As a business owner, keeping informed about the finer points of employment law is important. If you're getting ready to hire your first employees, you need to be sure that you understand exactly what you can and cannot do. Don't risk getting yourself into legal trouble by asking the wrong question at the interview or making an off-hand comment that's considered legally unacceptable. I created this site to give you the basics of employment law expectations. I hope that the information here helps you to understand what you should and shouldn't do as you're interviewing and hiring your first staff members.
According to the American Bar Association, approximately 55% of people in the U.S. die without having a will. If this happens to you, do you realize the problems this situation can create? If you want to eliminate the problems this can create for the loved ones you leave behind, you should consider meeting with an estate planning attorney so you can create a will. Here are two problems your loved ones will not have to deal with if you create a will.
Division of assets
Without a will, the state you live in will get to decide who gets your assets. If you are married, your assets will automatically go to your spouse, but this can create issues in some situations. For example, if you are currently separated from your spouse, he or she will still get 100% of your things.
If you are not married, the state will most likely transfer all your assets to your children, but this too can create issues. What if you have not spoken to one of your children in 50 years? Should this child get the same amount of assets as your child that took care of you each day during your last years?
With a will, you will get to state who gets your things, and no one will be able to fight about it. You will get to divide everything you own in the way you choose.
One of the other main benefits of having a will is that your estate will be settled much faster. When there is a will in place, an attorney can review it and begin working on settling the matters. Because of this, the beneficiaries will be able to receive their assets faster.
Without a will, the estate will most likely have to go through probate court. At probate court, a judge will review everything and make the necessary decisions. This process can take a very long time, which means that the beneficiaries may not receive their rightful assets for a long time.
In addition to this taking time, it can also be more costly. When a court must handle the affairs of an estate, they are entitled to keeping a portion of the estate.
If you want to make sure that your loved ones receive the things that you want them to have when you pass away, you must have a will. To learn more about wills and estate planning, contact an estate planning attorney today.