Today, technology is an integral part of daily life. Almost everyone has intangible digital assets, from emails, websites and social media accounts to photos and content on a hard drive. However, who will access your digital assets if you become incapacitated or pass away? With the dawn of social...
Estate planning is the process of arranging how your assets and affairs will be handled after your death or incapacity. It can include making a will, setting up trusts, naming beneficiaries, appointing guardians and more. Contrary to popular belief, estate planning is not only for older people. I...
The simplest way to own a business is to structure it as a sole proprietorship. No one else has any control over the company or responsibility for its operations in a sole proprietorship. Partnerships are also relatively simple in many cases and involve two or more people having direct responsibi...
You often hear people talk about the wealth gap between older generations and younger generations. This has reached historic proportions. Recent reports claim that the Baby Boomer generation, for instance, has around $68 trillion. They are passing that down to their children, a process that has b...
Real estate investment is a huge undertaking. You are investing in a sanctuary for yourself and your loved ones. As such, you want to be certain that you get everything right the first time. Like any investment, however, the importance of due diligence during a home purchase cannot be overstated...
You've spent many years gaining valuable skills as an employee. However, you've always wanted to form your own company, and now feels like the right time. You have a plan in place and are beginning the process of bringing this plan to fruition. If you take the appropriate steps at the right time,...
An executor ensures your wishes are fulfilled when you become incapacitated or die. In addition, they have other duties, including taking the will to probate and managing the estate before distribution. Thus, you should appoint someone reliable. However, at times, you may need to change your exec...
People sometimes joke that they would need to die to get away from their financial obligations. However, the unfortunate truth is that not even death actually eliminates someone's responsibility to certain creditors. Personal debts that remain outstanding at the time of someone's death will typic...
It's not as common as it used to be for people to have safe deposit boxes at a bank or other financial institution. Most of our important documents are digital these days. Further, it's often more convenient for people to store jewelry and other valuables in a home safe. However, if you're develo...
If you are planning to leave your job and start a business, you are on the path to enjoying several benefits like being your own boss, doing what you are passionate about and financial rewards, among others. But before you experience these, you may face challenges. Nonetheless, making informed d...
If you have a family business, you know how important it is to think about succession. What will happen to your business when you retire or die? Crafting a plan for succession is vital to ensuring the continuity of your business and protecting your loved ones. But succession planning isn't just ...
Your business has been going from strength to strength over the years and you're looking to keep expanding. One of your main priorities is to find a new location to trade out of. You've looked into buying a piece of commercial real estate, but it just doesn't make sense at the moment. You've sett...
A medical power of attorney is a document that you can use to make sure that your wishes are actually carried out if you become incapacitated or are near the end of your life. The document simply gives this power to another person, naming them as your agent. They can then make choices for you and...
Your estate plan declares your intentions regarding your personal property when you die. It can also help protect your dependent family members after your death and provide them with guidance and necessary legal authority in a scenario involving your medical incapacitation. Most people with an es...
When you open a business, you are bound to enter several agreements with clients and vendors. The agreements you enter determine the success or failure of your business. When forming a relationship with people or entities for business purposes, you must have a written contract signed by both par...
You've been a loyal employee for years but you've always had a burning desire to go your own way in business. It's taken some time and effort, but you think you've come up with an idea. There are no guarantees in business and it can be tricky to get your company off the ground. The reality is tha...
One of the best things for you and your family is an estate plan, but many people don't understand the basics of estate planning. There are many common questions that people ask about estate planning. Here you may have your questions answered: 1. What is an estate plan? An estate plan is the lega...
Not many people are comfortable talking about their death, even if it is inevitable. If you have worked hard and accumulated wealth over the years, it is only prudent to think about what will become of your assets upon your passing. This is where estate planning comes in. A will is an estate pla...
A will is one of the most important legal documents you can ever create. Done right, a will can safeguard your legacy, take the guesswork out of the equation regarding the distribution of your assets, eliminate potential conflicts and ensure that you leave a little something to the people you lov...
Many estate plans created in Oklahoma are simple. They may contain only a will designating beneficiaries for certain assets and naming a guardian for the children of the testator. It is a common mistake for people to focus primarily on their own deaths when creating an estate plan instead of thin...
You may have thought about making an estate plan for months or even years. Yet somehow, you never get around to it. Identifying what is stopping you from doing something can sometimes help you to overcome the mental block. Here are some possible reasons A Caring.com study found that 60% of Americ...
Your estate plan is the roadmap your loved ones follow for the distribution of your assets once you pass away. Adults who have already set this up can't forget that it exists. Instead, they need to schedule time to review it and update it. There are certain situations that mean you may have to u...
Starting your own company is a bold move, but you've carefully planned it for several years. Your idea has been developed, and you've identified your team and your potential customers. Many startup companies make some crucial errors in terms of legal provisions, and these are mistakes that you w...
Once you have made your estate plan, you could just file it away without telling anyone. Yet, that is probably not the best decision. Instead, you should consider telling some people about it. Doing so will make their life easier when you pass away. Start by telling someone where your estate plan...
One of the things you need to do when creating your estate plan is elect someone to execute it when you die. As you will have no means of recourse once you are gone, it is crucial to put some thought into finding the right person now. Here are some essential qualities to look for in your executor...