Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.
A landlord is an individual who leases a home to another who is known as; a lessee. It is an owner of the property who yields the right to use the property for a particular point in time in exchange for the reception of the rental fee. A tenant on the other hand is a person to whom a property-owner allows impermanent and restricted use of land or a division of a house or property, typically in substitute for payment. The agreement for this bargain is called a lease. Insurance can be defined as, “A system under which individuals, businesses, and other organizations or entities, in exchange for payment of a sum of money (called a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions in a contract” (Glossary of Terms, 2007).
There are certain responsibilities of the landlords as well as the tenants that need to be understood by the Greens before buying an apartment building. The first and foremost rule is to be clear about everything. This includes the limitations, the use of property, any sustainable damage and its consequences, etc. The expected regulation of landlord responsibility is that a property owner will be detained answerable for any goings-on on his property if the lessor at the time of the lease approved to such commotion or had an idea that it would be carried out, and the lessor also had an or idea had the motive to know that it would inevitably entail such a difficult to deal with a threat or that special safety measures that were essential to security would not be taken. In order to be apprehended as accountable for damage on the property, the landlord or property manager must have been neglectful in preserving the property, and that carelessness must have been the cause of the damage. Landowners in most states to a certain degree are held legally responsible for the safeguard of their tenants from the hands of probable attackers and burglars and from the acts of crimes being committed by fellow residents. Landlords should ensure the protection of the neighborhood from the illegal activities of their tenants, such as drug dealing. These legal duties stanch from building codes, decrees, rulings, and, most often, decisions of the court. The liability of the tenant is somewhat the same as that of debt. Most often than not landlords charge tenant liability for any harm to the property, which means that the charge of fixing something that they believe has been damaged by the tenant. The insurance papers of the house are usually kept by the landlords, but tenants also need Tenant Insurance.
Tenant Insurance permits the tenant to restore their possessions including furnishings, garments, pieces of equipment etc if it is damaged, stolen or completely destroyed. It further envelops damages that happen to other people or their belongings for the time period that they spend at the tenants and then tenants are held responsible for it. Moreover, it takes into consideration the extra living everyday expenditure if the tenants are required to go away from their rental place due to an insured loss. It also offers exposure for their individual accountability if they unintentionally cause harm to an adjacent unit. Tenant insurance also guarantees insurance for the personal property of the tenants for the time that they are provisionally away from their apartment. The Greens should opt for a Variable Life Insurance policy as, “It pays a death benefit to the beneficiary you name and offers you low-risk, tax-free cash accumulation. It allows the death benefit to vary in relation to the fund returns of the cash value account. It allows you to borrow from the policy during your lifetime” (Variable Life Insurance, 2007). Another option of insurance policy that can be recommended to them is the Universal Variable Life as, “It pays a death benefit to the beneficiary you name and offers you low risk tax deferred cash value options. It offers separate accounts for you to invest in such as money market, stock, and bond funds. It offers premium flexibility.
It allows you to make withdrawals or to borrow from the policy during your lifetime. It stipulates that if you terminate the contract in early years you will receive less cash value total return than in a whole contract” (Universal Variable Life Insurance, 2007). The basic features of a will are that it has to be in prearranged form that convinces all the official procedure. It functions only as statement of purpose and does not stop a testator from disposing throughout their life span of property which had the tendency to be owed to someone in the will. It is functional only on death and before that time the recipients have no concern of the property. It does not only deal with the allotments of possessions and it may also cover things like the appointment of a protector of minors or to give directions related to funeral or cremation arrangements. The most common feature of a trust is that is in a written form and is an agreement between the settlor, who is the one creating it, and the trustee. The written trust contract holds that the settlor will relocate certain possessions to the trustee and the trustee will take charge of those belongings for the profit of the named beneficiaries. Estates on the other hand can he held together as joint tenants with rights of survivorship or as tenants in common. The basic difference in both of them is the inheritance of the estate. In join tenancy the surviving tenant becomes the owner of the estate. The Green’s will states that, their grandchildren (born and unborn) get to receive $10,000,000. Their son Jeffery gets the dry cleaning business owned by the Greens. Their dog receives $5000, 000 and when he dies the remaining money goes to the local animal shelter. Their butler receives an amount of $1 million but if he gets fired or if he quits then the money goes back into the estate. The balance held by the estate would then be set up into a trust for college scholarships to the university.
Bibliography
Glossary of Terms. (2007). Web.
Universal Variable Life Insurance. Web.
Variable Life Insurance. (2007). Web.
Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.