Why Plan Your Estate Now?

It’s not just the billionaires who have an estate. In fact, almost everyone has an estate. An estate is made up of everything a person owns. This includes the car, home, bank accounts, life insurance, and other personal possessions. This is why estate planning is important for everyone.

Image source: 3age.com.my

Everyone has an estate plan—one given them by the state of residence, or one that is selected by the person. Those who die without selecting their own estate plan will have their assets distributed according to the probate laws of the state where they lived. This means that one’s family members (e.g., spouse and children) might only receive a fraction of the estate. The court will also be the one to control the inheritance of minor children. In the case when both parents die, the court will appoint a guardian to handle the living heirs’ inheritance.

By creating your own estate plan, you are in charge of where your property goes when you die; who manages your property if you are mentally or physically unable to do so; who manages money for underage heirs; and who manages your estate.

The best time to plan an estate is now. It does not have to be expensive. Estate planning offers peace of mind to an individual and their whole family.

Image source: cmsfp.com.au

Dan DeKoter is an AV- rated lawyer. It is the highest rating given at Lawyers.com. He has litigated multi-million dollar-lawsuits for both plaintiffs and defendants. See his firm’s website here.

Comments

Post a Comment

Popular posts from this blog

Letting Go Of Employees: Protocols And Basic Etiquette

Image
Letting go of any employee is difficult for management. But such a decision is often necessary to business growth and staff productivity. Management should therefore do it as gracefully as possible. Here’s how: Be direct and firm   Avoid being longwinded with your statements. Be forthright and clear.Iif you are letting an employee go, the news should be delivered at the beginning of the meeting. Then patiently answer any administrative questions, such as the issuance of the final check or payment and other insurance claims and benefits. Image source : thebalance.com Make sure that a witness is present Have someone from the Human Resources division or a trusted employee present. This will help you in any possible lawsuit or claims of illegal or unethical conduct..  Never embarrass the employee Never let go of the employee in front of everyone else in the office. Do this in private, with only a trusted witness on hand. Understand that when an
Read more

The Three Types Of Product Liability Cases

Image
Image source: dontpanicfoundation.org Thousands of injuries are caused by defective products annually. As protection for consumers, there is a set of rules under the umbrella term, “product liability law,” which makes it less difficult for the affected party to recover damages and serves as a reminder for companies to ensure the quality of the goods they manufacture or distribute. Product liability cases can fall under three types: Design defect In design defect cases, there is something inherently dangerous or wrong with the product due to errors in design. For example, if a customer buys a household fan whose protective guards have unreasonably wide openings wide enough to fit a finger, an injury caused by the product can be the basis of a product liability suit. Manufacturing defect A defect in manufacturing is described by the Third Restatement of Torts as the creation of a product that “departs from its intended design even though all possible
Read more

Digital conduct: The importance of social media policies in the office

Image
Social media a powerful communication tool. It has also become a part of the average person's routine. However, in professional settings, the use of social networks might need to be restrained to maintain the integrity of not just of the business but of the people involved in it. Here are three reasons why social media policies are important in the workplace:  Image source: Pixabay.com To create professional boundaries for employees   It's common to see tweets or status updates from people while they are at work. There are also some people who post about what's happening in their workplace during office hours. While one post can be made in less than a minute, the temptation to wait for reactions or to keep browsing social networks while at work may keep a person from attending to more important tasks. Setting up social media breaks or restricting use can help employees prioritize their work over their feed.  To keep work-related disputes confident
Read more