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Understanding the Probate and Will Process, Real Estate Law, and Corporate Law Probate is all about establishing proof of the authenticity of your will in court and, at the same time, the process also ascertains that your assets are correctly distributed to your heirs and creditors, if any, in which case most probate proceedings are slow and expensive to undertake; however, if your will is appropriately executed and up-to-date, then the process is likely to be finished on a faster rate and with less expense. The process also includes the setting up of deadlines for your appointed representative to comply so he/she can notify your heirs and creditors of your death, as well as transferring your assets to the designated heirs and creditors. If you still have creditors and you have included them in your will, one of the benefits of probate is that the amount of time which your creditors will be collecting from your estate will be reduced to juts about four months instead of a year’s processing of unpaid debts. The process of determining and administering over who may own and use the land and the buildings in it is referred to as real estate law, and in its guided process, the following course of action is included: determining if the real property is residential or commercial, as well as the type of ownership, whether sole, conjugal, or corporate, and determining how the real estate property is used, rented or personal, at the same time, ascertaining if the purchase of the land was properly transacted and documented, including ownership of the land, , whether owned solely, corporate or pass between family members through estate planning. In addition, real estate law also presides over determining how the real estate property was used, whether the local zoning laws were complied and whether the landowners took care of their surrounding environment.
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Commercial law, which is also called business law or corporate law, is a system of legal procedures which is applied to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. Commercial law has a wide range of application, such that it covers the following: principal and agent, carriage by land and sea, merchant shipping, guarantee, marine, fire, life, and accident insurance, bills of exchange/negotiable instruments/contracts and partnership. Commercial law may also be applied in regulating corporate contracts, hiring practices, and the manufacture and sales of consumer goods.
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Because of the varying interpretations and administration of statutes of commercial law in each state, this resulted into conflicting interests, which were indirectly causing a disruption on interstate commerce; therefore, a non-governmental body took the initiative of establishing the Uniform Commercial Code (UCC) to remedy the situation, and which established a standardized set of statutes dealing with commercial law, of which each state is free to adopt and use.