the Will relate to privacy, possible reduced probate costs, and management of assets.
FINANCIAL:
A PROMISSORY NOTE is used to loan or borrow money. It states the terms, rights and obligation that apply to a loan. It specificies the amount of the loan, the interest rate, and the repayment terms.
A SECURITY AGREEMENT provides the collateral for the Promissory Note. A common example would be the lienholder on the title of an automobile.
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