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Whereas Clause Back to Top

When drafting (writing) a contract the initial clauses, after listing the parties are typically referred to as recital or "whereas" clauses (because they often start with the word "Whereas"). These provisions set forth (hopefully in non-legal jargon) the key intent and goals of the parties (people involved in the contract). This can be an extremely beneficial method of setting the tone of the contract and quickly letting anyone reading it having an overview of what the transaction was about.

Will Back to Top

The legal document completed in accordance with state law that states how your assets will be distributed on your death, appoints an executor for your estate, may establish trusts for your children and name a trustee for those trusts, names guardians for your children, and so forth. When planning for a QPRT, if the remainder beneficiaries are limited to adult children, a make-up provision is often provided for, under the grantor's will, the issue of any deceased child (or even a child who is a minor).

will contract Back to Top

A legal arrangement made between two parties in which they agree not to change their wills, or perhaps only certain provisions in their wills, without the consent of the other. Although rarely used, in some circumstances it an be a method to assure you that your understandings are carried out. For example, a couple may sign a will contract to assure that after the first of them dies the survivor will not change the bequests agreed to for children of various marriages. Non-married partners may sign an agreement that certain family members will be provided for after the last of them dies to assure that the surviving partner does not change his or her will after the first partner dies.

Withdrawal from LLC Back to Top

If you are a member of an LLC you can withdraw as a member. If the governing legal document (operating agreement) addresses this issue you have to comply with its terms and it may also dictate what you can get paid, when you can withdraw, and more. If there is no operating agreement, or it doesn't address this, the state law governing the LLC (limited liability company) (which may or not be the state you live in) provisions will set forth the steps you have to take to withdraw and what you are entitled to receive. In any case, you and the other LLC members are always able to negotiate a different deal if you wish.

Withdrawals from an LLC can also be used to refer to distributions of cash or property from the LLC, not your withdrawal as a member of the LLC. Your right to distributions is governed by the operating agreement, or if none state law. Many operating agreements grant the manager (person in charge of LLC operations) discretion concerning distributions.