The Importance Of A Business Attorney For Legal Guidance

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The Importance Of A Business Attorney For Legal Guidance

If you own a business but don't have a business attorney, you may want to reconsider this decision. My name is Vivian, and I've owned a small business for 15 years. I never had any legal problems concerning my business until last year. I immediately hired a business attorney, and I'm glad that I did. I fear that I would have lost my business if it wasn't for the advice and guidance of the attorney. If you're facing any kind of legal problems with your business, it's important to seek counsel from a business attorney as soon as possible. Through my business attorney blog, I want to share information that I've learned to help others from being in the same position I was in last year. By reading my blog, you'll learn very valuable information concerning the legalities of owning a business and the benefits of having a business attorney.

Living Trusts: 3 Benefits For Your Loved Ones

When it comes to estate planning, it is important not to put it off until the last minute. One part of the estate planning process is trusts. Many people are beginning to include trusts in their estate plans. There are several different types of trusts that can be created, and one such trust is the living trust. Compared to the traditional trust, a living trust allows the legal process to be streamlined with assets being transferred to loved ones simpler and faster than ever before. Here are three ways in which living trusts can benefit your loved ones.

Benefit #1: Protecting Your Family's Privacy

Any files that are related to probate are public record, and as a result, anyone and everyone can access them if they are familiar with where to find them. On the other hand, files related to trusts are 100 percent private and only the individuals involved in the proceedings are privy to the information. So, if you would like to ensure that your family's information is kept private upon your death, your best option is likely to transfer your assets into a trust so that you can rest assured that their privacy is protected.

Benefit #2: Eliminating Probate Proceedings

Since assets are transferred into a trust while you are still living, those assets are not required to go through the probate process when you pass away. Probate may be facilitated considerably for your family members, depending on the exact size of the estate.  If you want to transfer all of your assets to a living trust, you may even be able to assist them in avoiding the probate process completely.

Benefit #3: Saving Your Family Money

Any time that legal issues are involved you know that money can potentially get out of hand. When it comes to probate, things can definitely get expensive, particularly if any disputes arise. Living trusts do not only eliminate the need for the probate process, but living trusts also reduce the likelihood for possible disputes. In the event that an individual does contest the arrangement that you have, a living trust is likely to hold (as opposed to a will) in the proceedings to follow. For that reasons, issues are less likely to occur with trusts, saving your family expensive legal fees.

For more information regarding setting up a living trust to benefit yourself as well as your family in the future, contact a living trusts law firm, such as Rudolph and Chonoles LLP.


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