When my husband I decided to start a business, we didn't think about the legal aspects of doing so. We didn't realize that purchasing business insurance, getting building permits and making investments all required some type of legal advice. But after speaking to a close friend, who also happens to own a small business, we contacted a business attorney. Now, we have the legal smarts to make the best decisions for our business, as well as the legal representation in case something happens to our company. I hope that you find my blog helpful and informative for your own business. It's a great resource for finding the legal advice, resources and guidance you need to get your company up and running.
Many people feel like they do not have enough assets to justify using a lawyer for estate planning. No matter what size your estate is, it's always worth seeking legal help to ensure that an estate is handled properly. Here are a few reasons why it is worth meeting with a lawyer to handle it for you.
Setting Up a Will
At a bare minimum, everyone should have a will. It is a simple document that states who you want your personal assets to be given to after you pass away. While this may seem like a simple thing to do, there are various ways that you can dictate who will get your assets, with each way having their own pros and cons.
There are several problems with having a simple will, with the main one being that the will must go through a probate process. Not only does this cost money, but the will then becomes public record for anybody to see.
You are better off using a lawyer to create a trust. It will ensure that your inheritors get your assets faster, keeps the trust out of public records, and cuts down on legal fees to divide assets properly.
Many people will want a piece of your estate after you pass away. It could be creditors looking to recover a debt that you owe them, or the government wanting you to pay taxes. You may be required to sell assets you'd rather pass on in order to pay those people the money they are owed.
A lawyer can help ensure that your assets are protected. While a trust is one way to protect assets, a lawyer may recommend an LLC. It breaks the tie between you and your assets, meaning that others cannot go after them when you pass away.
Granting Power of Attorney
It is a good idea to designate somebody with the power of attorney in case you are incapacitated for some unforeseen reason. The person with power of attorney will have access to your assets before you die, and even can have a say in medical treatments when you are unable to voice your opinion. Think about somebody that you would trust with such important decisions in your time of need, and your lawyer can help write up the necessary paperwork to give them the power when the time comes.
For more estate planning tips, talk to a lawyer at firms like Skeen Law Offices.