Forming your own company can be very exciting. It presents an opportunity to be your own boss and forge a career in a sector you have expertise in. With that being said, getting a business off the ground is not easy. Some entrepreneurs underestimate the legal aspects...
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Can you draft a will on your own?
You may be considering making an estate plan. If so, your first step will probably be drafting a will. This is an estate planning document that lets you decide who should receive your assets upon your death. You can also set out who will look after your children...
What steps can help avoid estate disputes?
Estate disputes are something that parents often want to avoid when leaving money to their direct heirs, such as their children and grandchildren. They want these people to seamlessly transition into the next stage of life and get along well for decades to come. An...
How can you protect your inheritance from executor misconduct?
The role of an executor in the probate process is pivotal. They are essentially in charge of administering the deceased’s estate before distributing it to the intended beneficiaries. However, not all executors diligently discharge their role. An executor may deviate...
When should you change your executor?
Your executor plays an integral part in your estate plan - they will ensure your wishes are fulfilled once you’re gone. However, things happen and you may eventually need to name a new executor. Here are several circumstances that may call for this: Unwillingness to...
Can I refuse my inheritance?
Many beneficiaries are eager to claim the funds or property they’re entitled to. However, you don’t feel the same way and wonder if you can refuse your inheritance. Possible reasons why you want to disclaim your inheritance include things like: You want to avoid...
When is probate not necessary?
Probate is a complex and time-consuming process that can be intimidating for estate executors. Fortunately, there are ways of avoiding probate and its associated costs to ensure the smooth transition of an estate's assets from one generation to the next. By planning...
Have you discussed estate planning with your parents?
It's never too early to start estate planning. In fact, many people wait until it's too late. If you have parents who are getting older, it's essential to talk to them about their estate plans. This can be a difficult conversation, but it needs to be had. Tips for...
Most family businesses don’t reach the third generation
It’s very uncommon for family businesses to make it to future generations. One study found that a full 70% of them either fold or get sold off before the second generation – the business owner’s children – take over. If you look at the next generation, that percentage...
Should you start a business with a family member?
Starting a business with friends or family can be both a blessing and a curse. On the one hand, you have someone to rely on when things get tough. On the other hand, many potential pitfalls can occur when business partners are also family members. Here are some things...
