Darling & Wilson, PC Legal Blog
Potential benefits of passing your business on to family members
You’ve run a successful company for several years now. Recently, you’ve been contemplating what will happen to it when you are no longer around. You’ve decided that you want to keep the business in the family, passing vital knowledge as well as your assets on to your...
What should you include in a partnership agreement?
Entering into a business partnership with like-minded parties can be a very exciting yet complicated process. This is especially true when a business has multiple facets or there is more than one partner. Complex realities underscore the importance of drafting and...
Can you leave your child nothing in your will?
If one of your children finds themself left out of your will, they are likely to be upset, even if you have done it because they do not need the money. That could lead to them trying to challenge it. So, if you intend to leave them out, you need to do it carefully to...
Does your will address your digital assets?
If you already have a will, you have done more to safeguard your interests and your legacy than the majority of American adults. If you regularly review your will and update it as necessary, your approach is head and shoulders above that of most others as well....
Is there anything you should not address in your final will?
A will gives testators (those who make a will) much control over the distribution of their assets even after they have departed the world. When written in clear and concise language, wills can eliminate ambiguity and prevent will contests. Some things are best left...
How to be specific when writing a will: 3 tips
You should be clear when writing your will. Anyone who reads it should understand every part. Ambiguity can create grounds for a will being contested. Thus, if you want your will to benefit your loved ones as you intended, you should be specific. Here are three tips...
3 factors to consider when choosing a guardian of your minor children
If you have minor children, it will help to plan for how they will be raised should you die or become incapacitated. You want your kids to be in the best hands. Thus, you should designate a reliable guardian when creating documents for your estate plan. The following...
Why adults of all ages need to draft an estate plan
Wealthy American adults generally do not shy away from estate planning because they want to make sure that control of their assets rests with them – not the government – after they pass away. Yet, many younger and less affluent adults postpone estate planning over...
2 implications of a trustee’s fiduciary duty to beneficiaries
When someone takes the time to create a trust, they will likely put in place numerous rules about the use of the assets used to fund the trust. The trustee that they empower to manage and distribute those assets will have a powerful obligation to the beneficiaries...
3 things about irrevocable trusts you should remember
One of the most important things you can do as an adult is to ensure you have your affairs in order in case something happens to you. Getting your estate plan in order is vital. A comprehensive estate plan includes more than just a will. Some individuals choose to...