WISCONSINILLINOISMINNESOTA

The Virtual Attorney Blog

Feb
01
2012

A living will provides direction to healthcare providers and caregivers related to the types of treatment an individual desires, usually related to life-sustaining or life-prolonging treatment. A living will can forbid the use of medical treatments or to express wishes about foregoing food and water. A living will can also direct healthcare providers and caregivers whether the individual with the living will wishes to be sustained or have his life prolonged by the use of feeding tubs or other medical devices. A living will only becomes operative when the individual becomes incapacitated...

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Feb
01
2012

A living trust is established during life by transferring legal ownership of assets to the trust (real property, stocks, bonds, etc.) Typically the creator of the living trust (grantor) serves as the trustee of the living trust and manages the property for his own benefit but, for legal purposes, the living trust is the actual owner of the assets. However, the grantor continues to manage the property just as he had done if he legally still owned it- live in a house, pay the mortgage, enjoy the income from any property the living trust holds, sell items at will, pay income taxes, and so on...

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Feb
01
2012

Articles of Organization

Articles of organization are similar to articles of incorporation for a corporation. They set forth items such as the name of the LLC and the names and addresses of the organizers. They are filed with the state in which the LLC is being formed

Operating Agreement

An LLC operating agreement is similar to corporate by-laws. It sets forth the rights and responsibilities of the LLC members and the inner workings of the LLC.

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Feb
01
2012

Articles of Incorporation

Articles of incorporation are what legally create your corporation. They set forth things such as the name of the corporation, the purpose and who the founding members are. States have their own specific requirements on what must be contained in the Articles of Incorporation. Once completed, they are filed with the appropriate state body.

By-laws

By-laws are what govern the day to day operations for the corporation once it is founded. They typically set up the board of directors, officers and committees....

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