Fort Mill Legal Blog

Business law help for successful businesses

Contracts and other legal documents are cornerstones of business transactions in South Carolina. The area of the law referred to as business law provides many tools to help parties to different types of business transactions have a positive and successful transaction.

Business law and business planning tools can help existing business owners and new business owners protect their interests. Contracts govern most of the business relationships and agreements that parties engage in as part of everyday commerce. As a result, business owners, suppliers and others should understand how a valid contract is formed, how to enforce a contract and what to do if a contract has been breached, including the remedies that may be available.

Trusts can be a helpful part of developing an estate plan

Trusts are an important estate planning tool that can be used in conjunction with a will or, in some circumstances, in place of a will. As a result, it is helpful for estate planners to be familiar with what trusts do and can offer when developing an overall estate plan that estate planners can rely on for peace of mind.

A trust is a legal estate planning tool that is used to manage the distribution of property to the beneficiaries of the trust. There are certain important requirements for the formation of a trust for estate planners to be familiar with. To create a trust, property is transferred to a person or institution that acts as the trustee. The trustee has legal ownership of the property and, with that, certain fiduciary duties. The trustee manages the transferred property for the benefit of another party who is referred to as the beneficiary.

What is the probate process?

Knowing what the probate process is and what it includes is helpful for family members of loved ones who have passed away to understand. The probate process is essentially a process supervised by the court that manages the distribution of property after a loved one has died.

The probate administration process is essentially a process of administering an estate and a will is part of an estate plan that is commonly probated. In many circumstances, families may wish to avoid the probate process and understand how to do that. The probate process can be costly and time consuming. There are different legal options to avoid probate including owning property through joint ownership with the right of survivorship; gifts; and revocable trusts that are all useful options for estate planners to be familiar with.

Familiarity with business law is important for business owners

Business law underpins every business transaction and business transactions come up in many aspects of daily life. Because of that, it is useful to be familiar with business law and how it can help with smooth and successful business transactions.

Protecting the legal interests of a business, and navigating all of the challenges associated with running a successful business, can be complex and even overwhelming at times which is why not only is trained guidance useful and helpful but it can also be useful and helpful to be familiar with business law and the ways in which it can help guide important business-related decisions.

The basics of a will

Wills are an important foundational element to an effective overall estate plan. Because of how important wills are to an estate plan, it is useful to have a good handle on what they do, what should be included in them and how to properly execute a valid will.

Wills are an important part of the estate planning process because they allow estate planners to direct how they want their affairs to be handled, including how they desire for their property to be distributed. It allows them to name who they want different items of their estate to be passed to. Wills can help put the estate planner's affairs in order.

Real estate contracts are important to real estate success

There are many important aspects of the real estate process to understand and one important component includes real estate contracts. Real estate contracts are involved in many facets of a real estate transaction and their importance to process cannot be overstated.

Real estate contracts protect the interests of the parties and outline the rights and obligations of the parties. A real estate contract commemorates the agreement between the parties and a well drafted, and properly executed, contract can help increase the likelihood of a successful real estate transaction. It is important to understand every aspect of the contract process, including how to ensure that the terms are fair and protect the interests of the parties.

What estate planning documents should be in my estate plan?

There are a variety of estate planning documents that estate planners should consider when setting up their plan. Estate planners should make sure they understand all of the different estate planning tools so they can develop the best estate plan for them and their situation.

Estate planning can help estate planners have the assurance they need that their estate will be distributed according to their wishes and can also help minimize conflict, confusion and concerns family members may have. A valid will is the foundational basis of an estate plan and should always be included. In addition, a living trust is a helpful tool. Both can be used to transfer assets but in some circumstances it may be easier to transfer assets via a living trust.

Choosing an executor for your will

Procrastinating on planning for your end-of-life needs is only natural. It’s an uncomfortable topic to talk about and not something most people want to stare in the face. However, planning ahead by creating an estate plan is an important element of caring for your family. Having a will can alleviate potential stress for your surviving family members and gives you peace of mind in knowing you’ve stated your wishes.

One of the elements involved in creating a will is assigning an executor. The executor is the person or third party you designate to administer your will after you pass. The job and responsibilities of an executor are considerable, so you’ll want to choose the person or company wisely.

End of year estate planning tips

As the end of the year approaches, many Fort Mill residents are likely to be rushing to the stores to complete their gift shopping and make sure their loved ones are getting the gifts they have been looking forward to all year. However, one gift many people neglect to give family members is the protection of assets through the creation of a comprehensive estate plan. As the year ends, consider taking a few steps to ensure loved ones are taken care of not just this year, but for the future.

The first step those over 70 years of age should do is ensure the 2018 required Minimum Distributions are taken from their individual retirement account. Missed RMDs result in a 50 percent fine. Additionally, those who want to contribute to charity should take advantage of the Qualified Charitable Distributions, as it allows those who are over 70.5 years to transfer up to $100,000 to charity tax free.

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