A buy-sell agreement is a legal document that clearly outlines how a company and/or its owners will distribute ownership shares after the death, retirement, departure or disablement of one of its owners. This contract enables owners to redeem the stake of any departing owner. It thus eliminates some of the complications that could otherwise occur […]
If you own your own small business, it’s important that you take the time to carefully plan the lines of succession after you retire or pass away. Your succession plan essentially stands on its own, but it can also be built into your estate plan to ensure anyone reviewing your plan understands your wishes regarding how your business will be passed on and continue to operate after you’re no longer involved.
Some people assume that the only reason someone would contest a will is out of self-interest. While there are certainly times in which people attempt to contest a will solely for financial gain, there are other circumstances in which the deceased might not have provided clear guidance within their estate planning documents, which could make contesting a will necessary.
This is one of the most pressing reasons why it is so important for people who are drafting wills to be as thorough as possible. They should everything they can minimize the risk of a will being contested, as it could create a mess in court and lead to harmful arguments among friends and family members.
The most basic definition of power of attorney is that it provides legal authority another person or organization to act in your behalf in certain circumstances. While this may come in different forms (healthcare, special, durable, etc.), each contains the common element that the person who assigns power of attorney is giving another party the ability to act in his or her stead.
Assigning general or durable power of attorney is an important step in creating a thorough estate plan. It protects you and your property in the event you become incapacitated, as you know the person to whom you have assigned power of attorney—known as your “agent”—will act in your best interests and per your wishes.
Many people attempt to avoid estate planning at all costs, as it by its very nature involves conversations about some topics we would much rather not confront. This common desire to avoid discussing estate planning in turn leads to some common myths and misconceptions about wills and probate—among other estate planning issues.