BERYS LAW | Business, Real Estate, Wills/Trusts

Many people associate estate planning with the wealthy or older individuals, assuming it's something they can address later in life. However, the truth is that everyone can benefit from having an estate plan in place, regardless of age or financial status. 

To Ensure Your Wishes are Honored

An estate plan allows you to dictate how your assets and possessions will be distributed after your passing. Without a clear plan in place, state laws will dictate the distribution, which may not align with your preferences.

You’ll need to consider the following:

• Last Will and Testament
• Financial Power of Attorney
• Guardianship Designations (if you have young children)
• Healthcare Directives
• Beneficiary Designations
• Funeral and Burial Instructions

To Protect Your Loved Ones

If you have dependents, an estate plan provides a means to ensure their financial security and well-being. You can designate guardians for minor children and establish trusts to provide for their education, healthcar...

Estate planning is a critical aspect of managing your assets and ensuring that they are passed on to your loved ones in the most efficient and effective way possible. When you are a business owner, this process becomes complex due to the added dimension of business succession. 

Planning for the transition of your business after your passing is needed to secure its continuity and prosperity. Here's what you need to know about estate planning for business succession.

Start Early and Communicate

Don’t make the mistake of waiting too long to begin the succession planning process. Early planning allows for careful consideration of options, potential tax implications, and the identification of suitable successors. It also provides time to groom and prepare the next generation of leaders within your organization.

Maintain open communication with family members, business partners, and potential successors. When you discuss your intentions and involve key stakeholders in the planning proces...

A Power of Attorney (POA) is a legal document that grants an individual or entity the authority to act on behalf of another person, known as the principal, in various legal, financial, or personal matters. 

POAs are crucial tools for managing affairs when the principal is unable to do so due to illness, disability, or other circumstances. There are different types of POAs, each serving specific purposes and granting varying levels of authority. We will explore the different types of Power of Attorney below.

General Power of Attorney (GPOA)

A General Power of Attorney is a broad and comprehensive document that authorizes an agent (the person or entity receiving the power) to act on behalf of the principal in nearly all legal and financial matters. 

This type of POA is commonly used when the principal anticipates being unavailable for an extended period or when they want to delegate authority for specific financial transactions. However, note that a General Power of Attorney typicall...

Planning for the future is a responsible and essential task, especially when it comes to ensuring the well-being of your loved ones and the distribution of your assets. 

Two commonly used legal instruments for estate planning are wills and trusts. While both serve the purpose of outlining how your assets should be distributed after your passing, they have distinct differences in their structure, function, and benefits. 

Below, we'll explore the key distinctions between a will and a trust to help you make informed decisions about your estate planning.

Definition and Structure

A will is a legal document that outlines your final wishes and instructions for the distribution of your assets after your death. It names an executor, the person responsible for ensuring that your wishes are carried out, and specifies who should receive your property, money, and possessions. 

A will becomes effective only after your death, and it goes through a legal process known as probate, during which a c...

Estate planning is a vital process that ensures your assets are distributed according to your wishes after your passing. However, there are several common mistakes people often make that can lead to unintended consequences for their loved ones. To help you navigate this complex terrain successfully, let's explore some of these common estate planning mistakes and ways to avoid them.

1. Procrastination or Putting Off Estate Planning

One of the most prevalent mistakes is procrastinating on estate planning. Many individuals delay this essential task, assuming they have plenty of time. 

Unfortunately, life is unpredictable, and unexpected events can occur at any moment. Waiting too long to start your estate planning could lead to your assets being distributed in ways you never intended. 

To avoid this, start the process as soon as possible. The earlier you begin, the more time you have to make thoughtful decisions and make adjustments as your circumstances change.

2. Failing to Update ...

Estate planning is a crucial aspect of one's financial and personal life. It involves making decisions about the distribution of assets, healthcare preferences, and the future of your loved ones. 

To ensure that your estate planning needs are met efficiently and effectively, consulting with an experienced estate planning attorney is important. But since not all attorneys are the same, you need to ask the right questions during the initial consultation to find the best fit for your needs. 

Below, we'll explore the key questions to ask an estate planning attorney to make informed decisions and secure your legacy.

1. What Experience Do You Have in Estate Planning?

Begin the conversation by inquiring about the attorney's experience in estate planning. Understanding their background and expertise will help you gauge their ability to handle your unique situation. Look for an attorney who specializes in estate planning and has a track record of successfully assisting clients with situatio...