Collect Data For Legal Michigan LLC Resolutions Forms For Free

Example: John's will creates a life interest in the farmland he owned to his partner Molly, with the farm to go to their child Lex on Molly's death. John's will states 'I give a life interest in the farmland to my partner Molly, and the remainder interest in the farmland to my child Lex'.

For example, a homeowner may choose to build an addition onto their house and would not be limited by a lease or other contractual obligation. Owners of fee simple land maintain full control over the interests of the land for an unlimited duration, usually until they convey the interests of the land to someone else.

To create a life interest, property is transferred to trustees who hold it ing to the instructions contained in the trust deed (in this case, your will) during the life of the beneficiary. Your will also says what you want to happen after the life beneficiary dies.

A remainderman is a third person other than the estate's creator, initial holder, or either's heirs. For example, if Blackacre is granted ?to Thelma for life, and then to Louise??Thelma has a life estate and Louise is a remainderman.

For single-member LLCs, corporate resolutions are legal documentation of important business decisions or meetings. They provide specific information on the scope of the change or transaction and when it took place.

A corporate resolution to open a business bank account is a document that clearly shows the bank who has the authority to start an account on behalf of your corporation. If this information isn't specifically covered in your Articles of Incorporation or bylaws, your bank may require a resolution.