BERYS LAW | Business, Real Estate, Wills/Trusts

Estate planning is a vital aspect of making sure that your assets and wishes are protected and carried out according to your intentions after you're gone. 

However, creating an estate plan is not a one-and-done task. Life changes, laws evolve, and circumstances shift, necessitating periodic updates to your estate plan. In this article, we'll discuss when it's essential to update your estate plan and why it's crucial to do so.

1. Life Events

Life is unpredictable, and significant life events often prompt the need to update your estate plan. Events such as marriage, divorce, birth or adoption of a child, or the death of a loved one can have profound implications for your estate plan. 

For example, getting married may necessitate the creation of new estate planning documents to provide for your spouse, while divorce may require revising beneficiary designations and removing your ex-spouse from your estate plan.

2. Changes in Financial Situation

Changes in your financial situation ca...

Ensuring your assets are distributed according to your wishes after your passing is an important aspect of estate planning. One of the most common methods to designate beneficiaries is through beneficiary designations on accounts such as retirement plans, life insurance policies, and investment accounts.

However, mistakes in these designations can lead to unintended consequences and conflicts among loved ones. Here are some of the most common beneficiary designation mistakes to avoid. Read on. 

Failing to Update Beneficiary Designations

Life events such as marriage, divorce, births, and deaths can significantly impact your intended beneficiaries. Failing to update beneficiary designations after such events can lead to assets being distributed contrary to your wishes.

Regularly review and update your beneficiary designations to ensure they align with your current circumstances and wishes.

Naming Minors as Beneficiaries

Designating minors (individuals under 18 years old) as benef...

Small businesses play a huge role in driving economic growth and innovation. However, amidst the excitement of entrepreneurship, it's important for business owners to be aware of the legal challenges they may face. Despite their size, they are subject to various legal requirements and potential risks that can have significant implications for their operations and success.

Here are some of the most common legal issues small businesses encounter and how to address them:

Business Structure and Formation

Choosing the right legal structure for your business is one of the first critical decisions you'll make as an entrepreneur. Each business structure—such as sole proprietorship, partnership, corporation, or limited liability company (LLC)—has its own legal and tax implications. 

Consulting with a business attorney can help you understand the pros and cons of each structure and ensure compliance with legal requirements during the formation process.

Discover: How LLCs and Corporations Di...

Unlawful detainer, often referred to as eviction, is a legal process used by landlords to remove tenants who have violated the terms of their lease agreement or failed to pay rent. While it's a serious matter, both landlords and tenants often have questions about the process.

Here, we'll address some of the most common FAQs regarding unlawful detainers, providing clarity for both parties involved.

What is an unlawful detainer?

An unlawful detainer is a legal action brought by a landlord to evict a tenant who is in violation of the lease agreement, such as failure to pay rent or breaching other terms of the contract.

What are the grounds for filing an unlawful detainer?

The most common grounds for filing an unlawful detainer include non-payment of rent, violation of lease terms, illegal activities on the premises, or overstaying after the lease term has ended.

What steps should a landlord take before filing for unlawful detainer?

Before filing for unlawful detainer, landlords ar...

Home Equity Line of Credit (HELOC) fraud is a form of financial deception that targets homeowners who have obtained a HELOC, leveraging the equity in their homes. This type of fraud can have devastating consequences for homeowners. 

Falling victim to HELOC fraud can have severe financial consequences for homeowners. Fraudulent HELOCs can result in unauthorized withdrawals from the homeowner's equity line, leaving them responsible for repayment of funds they never borrowed. 

Here’s what you need to know and ways to prevent yourself from falling victim to these schemes. 

What Is HELOC Fraud?

HELOC fraud typically involves deceptive practices aimed at accessing a homeowner's available credit line or extracting funds from their home equity without their knowledge or consent. Common forms of HELOC fraud include:

• Identity Theft: Fraudsters may steal a homeowner's personal information, such as Social Security numbers, bank account details, and property information, to fraudulently appl...

In healthcare, uncertainty can arise unexpectedly, leaving individuals unable to express their wishes regarding medical treatment. To address this potential scenario, advance directives serve as important legal documents that empower individuals to outline their healthcare preferences and appoint trusted representatives to make decisions on their behalf if they become incapacitated. 

Understanding advance directives and their importance ensures that one's medical wishes are respected and honored during times of incapacity.

What Are Advance Directives? 

Advance directives, also known as advance healthcare directives or living wills, are legal documents that allow individuals to specify their preferences for medical treatment and designate surrogate decision-makers to act on their behalf if they are unable to communicate their wishes. 

These documents serve as invaluable tools for ensuring that healthcare decisions align with an individual's values, beliefs, and preferences, even whe...

Lead hazards in rental properties pose significant health risks, particularly to young children and pregnant women. While federal and state laws regulate lead-based paint disclosure and remediation in residential properties, tenants must be aware of their legal rights and options when it comes to addressing lead hazards in their rental units.

Understanding Lead Hazards

Lead-based paint was commonly used in residential properties before its ban in 1978. When lead-based paint deteriorates or is disturbed during renovations or repairs, it can release lead dust and particles into the air, posing health risks when ingested or inhaled.

Exposure to lead can cause serious health problems, including neurological damage, developmental delays, learning disabilities, and behavioral issues, particularly in young children. Pregnant women exposed to lead can also experience complications such as miscarriage, premature birth, and developmental issues in their unborn child.

Landlord Responsibilitie...

Commercial tenant improvements (TI) represent a significant aspect of leasing agreements in the commercial real estate sector. These improvements allow tenants to tailor the leased space to their specific business needs, enhancing functionality, aesthetics, and operational efficiency. 

Navigating the legal complexities surrounding tenant improvements is necessary for both landlords and tenants. In this article, we'll provide a comprehensive legal overview of commercial tenant improvements, covering key concepts, rights, and obligations for all parties involved.

What are Commercial Tenant Improvements?

Commercial tenant improvements encompass any modifications, alterations, or enhancements made to a leased commercial space by the tenant during the lease term. These improvements can range from cosmetic upgrades to structural renovations and may include interior build-outs, installation of fixtures, and other enhancements to customize the space according to the tenant's requirements.

Employment contracts serve as the foundation of the relationship between employers and employees. They offer clarity and protection for both parties. However, when an employer fails to uphold their end of the agreement, it can lead to a breach of the employment contract. 

As an employee, you must understand your rights and options in the event of a breach. Here's what you should know about breach of employment contracts. 

Types of Employment Contracts

Employment contracts come in various forms, including written, oral, and implied contracts. 

• Written contracts are explicit agreements that outline terms and conditions of employment, such as salary, benefits, job duties, and termination procedures. 
• Oral contracts, while less common, can still be legally binding if certain criteria are met.
• Implied contracts arise when an employer's actions or statements imply an agreement to certain terms, even if not explicitly stated in writing.

Understanding Breach of Contract

A breach of...

Estate planning is a critical process that allows individuals to protect and manage their assets during their lifetime and ensure their wishes are carried out after their passing. For families with loved ones who have special needs, estate planning takes on added significance. 

Integrating special needs planning into your estate plan means protecting the long-term financial security and well-being of your loved one with special needs. Here's why and how you should incorporate special needs planning into your comprehensive estate plan:

Preserve Eligibility for Government Benefits

Many individuals with special needs rely on government benefit programs such as Supplemental Security Income (SSI) and Medicaid for essential support and services. However, eligibility for these programs is often contingent on meeting strict income and asset limits. 

Without careful planning, inheriting a significant sum of money or assets could jeopardize your loved one's eligibility for these critical ben...