According to the National Highway Traffic Safety Administration (NHTSA) there were 123 crashes involving large trucks in 2016 in Ohio, the most recent year annual statistics are available. While people are involved in motor vehicle accidents with cars and delivery trucks or vans every day, a crash with a big rig is different.
No matter how complex the issues may be, there are often ways that married individuals can find agreement on how to separate their lives, belongings, and interests. If everything can be agreed upon, the parties can enter into a Separation Agreement. This document is a contract that explains how the parties will separate everything they have together. If this situation involves children, the Separation Agreement will contain provisions about how the parties will continue to parent their children apart or will often be accompanied by a Shared Parenting Plan.
If you are a small business owner and you pass away, what happens to your company? The answer may depend on the effort you’ve put into your estate plan.
If you have not left behind an estate plan with elements that focus on your business, your company’s very existence could be put into doubt, especially if you have not prepared any sort of succession plan. Your loved ones will be forced to hire attorneys to get through the probate process and not lose a significant amount of money and assets.
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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.
Are you getting ready to commit to estate planning for the first time? Below is a simple checklist with steps that will help you draft an estate plan that is as comprehensive as possible.
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