The more money your estate holds, the more complicated things will be for your heirs after you die, especially if you die without an estate plan. This is why it's essential for individuals who have substantial assets to create a rock-solid plan that will be followed after their deaths.
When individuals create a will, they expect that it is going to be followed. In many cases, the estate will go through probate without any issues. There are other instances in which a person who has an interest in the estate will question the will. This might lead to a contested will.
When you have a special needs child, setting up a trust to pay for your child's needs in the event of your death or incapacitation is virtually a necessity. No matter what your financial situation happens to be, a special needs trust can be enormously beneficial for your child.
A commercial lease is necessary for business owners who don't own a property but need a space to house the business. These leases aren't as simple as residential leases so you must give great attention to the details.
Blended families, or those with step children, half brothers and sisters, stepmothers and stepfathers, bring two families together as one. The problem with blended families is that many people aren't related to one another. When it comes to estate planning, this can be an issue.
As a small business owner, you have poured your adulthood into building your business and growing it. You probably think that you have everything covered when it comes to the business, but there is one thing that you might have missed -- your estate plan.
Let's face it -- creating a will isn't something that most people would consider one of their favorite activities. Still, this is important for all adults to do so that they aren't leaving their loved ones without knowing their wishes.
The last thing that you need when you are starting a new business is to find out that you didn't take care of the required permits and licenses to formalize your business legally. These are important because you can face serious consequences if you don't have everything in order.
Estate planning is often straightforward, but there are some cases that are a bit more complicated. One of these instances is when you have a blended family. You have to determine how to set up your estate so that everyone gets what you feel they should receive.
Once you find a leased location that you think is perfect for your business, you have to contact the property owner and discuss the lease. You mustn't let your desire to put your business in a specific place cloud your judgement. Instead, look at it line by line to determine if it is an arrangement that you will be able to live with.