Middletown, Ohio Legal Blog

Multiple options for joint ownership of real estate exist

When buying a home with another person, whether a spouse, fiance, partner or even a friend, it is important that the ownership of the property is clear. If both parties want to have ownership, multiple options exist for entering into that type of arrangement. Of course, anytime real estate is involved, it is important to fully understand terms before coming to an agreement.

One type of ownership that may interest Ohio couples or other parties wanting to hold property together is joint tenancy. This allows both parties to have ownership of the property and use it as they like. This type of ownership usually also comes with right of survivorship, which means that if one owner dies, that person's portion passes directly to the surviving owner. This arrangement can commonly prevent individuals from having to wait for the home to go through probate before taking full ownership.

Do you need an attorney for probate and estate administration?

Perhaps a member of your family recently passed away. As you process the news, you realize that you agreed to serve as the executor of his or her estate. Now that you face the probate and estate administration process, you may decide that you need some help. Fortunately, you do not need to take care of your duties alone.

Like many other Ohio residents, you can enlist the aid of an experienced estate administration attorney. Even if your loved one created a solid and well-documented plan, you will still have duties that require your attention that you may not be prepared for. The courts will require you to meet certain deadlines, submit certain paperwork and do all of the other tasks your appointment entails.

Working with vendors does not always go smoothly

Though many Ohio business owners wish that they could do everything themselves, it is often not feasible. As a result, reaching out to vendors and other parties that could help ensure that operations are able to move forward is common. Though many vendor relationships work out well for all involved, the chance for conflict does exist.

If a business owner believes that a problem has come about with a vendor, jumping to conclusions is typically not the best way to handle the issue. The owner may first want to go over the vendor agreement to determine whether any miscommunication has occurred or if a part of the agreement may have been misinterpreted. This can help identify the problem and start the process of finding a resolution.

What to do when closing a business

Your small business has had financial struggles in the past, but you were prepared for them. With a small budget devoted to marketing, you and your team were able to map out what months and seasons customers gave your business a boost. You know your clients well.

However, those struggles grew even more so lately. The effects of the COVID-19 pandemic have been too much. Looking at the numbers, you understand that your business’s chance of survival remains slim. Although you have devoted years to your company, you make the heart-wrenching decision to close.

Ready to sell a business? Have the right help

Starting a business was a major career and life decision. The decision to sell a business also falls into that category. Still, many Ohio business owners may feel that the time has come to relinquish their companies for various reasons. Some parties may feel that they need a change due to career burnout and others may no longer feel able to keep up with the financial obligations of running a business. Whatever the case, it is important to have the right information and assistance.

Various professionals can help business owners successfully sell their companies. Accountants, individuals specializing in mergers and acquisitions, and attorneys can all play important parts in this type of transaction. Having this help could go a long way in preventing unnecessary missteps, including leaving potential profits on the table.

Probate is the time to handle a decedent's debts

The executor of an Ohio estate has many responsibilities to address. Often, individuals who take on this role have no formal legal or financial training, and while having those skills can certainly come in handy, not having them could result in executors needing assistance when it comes to handling probate. In particular, they may wonder how to handle the decedent's debts.

Debts are something that the executor must address when closing an estate. However, the manner in which those debts are handled can depend on the circumstances. For example, if a person had taken out a loan before his or her passing but had a co-signer on the loan, that remaining balance will likely pass on to the co-signer to handle.

Three common myths about financial powers of attorney

A financial power of attorney (POA) can be a useful estate planning tool for almost all adults. Yet, many who would benefit from this document avoid creating one.

If you do not have a POA in place, you might consider asking yourself why you don’t. There are a variety of popular misconceptions that prevent people from benefiting from this legal document. Dispelling these myths can help you better evaluate your situation and see if a POA would be useful to you.

Ensuring nothing goes wrong at a real estate closing

Buying a home is an exciting experience. Whether Ohio residents are buying their first home or are upgrading from a starter home, it is important to understand the real estate closing process. Even if parties have gone through a closing before, it may have been years or even decades since then, so a refresher is useful.

The closing day is often the most exciting part of the homebuying process because it is the day that the buyer finally receives the keys to the property -- if everything goes correctly. At this time, the buyer will present the funds necessary to cover closing costs, which can include the various fees associated with obtaining a mortgage loan and completing the transaction. In some cases, sellers will agree to pay closing costs if buyers negotiate for that contingency, but it is not always a guarantee.

Do you know who will make business decisions if you cannot?

As the owner of a small business, you are likely a crucial part of its day-to-day operations. What would happen if something unexpected happened to you and you were unable to perform your usual duties?

Such disruptions would likely have a significant negative effect on your business’s present and future, unless you had properly planned for this possibility. It can be difficult to plan for all of life’s uncertainties, but there can be options to help you plan for some of them.

Business owners could consider negotiating partnership issues

Running a business with a partner can be a mixed bag. On one hand, it can allow for the delegation of important duties so that one person does not become overwhelmed. On the other hand, if the partners reach a point where they no longer agree on the future of the company or one is not pulling his or her weight, the arrangement can become difficult, possibly even leading to a breakdown of business. If this happens, Ohio business owners may wonder what to do.

The first thought that often comes to mind when business partners no longer see eye to eye is litigation. While going to court can certainly help reach resolutions in some cases, it is not always necessary. Instead, partners may want to consider negotiations. 

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