Clair Law Offices News and Articles

Am I Legally Required to Sign a Real Estate Condition Report?

November 17, 2014

Am I Legally Required to Sign a Real Estate Condition Report?

No.

Although many Sellers are told that they are “required by law” to fill out and sign a Real Estate Condition Report (RECR), the relevant statute provides a number of exceptions. For instance, “personal representatives, trustees, conservators, and fiduciaries who are appointed by, or subject to the supervision of, a court” are excepted from RECR’s. (Wis. Stat. 709.01(2)).

Moreover, even if you are just a normal seller, you may be excepted from filling out a RECR. For example, the statute provides that if the buyer signs a written waiver, then you do not have to fill out the RECR. (Wis. Stat. 709.08). Similarly, if the buyer proceeds to closing without receiving the RECR, the buyer can no longer rescind the contract because of the lack of an RECR. (Wis. Stat. 709.08).

What Happens to My E-mail and Other Digital Assets When I Die?

August 25, 2014

On August 12, 2014, Delaware became the first state to pass a law which gives a person’s estate access to all of that person’s digital assets after his or her death. Although some states have passed laws giving heirs access to some digital assets, Delaware is the first state to enact legislation this broad. Currently, Wisconsin has no law addressing digital assets. Therefore, Wisconsin residents are bound by the policies of each company, many of which do not allow access without the owner’s direct authorization or a court order. It is essential that digital assets are specifically addressed in your estate plan.

Underinsured Motorist Coverage: A False Sense of Protection

July 15, 2014
 
Underinsured Motorist Coverage protects me from other drivers cut rate insurance, right?
 
Wrong.
 
Unfortunately, underinsured motorist coverage is misleading. The name implies that it will cover an injured insured when the other driver doesn’t have enough coverage to pay for the damages. However, many clients are shocked to learn that their underinsured motorist coverage will not be added on top of the other driver’s cut rate insurance to pay off the insured’s damages.
 

Wisconsin’s New Trust Code Effective July 1, 2014

July 1, 2014

The Wisconsin Trust Code became effective July 1, 2014. This new law applies to both testamentary trusts and living trusts. The law is also retroactive, meaning that it applies to trusts created both before and after July 1. The Act is very thorough and covers many different concepts, however an exhaustive treatment of the Act is beyond the scope of this article. The following are some of the noteable changes in Wisconsin’s law.

Pages

The comments and opinions expressed in the blog are intended for informational purposes only and do not constitute legal advice. Reading or using the information in the blog does not create an attorney-client relationship between you and Clair Law Offices, S.C. or any of our attorneys.  The law is constantly changing and therefore the blog may contain dated material. For current law and how it relates to your particular facts and circumstances, consult Clair Law Offices or another qualified attorney licensed in your state.