Starting a small business is a big risk in many ways. It’s easy to get fixated on the financial risks, but you also open yourself up to all kinds of legal liabilities. It’s important to make sure that you protect yourself personally, and your business as an entity. You should start by retaining an experienced business lawyer.
My blog is here to help small business owners learn about the different legal issues they may face. Learn about employee rights, your environmental responsibilities, and your property liability, among other things. If you’re legally protected, your chances of staying in business for a long time go way up.
Protecting Your Business Interests Legally
Your Last Will And Testament And Probate: What To Know
by Sharlene Bates
When creating a last will and testament, there are several important considerations to keep in mind. Below are some key points to consider when creating your will.
Understand Probate Laws: Familiarize yourself with the probate laws and regulations specific to your jurisdiction. Probate laws can vary from one jurisdiction to another, so it's essential to understand the requirements and procedures in your area.
Seek Legal Guidance: Speak with an estate attorney who can lead you through the process of creating your will and provide advice on how to structure your estate to minimize probate complications.
Appoint an Executor: Designate an executor in your will who will be responsible for managing the probate process. Choose someone trustworthy and capable of handling the responsibilities involved in administering your estate.
Consider Non-Probate Assets: Certain assets, such as jointly held property, assets held in trust, or accounts with designated beneficiaries (e.g., life insurance policies, retirement accounts), may bypass probate.
Keep Your Will Updated: Regularly review and update your will to ensure it reflects your current wishes and circumstances. Life events such as marriage, divorce, births, or deaths may necessitate changes to your estate plan.
Organize Your Documents: Keep your important estate planning documents, including your will, in a safe and accessible location. Inform your executor or a trusted individual about the location of these documents.
Communicate Your Wishes: Communicate your wishes to your loved ones and potential beneficiaries. Let them know the existence and location of your will and provide instructions on how to access it.
Minimize Disputes: Clearly and unambiguously express your intentions in your will to minimize the likelihood of disputes among family members or beneficiaries. Seek legal advice to draft your will in a way that reduces the potential for disagreements or challenges.
Plan for Estate Taxes: Depending on the value of your estate, estate taxes may apply. Consult with an estate planning attorney to explore strategies for minimizing estate tax obligations through gifting, trusts, or other mechanisms.
Consider Trusts: In some cases, establishing a living trust or other types of trust can help bypass or expedite the probate process. Trusts can provide flexibility, privacy, and potential tax benefits. A trust is not right for everyone. Ask your attorney about a trust that is appropriate for your needs.
By carefully considering the above factors and seeking professional advice, you can create a well-structured will that aims to streamline the probate process and ensure your wishes are carried out efficiently.
