Darling & Wilson, PC Legal Blog
Can a beneficiary get you removed if you’re an estate executor?
If a loved one or friend who recently passed away chose you to be the personal representative of their estate (commonly known as an executor), they have placed you in a position of great responsibility. They clearly trusted that you would handle it capably and...
Does a power of attorney mean you have to give up your rights?
One document you may want to use in your estate plan is known as a power of attorney. This can typically be a financial or legal power of attorney, or you can use a medical power of attorney. Either way, what you are doing is turning over the right to make certain...
Why parents of young children need an estate plan immediately
Raising young children is one of life’s greatest joys, but it also comes with immense responsibility. Every parent wants to know their children will be safe, loved and cared for no matter what the future may bring. While it’s difficult to imagine a time when you may...
Common profit-sharing disputes between business partners
Profit sharing is a crucial component of any business partnership. When profits are not divided fairly or when expectations are unclear, disagreements typically follow. These disputes can quickly erode trust among clients and shareholders, as well as the overall...
3 reasons why you shouldn’t name your adult children as executors
Naming one or a couple of your children as executors of your estate may seem like a practical idea. Most of your assets will likely be passed on to them, and you believe they are the best ones to carry out your final wishes. While involving your children may seem like...
When should adults consider drafting powers of attorney?
People in different circumstances require different estate planning documents. Wills and other testamentary instruments are important for those with valuable property and dependent family members. Advance directives discussing the possibility of incapacitation can...
Why value is not always measurable in dollars in an estate plan
One way that many people think about their estate plans is in terms of dollars. Let’s say they have two children, and they want to treat each of them equally when they die. They may add up the different assets they own to ascertain the overall value. Then they find a...
Answers to questions you may have after a loved one passes away
Mourning a loved one is already an emotional process. When questions or concerns about the property they left behind arise, it can escalate your stress. The right answers can relieve some of your worries and give you the information you need to move forward after your...
Examples of self-dealing in business
“Self-dealing” happens when someone in a position of trust uses their role to benefit themselves instead of the business. This often involves company directors, officers or partners. These individuals have fiduciary duties, meaning they must act in the best interest...
The importance of succession planning
If you own a business, the income from it will likely form a significant part of your estate. At least it will right now. If you were suddenly left incapable of running things or were to die without warning, then the future of this income source could be in jeopardy....