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Who can be a personal representative in Utah and what do they do?

When a person drafts a will, they'll be asked to appoint an executor of their estate to handle their final affairs. This individual, who's also known as a personal representative, is generally made aware of their role beforehand by the person writing the will, or testator, dies. Their responsibilities only kick in once they're notified of that person's passing.

After the testator passes away, the executor must locate the decedent's most recent will and file it with the local probate court. Soon after doing this, they'll be asked to appear in front of a probate court judge where they'll be informed of their responsibilities and asked whether they can handle them.

Independent contractor agreements protect each party's interests

Any time anyone enters into a business relationship with someone else, it can always be helpful for the two parties to draft a contract. It should define their relationship with one another, what services will be provided and for what amount of pay, as well as liabilities, that one or both may assume. Drafting such a contract can be beneficial for both parties involved.

At the beginning of that agreement, it should clearly define the role of the party that is carrying out the work as either a contractor or consultant. Having this clearly stated will be critical if further clarification is needed about your employee classification. It can also affect how you're able to file taxes.

Utah's housing market is becoming eerily similar to California's

The business news site Utah Business released a report on August 30 calling Utah's housing market the "next California." The commissioned report was authored by researchers with the University of Utah's Kem C. Gardner Policy Institute. They described how Utah now has less inventory of available homes than the current amount of households that need housing in the state.

In addition to having a shortage of homes, researchers working on the study described Utah as having a "looming" affordability crisis. They noted that unless something is done to curb increasing housing rates in the state, then the amount that the average family spends on providing a roof over their head will soon reach 50 percent of their annual household income.

Half of people with children do not have a will

You may have heard that most Americans do not have a will, and perhaps you are one. A common excuse you hear in this situation is quite simple: "I don't have children. Why would I need an estate plan?"

The logic is that you only really care what happens to your estate when it will be divided among your children. If you're not married and you do not have kids, it feels a lot less urgent.

What should I include in a leasing conract?

Contracts to lease a property are flexible legal documents that property owners draft in a way that satisfies their unique needs and concerns for their property. However, there are certain essentials that your leasing agreement should include to avoid the possibility of legal trouble later down the line. These essentials for your leasing agreement include:

A sufficient description of the leased property

Utah's home inventory is declining while sales prices are soaring

A limited inventory of houses is causing home prices to steadily increase across in many parts of Utah. This is occurring at the same time that thousands of prospective new residents are being attracted to the state by its strong economy.

This has led the Salt Lake Board of Realtors president to conclude that it's likely that the housing market in Utah will likely remain tight for the next few years. Data presented at a meeting of the Salt Lake Board of Realtors at the end of the July showed that home sales in that county decreased by nearly five percent between April and June of this year compared to the same period last one.

A joint venture agreement is legally binding like other contracts

If you've ever seen one of the many different business investment shows on television, you've likely heard the terminology "core competency" used. It has to do with a company defining what they do well so that they can use it to their competitive advantage.

When two companies with two distinct core competencies join forces, this is referred to as a joint venture (JV). Companies that come together to do business with one another for the expressed purpose of seeing a project through to completion are examples of this type of corporate arrangement.

Some aspects of commercial leases should be closely inspected

If you own a startup, then you may have looked into the idea of signing a commercial lease for office space. Leasing as opposed to buying your office can save you a significant amount in upfront costs.

Residential leases are different from commercial ones in the former often adhere to a standard format and remain in effect for a year or less. Commercial ones often cover several years and vary in scope.

Tech startups are flocking to Utah to set up operations

A study published on June 11 by Crunchbase News shows Utah is fast stepping away from being known only as a hot spot for tourists hitting the slopes and would-be attendees of the Sundance Film festival. It's instead starting to be though of by business investors as the next hub for tech companies and other innovative companies.

Crunchbase's researchers contend that during the period between 2016 and up until their study was published this month, some of Utah's newest and most promising companies were able to generate as much as $353 per capita in yearly venture capital funding. This equates to the sixth highest amount generated per person of all states.

What are the different types of guardianships?

When it comes to estate planning, it's never too early for an adult to draft a will, advanced directive or a durable power of attorney to protect his or her interests. It's not necessary for an individual to be rich, married, own his or her own home, have kids, a really good job or own a business to have these drafted. Everyone can benefit from planning their estate.

So many people either don't hear or respond to such a call to action, though. It's unfortunately all too common for people to suffer either debilitating injuries or illnesses without having their personal affairs in order.