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Distinguishing Probate and Will Process, Real Estate Law, and Corporate Law When your will is being established in court to determine its authenticity, this process is known as probate, and this procedure usually takes time, as well as expensive, to prove the legitimacy of the will, which also includes ascertaining that your assets are fittingly distributed to your heirs and creditors; however, if your will has been properly worked out such that it is updated, the probate process can be fast and less expensive. 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. One of the benefits of probate is that the amount of time to which your creditors with unfiled claims against you can collect from your estate will be shortened to just a few four months. Real estate law is a procedural means of determining who may own and use the land and buildings in it, and the process details the following: categorizing if the real property is residential or commercial, including the manner of ownership, sole, conjugal, or corporate, and verifying how the real estate property is used, whether rented or personal, as well as establishing 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. Furthermore, concerns such as compliance to the local zoning laws and environmental protection are also addressed in the proceedings of real estate law.
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When the rights, relations, and conduct of persons and businesses, who are engaged in commerce, merchandising, trade, and sales, are being presented through legal proceedings, the component of law that is being applied to is referred to as commercial law, which can also be called business law or corporate law. 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 intervene in standardizing regulations with regards to 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.