Why You Need an Attorney When Selling Your Business

When selling a business, it is crucial to ensure all your legal bases are covered and you receive the maximum value of what it is worth. Having the experience and knowledge of the best contract lawyers and business attorneys in your corner can make the process easier and less stressful. If you are considering selling your business, these are just a few ways an attorney can help safeguard your interests and assist you with the process.

Issues to Consider When Selling Your Business

Business Valuation

Before you sell your business, it is important to make sure it is accurately valued. You do not want to short change yourself but overvaluing it can result in minimal interest from potential buyers.  There are several business valuation methods that can be used. A skilled business liability lawyer can take a comprehensive look at all aspects of your business and determine what it is worth.

Assets and Debts

When you are getting ready to sell, analyzing your assets and debts and determining how to handle them is a tall order. Estate planning and living trust lawyers often advise small business owners to create a business succession plan as soon as they open their doors. Although there is no way to predict the future, a business succession plan can provide the framework, processes, and procedures for how your business will be sold or transitioned.

Business Purchase Agreement

Another vital element of the sale of a business is a contract that outlines the terms of the sale. Details specific to your industry are important in this contract, so you will want to find an attorney who is well-versed in your line of work. For example, If your business involves the sale of investment properties, it is probably a good idea to have business lawyers experienced in real estate help you draft your purchase agreement. Generally, a business purchase agreement should include:

• A detailed description of the goods, services, real estate, and personal property such as furniture and equipment that is being sold with the company
• The length of time the buyer has to inspect any real property, including product or merchandise
• The manner in which the buyer intends to pay for the business
• The total amount due and the date or time frame in which payment is due
• A clause stating that all parties must agree to and approve of any changes to the agreement in writing
• The state in which the agreement is being executed
• If the business is a corporation, the minutes of the corporation’s authorization of the sale
• Any warranty of the seller, which is intended to protect all parties (optional)

The particulars of your business purchase agreement will depend on your specific circumstances and the type of business you own.

If you need assistance with selling your business or you are interested in learning more about business succession planning, our Pennsylvania real estate lawyers, business attorneys, and estate planning attorneys work collaboratively to help you find practical solutions that meet your specific needs.

This blog was originally posted at https://carosella.com/blog/why-you-need-an-attorney-when-selling-your-business/

Choosing a Guardian for Minor Children in Your Estate Plan

Selecting a guardian for young children is a big decision that can seem overwhelming. An estate planning lawyer can help you understand important elements to consider when choosing a guardian and ensure all relevant issues concerning your children are addressed in your estate plan.

Factors to Consider When Choosing a Guardian

Before you name someone to be your children’s guardian, you have to sit down and think about who would be well suited for the job and willing to do it. In addition to the person’s age and relationship with your kids, there many are other important factors to take into consideration, including:

Parenting skills – Your sister or best friend may be great for an afternoon of babysitting, but who do you believe would best raise your kids and care for them 24/7? You definitely want to pick someone who has shown that they are good with kids and can love and care for them as a parent would.

Living situation – If something were to happen to you, your children would most likely end up living in a guardian’s home. Your children will already be going through a difficult time, so it is critical to think about how to make this difficult transition easier on them.  Some important things to consider are:

• Where does the guardian live?
• Is the neighborhood safe?
• Would your children need to change schools? How are the schools in their area?
• Is their living situation stable and healthy?

These are just a few things to think about – you know your kids and are likely aware of what the best environment for them would be to grow and thrive.

Values – Choose a guardian whose moral compass lines up with yours. If you have certain religious beliefs, do you want your children to continue to be raised with the same principles? Although someone’s values may not align 100% with yours, it is possible to find someone you respect and trust who will raise your children with a solid moral foundation.

Financial stability – Your children’s guardian does not have to be wealthy, but it is important to think about how caring for children will raise their living costs. This is just one reason why it is important to have life insurance policies. You can also set up a trust, which makes it much easier for their guardian to raise them in a financially stable environment while safeguarding your children’s financial security. Talking to a living trust attorney about your options can help you make informed decisions about whether you want your children’s guardian to also control the assets in the trust as well. If not, you can choose someone else to handle their financial affairs.

What if I’m Divorced?

If you and your spouse are no longer together, it is still a good idea to get on the same page about who to name as guardians if you both pass away. Ideally, you should make an effort to hash it out with your local divorce attorneys and put it in your final divorce settlement agreement.  Even if you disagree, you are still entitled to name whomever you choose in your updated estate plan.

Typically, if one parent passes away, the other parent maintains custody of the children. If you have full custody of your children and do not believe your ex can care for your children due to criminal conduct, addiction, or domestic violence, consult a West Chester divorce lawyer to find out what steps you can take to make this clear in your estate plan.

Although you may not want to think about what may happen if you are gone, making plans to ensure your children are taken care of in the event of your untimely death is in an essential investment in their well-being.

This blog was originally posted at https://carosella.com/blog/choosing-a-guardian-for-minor-children-in-your-estate-plan/

How a Real Estate Lawyer Can Help with Zoning Appeals

Zoning and other land use issues are often complex and can cause delays and financial losses for businesses and individuals. Pennsylvania real estate lawyers help clients with land use applications, variances, zoning appeals, and issues involving property line and easement disputes. If you are dealing with any of these issues, it is important to find an attorney who is familiar with local, state, and federal laws and regulations.

What are Zoning Ordinances?

Zoning ordinances are rules and standards for how property in specific locations may be used for residential or commercial purposes. Zoning standards usually regulate building height, lot size, and placement of structures. Zoning ordinances typically outline the procedures for handling zoning rule infractions and penalties.

Zoning Ordinances are Usually Local

Property owners may go to a local zoning board or city council to request a specific use for their property or to seek variances for matters such as building height. An owner may also go to a zoning board to appeal a decision that has already been made by a local town or city’s building department. Although it is common for individuals to handle zoning appeals on their own, having a lawyer for real estate or business liability lawyer who is well-versed in local zoning laws can help you avoid costly, unnecessary delays and ensure your interests are protected.

Why Do I Need a Real Estate Lawyer to Help with Zoning Problems?

An attorney can assist you with the zoning process from beginning to end, and may be able to help you avoid the need for an appeal. They can assist you with your initial land use application, help you apply for variances, and advise you of the best course of action to meet your goals. It is essential to approach land use issues and disputes in the right way and to properly follow all procedures and deadlines.

Zoning Appeal Hearings

If you must take your case to court or before an appeals board, it is critical to be specific about your requests and why you are asking for them. The best contract lawyers advise clients to put everything in writing. One way to get the ball rolling on your appeal is to have your attorney write a letter to the board in advance that outlines what you are looking for and why, and how it may benefit the community. This gives zoning board members a chance to review (and sometimes discuss) your case in advance.

Zoning requests often affect the people who live near a property.  Your lawyer may want to talk with neighbors and other members of the community to get their input on your zoning request. If they are in support of your intentions, your attorney may request letters to submit to the appeals board or even ask them to attend the hearing on your behalf. Having the support of the community can go a long way to achieving the goal of getting your zoning request approved.

Zoning appeals usually come with very tight deadlines. Missing this deadline could mean that your appeal will not be heard at all. Knowing how the process works is critical – an attorney can help you understand the complexities of the process and represent your interests at the hearing.

If you need help with legal matters surrounding real estate, business, or estate planning, our collaborative team of property lawyers, business attorneys, and living trusts lawyers provide the top-notch legal representation you can trust.

This blog was originally posted at https://carosella.com/blog/how-a-real-estate-lawyer-can-help-with-zoning-appeals/

3 Vital Elements of Business Succession Planning

Whether it is a large company or a mom-and-pop corner store, continuity is important to the success of a business. Considering how a business will continue to operate if an owner or manager leaves is critical to ensuring a smooth transition and continued stability. A business succession plan can help you identify critical roles and processes, nurture existing talent in your organization and develop specific procedures for when a position becomes vacant. An experienced business succession planning lawyer can help you understand the important elements that can protect your business and ensure it stays stable when someone retires, becomes ill, passes away, or leaves for any reason.

A Strategic Plan

Business succession planning is a multifaceted process. To have a strong foundation for your plan, it is a good idea to evaluate the current state of your business and think about where it might be headed over the next few years. A few important things to consider are your financial and human resources, potential risks that may require you to make changes, and developing a strategy to fit all components of your plan together. Sitting down with a business contract lawyer to assess your business and create a strategic plan can help to ensure none of these vital elements are overlooked.

An Estate Plan

As an entrepreneur, considering the financial future of your business is essential, but estate planning is also an important element of your overall business succession plan. Think about your current personal goals and whether you have the financial resources to fund these goals into retirement. Going over your assets, future cash flow projections, and the impact of projected investment, inflation, and tax implications with an estate law attorney can help you set realistic goals and figure out ways to protect your family’s and your business’s interests. Having an effective estate plan in place often makes it easier to step away from your business when it comes time to retire.

Leadership Transitions

Another key element of business succession planning is determining how leadership responsibilities will be passed on to successors. However, before you can decide how responsibilities will be transferred, you have to consider who is able and willing to take them on. Identifying the person (or people) who have the ability and desire to take over leadership positions is a crucial component of any business succession plan. Providing guidance and training to these future leaders is critical to your company’s success. Once these matters are settled, you can begin to figure out how ownership and management transitions will take place.

For example, if you own a real estate development company, you may want to consult a real property lawyer who is well-versed in succession planning to help you identify potential successors. Your attorney can also advise you on how your business can facilitate a smooth transition in the face of both unexpected and planned events. Each business is different. Hiring a business lawyer who has specific experience in your industry can make all the difference when it comes to creating a solid business succession plan.

This blog was originally posted at https://carosella.com/blog/3-vital-elements-of-business-succession-planning/

Estate Planning for Business Owners: What You Need to Know

Most business owners juggle many different tasks every day. While estate planning may cross your mind once in a while, it’s often a subject that takes a back seat to more immediate matters. However, planning for the future is crucial if you want to ensure your interests are protected and your family is well taken care of after you are gone. An estate law attorney who is experienced in working with business owners can help you create a plan that is tailored to meet your specific personal and professional concerns.

Why Do I Need an Estate Plan?

Everyone can benefit from estate planning, but it’s especially critical if you own a business. Along with business succession planning, it can help to ensure that your company survives should you become incapacitated or pass away. A well-crafted estate plan makes it easier for your loved ones to make important decisions on your behalf if necessary.

In addition, your estate plan lays out your wishes and makes the distribution of your estate run much more smoothly, and can help your family avoid the headaches and extra costs of probate. Business succession planning lawyers are usually well-versed in estate planning and can help you create a comprehensive plan that addresses all your needs. Your lawyer can also help you understand how a well-crafted estate plan can help minimize your heirs’ estate and inheritance taxes after your passing.

Estate Planning Basics

Most estate plans include vital documents such as:

• Power of attorney for health care
• Power of attorney for finances
• Advance directive
• Last will and testament

Life insurance is also a must for business owners. Have your attorney review any existing life insurance policies, or talk to them about the amount and type of insurance to get. It is also a good idea to purchase disability insurance, which provides coverage if you suffer from a long- or short-term disability.

Another estate planning tool to consider as a business owner is a trust. For example, if your spouse has power of attorney to run your business, in many states they are not allowed to use any business assets to their benefit – even paying themselves a salary unless it is approved by the court. However, if you put business assets in a trust, your spouse would be able to access them without court approval.

Buy-Sell Agreement

A buy-sell agreement enables you to set a sale price for your business and your share of the business. You can also specify whether you want any partners to buy out your share or prevent certain people from having a role in the business in the event of your passing.  Regardless of whether partners or an outside party is purchasing your business, having a business contract lawyer draft a buy-sell agreement can make things much easier for your beneficiaries, as they will know the value of your business or your share.

Sorting Out Family Issues

If you are the owner of a family business, you probably already know that working with the ones you love can be challenging. Things can quickly get messy when a business owner dies – in many cases, some adult children may be involved in the business, while others are not. It is important to determine and specify how you want your assets to be divided and distributed. Each family situation is unique. Talking to your attorney about your wishes can help you determine the best way to distribute both personal and business assets in a “fair” manner.

For instance, if you own a retail store and your daughter is interested in taking over your business but your son is not, you may want to consider bequeathing the business to her and other non-business assets to your son. Although conversations about estate planning with family members and business partners can be difficult, keeping lines of communication open can benefit everyone in the long run.

Regardless of what type of legal issues you may be facing, our team of business attorneys, estate planning attorneys and real property lawyers work collaboratively to help you find creative solutions.

This blog was originally posted at https://carosella.com/blog/estate-planning-for-business-owners-what-you-need-to-know/

Why Do You Need Lawyer to Help with Estate Planning

Creating an estate plan is vital to protecting your family’s rights and interests, but many people neglect this aspect of planning for the future or believe that a basic will is enough. However, there is much more to estate planning – important documents like powers of attorney and advance directives can safeguard your rights if you become unable to make decisions for yourself.  An experienced estate law attorney can assess your circumstances and help you create a plan that is tailored to your specific needs.

Why Do I Need an Estate Plan?

Whether you are of modest means or extremely wealthy, anyone can benefit from having an estate plan. Life-changing events can happen in the blink of an eye, and being prepared in the event of an accident, illness or death can help give you peace of mind, knowing that your family will be taken care of. It does not matter how old you are – the sooner you start planning, the better.

How a Wills and Trusts Lawyer can Help

Although there are DIY ways to create estate planning documents, having a wills and estate attorney assist you with the process is vital. A lawyer can help to ensure all documents are properly drafted and executed, which can cut down on family conflict and make things much easier at an already difficult time. Airtight powers of attorney are also important to protect your rights should you become incapacitated.

If you’re divorced, you probably have a local divorce attorney who handled your case. However, it’s critical to ensure your estate plan is up to date after major life events like marriage, divorce, and the birth of children or grandchildren. The distribution of assets can often get messy when multiple marriages and children are involved. A wills and trusts lawyer can advise you of your options and help you create an estate plan that ensures your assets are protected and appropriately distributed in the event of your death.

What is Probate?

One major reason to hire a good wills and trusts attorney is to help your family avoid the probate process. When someone dies, their estate may have to pass through the probate court to be distributed to their heirs and beneficiaries. This process can be lengthy and costly and makes some if not all of the information about your estate public. If you’re concerned about privacy issues, potential family conflict, or other problems, probate attorneys can help you understand how the process may apply to your specific situation and what you can do to try and avoid it.

Common Estate Planning Documents

An estate planning attorney can draft the following documents, which help safeguard your interests and ensure that your wishes are carried out as specified:

• Will
• Power of attorney for health care
• Power of attorney for finances
• Advance directive
• Living trust
• Other types of trusts

Each situation is unique. Your lawyer can advise you on the best ways to protect yourself, your assets, and your family. In some cases, this may involve setting up trusts so certain assets do not have to go through probate. An attorney can also figure out how to structure your estate plan to help minimize the tax burden your family may incur when your estate is distributed.

Do you need help creating an estate plan? Our experienced wills and trusts lawyers can help.

This blog was originally posted at https://carosella.com/blog/why-do-you-need-lawyer-to-help-with-estate-planning/

4 Tips to Help Your Loved Ones Avoid Inheritance Disputes

Many families do not encounter problems when settling a loved one’s estate. However, when issues surrounding inheritance arise, it can bring out the worst in people. Each family’s circumstances are different, and an experienced wills and estate attorney can help you understand the most effective way to set up your estate so the settlement process runs smoothly.

Set Up an Estate Plan as Early as Possible

Most young people do not think about estate planning or what may happen after they are gone. However, the best time to create and implement one is when you are physically healthy and of sound mind. Illness or advanced age can easily open the door to disputes if you do not have a will or other estate planning documents in place.

For example, if one of your adult children is your caregiver and you create a Will while under their care, other family members may contest it, claiming your caregiving child had undue influence on you or that you did not have the testamentary capacity when your will was signed. If your estate plan has been in place for many years, it is much less likely to be contested on the basis of whether you were of sound mind.

Consider a Living Trust

Putting assets and property in a revocable living trust can be an effective way to cut down on family disputes. You have access to any monies or property in the trust while you are alive, and can add or remove them at any time. Upon your death, the assets are either distributed according to the terms of the trust or held in the trust to be distributed to beneficiaries in the future, as specified by you.

Trusts are also valuable tools for helping your family avoid probate, which can be a lengthy and expensive process, especially when an estate is contested. Speaking with probate attorneys about your specific situation can help you understand your options.

Talk with Your Loved Ones About Your Estate Plan

Conversations about planning for what will happen after your death are challenging. However, making your objectives clear to family members and talking out any differences ahead of time can be beneficial for everyone involved. If you communicate openly about why you are distributing certain assets to particular people and why some potential heirs may not be included in your estate, your loved ones can get a better understanding of your intentions.

Being very specific about the distribution of items that have more emotional significance than monetary value can also cut down on inheritance disputes. You may even want to gift these items while you are still alive.

Keep Your Plan Up to Date

Life changes such as divorce, remarriage, the birth of children, and other events often alter family dynamics and lead to conflict if they are not properly addressed. In addition, ever-changing tax laws may affect the way your estate plan should be set up to ensure your loved ones’ inheritance is maximized. Checking in yearly with your estate law attorney and making any necessary changes can help to ensure your wishes are accurately reflected in your estate plan. If you own significant real estate investments, it is prudent to consult with your real property lawyer periodically as well.

Our attorneys can assist you with drafting a well-crafted estate plan that reduces conflict between family members and diminishes the likelihood of inheritance disputes.

This blog was originally posted at https://carosella.com/blog/4-tips-to-help-your-loved-ones-avoid-inheritance-disputes/

Why Business Succession Planning is Critical to Your Company’s Success

When you own a successful business and your future looks bright, it can be tough to imagine what would happen if you were not there. Things can change in the blink of an eye due to an accident or illness, and the COVID-19 pandemic has shown that it is more important than ever to be prepared. However, business succession planning is not just something that is needed when an unexpected event occurs – it can also help to ensure the success of your company after you retire. Talking with an experienced business succession planning lawyer can help you understand how a good plan can help your business thrive for decades to come.

What is The Purpose of Business Succession Planning?

The aim of succession planning is to ensure your company has adequate procedures and qualified leaders in place if unexpected events occur or someone retires. Failing to plan can leave your business in chaos. If no one around knows how to run the company, it can go downhill quickly.

Benefits of Business Succession Planning

Having a solid business succession plan in place has many benefits – it can make transitions easier for everyone involved and keep your company rolling along. Estate law attorneys often advise clients to make business succession planning part of the estate planning process to protect their family’s financial future. Each business is different. For example, real property lawyers may better understand the unique needs of clients in the real estate and construction industries.

It Prepares Your Business for Disaster

Regardless of how old you are or how long your business has been around, there are many scenarios that can make your company vulnerable. Companies buy insurance policies to protect their businesses from unexpected events like fires and natural disasters. Consider a business succession plan a kind of insurance for an event such as an owner suddenly retiring, becoming ill, or dying. Thinking about business succession planning can be daunting, but having a good business attorney in your corner can help you shore up your company for the long haul.

Creates Structure and Opportunity

Business succession planning can help you identify which positions are most critical to keeping your business running smoothly. It gives you an opportunity to observe possible candidates and see whose skills and values match up with your company’s mission and plans for the future. Talking with management and employees about their career plans and interests can help you better understand potential vulnerabilities, and see if cross-training employees in certain roles is necessary.

Even if some employees do not have a lot of experience, if they are ambitious and willing to learn, acknowledging their hard work and showing appreciation can inspire them to stay with you for the long haul and grow into management positions throughout the years, and eventually, take over when you are gone.

If you own a family business, you may also realize that just because your adult child works for you, it may not mean that they are capable of or willing to take over the company someday. Starting conversations about these issues can be challenging, but framing it in the context of planning for your business’s future success can make these discussions less emotional.

Expedites Training and Development

Once you have identified candidates for senior positions, you can begin to help them in their professional development and training. This gives them time to acquire the skills and they may need to be successful down the road. Investing in your employees’ growth is also an investment in the continued development of your company. It is never a bad idea to have fresh eyes that may be able to point out weaknesses or inefficiencies in processes and procedures or notice untapped sales opportunities and other vehicles for positive change. The world is always changing, and fresh ideas help your company evolve with it and stay at the forefront of your industry.

Our business contract attorneys help you understand the importance of business succession planning and work with you to create a plan that keeps your company on track to continued success.

This blog was originally posted at https://carosella.com/blog/why-business-succession-planning-is-critical-to-your-companys-success/

Why You Should Create Powers of Attorney for Health Care and Finances Right Now

Regardless of your age, having powers of attorney and other vital estate planning documents in place can help to ensure you and your family are prepared if you fall ill and are unable to make decisions for yourself. Coronavirus has affected people of all ages and left some incapacitated for weeks or even months. If there were ever a good time to see a wills and estate attorney to help you draft POAs, it is now.

Power of Attorney for Health Care

This document enables you to name an agent who will make medical decisions for you should you become unable to do so. These decisions may include medication, treatment options, surgery, end-of-life care, and just about any other medical issues that may arise.

Your estate law attorney can also draft an advance directive, which outlines your wishes regarding life-sustaining measures such as mechanical ventilation and artificial nutrition and hydration. It also allows you to specify whether you want resuscitation measures such as CPR.

Having these essential documents ready to go in case you become gravely ill or you are injured in an accident makes your wishes clear, which takes a huge burden off your loved ones. No one wants to make these serious decisions without having any idea of what a family member would want. Having an experienced lawyer assist you with drafting these documents also ensures they are legally sound.

Powers of Attorney for Finances

If you are laid up in the hospital, your rent, mortgage, utilities, and other bills still need to be paid. In a POA for finances, you can designate someone you trust to handle your finances in the event of your incapacitation. You can be as specific as you like about which financial duties they are authorized to fulfill. In addition to making sure your bills are paid, you can authorize your agent to manage bank accounts, investments, real estate, and insurance policies, make deposits, file taxes, and any other financial matters that need to be taken care of.

A well-drafted power of attorney for finances can protect your financial stability and prevent unscrupulous people from taking advantage of you. Both types of POAs can help minimize conflict within your family. If you’re unsure about who to name as your agent in either POA, your lawyer can offer an objective perspective so you can make well-informed decisions.

Other Things to Know about POAs

Probate attorneys, wills and trusts lawyers, and estate planning lawyers can all help you create solid powers of attorney that protect your rights. You can revoke or alter your powers of attorney at any time, as long as you are mentally capable of doing so. You can also terminate your powers of attorney if you get better and are able to make decisions for yourself.  Irrevocable powers of attorney are extremely rare. POAs are no longer valid in event of your death.

If you are divorced or your spouse has passed away, it is critical to update your entire estate plan. It is especially important to create or revise your powers of attorney if you do not wish to have your former spouse make health care or financial decisions for you or if you have been remarried. If you are currently working with local divorce attorneys, they may be able to help you update your powers of attorney and other documents.

This blog was originally posted at https://carosella.com/blog/why-you-should-create-powers-of-attorney-for-health-care-and-finances-right-now/

How a Prenuptial Agreement Can Simplify Your Estate Plan

Prenuptial agreements are a valuable tool when it comes to maintaining control of assets in the event of a divorce, but they can also help to ensure your wishes are carried out after your passing. Although no one enjoys thinking of divorce at the start of a marriage, planning for potential situations can give you peace of mind, especially if you have children from a previous marriage. Consulting with family lawyers and estate planning attorneys before you wed can help you understand how a prenuptial agreement may fit into your estate plan.

What Is A Prenuptial Agreement?

A prenuptial agreement is a contract that is entered into before marriage and contains provisions surrounding the distribution of assets if a couple divorces or one of them dies. To achieve your intended result, it is critical to have experienced family lawyers help you draft a prenuptial agreement. The rights of surviving spouses vary by state, and using the wrong type of language or failing to address certain issues may invalidate a prenuptial agreement down the road.

Why Is A Prenuptial Agreement Important In Estate Planning?

Combined with the right kind of trust, a prenuptial agreement can help couples who remarry ensure that the assets acquired before a new marriage will be distributed to intended beneficiaries upon their death.

A prenuptial agreement can limit your spouse’s ability to contest your will, protect your privacy, and ensure your designated beneficiaries receive their inheritance. It can help families avoid contentious and lengthy court battles, save money on probate attorney fees and simplify the settlement and distribution on an estate. If you have children from a previous union, a family trust can also be an important estate planning element to protect your heirs’ inheritance.

For business owners, a prenuptial agreement can safeguard their share of a business in the event of divorce or death. Succession planning lawyers often recommend that clients consider prenuptial agreements before marriage, as it not only protects their heirs but can make things less complicated with partners or shareholders should they leave the company or pass away.

Why Do I Need A Lawyer To Execute A Prenuptial Agreement?

Although prenuptial agreements usually work the way they are intended, they can be contested. Some common reasons include:

• A party did not voluntarily execute the agreement
• The agreement violates state law surrounding a surviving spouse’s share of an estate
• Before execution of the agreement, a party was not given a fair and reasonable disclosure of the value and nature of property, income, financial obligations, and debt
• One party was not provided a reasonable opportunity to consult with independent counsel

Some people who appear wealthy on paper, may carry a substantial amount of debt that may be undisclosed, which could leave one spouse holding the bag should the other die or file for divorce. If you find yourself in this type of situation, seeking the counsel of local bankruptcy attorneys is advisable to determine your options for protecting your financial security.

As a full-service law firm, Carosella & Associates, P.C. can assist you with all aspects of drafting and executing a prenuptial agreement, estate planning, and other legal issues.

This blog was originally posted at https://carosella.com/blog/how-a-prenuptial-agreement-can-simplify-your-estate-plan/

Pros and Cons of Choosing Co-Executors for Your Estate

Selecting the right person to handle your estate can be challenging. Although most people decide to pick just one executor for their will, co-executors can help lessen the burdens that fall on a single executor. Setting up your will this way can be a positive thing for everyone involved, but it is important to speak with your estate planning attorneys so they can help you understand the benefits and drawbacks of co-executors.

What Is A Co-Executor?

Most people name an executor in their will with contingent executors, who take over should the original appointee die or is unable or unwilling to perform their duties. Typically, a spouse or adult child is named the primary executor, with other adult children and family members as contingent executors.

Each person named as a primary executor shares the responsibility of managing an estate. In cases where there are two or more adult children, parents sometimes name all of them as co-executors to avoid the appearance of favoring one child. While this is a nice sentiment, it can lead to serious conflict.

Duties of Co-Executors

To avoid problems, it is critical to be specific about how co-executors are to fulfill their duties. There are several ways to do this. For example, if you name three co-executors, you can specify that decisions must be made by a majority vote, that all of them are required to take action together, or that any one co-executor has authority to act alone. To effectively and efficiently handle the process, they must collaborate and communicate with each other.

Some duties of executors include:

• Managing the assets of the estate
• Paying debts
• Distributing property and assets to heirs
• Keeping an accounting of the estate
• Filing taxes

Probate attorneys can often be helpful when co-executors are involved, as they provide an objective perspective that can keep things running smoothly.

Benefits of Naming Co-Executors

Co-executors can share the work of settling an estate and help each other with any problems or questions that arise.

Each co-executor may have specific skills that can be applied to different facets of the estate. For example, if one co-executor works as a local bankruptcy attorney, they may have an easier time determining which of a decedent’s debts need to be paid and which may not be valid.

If you own a business and want to ensure that part of your estate is properly handled, naming someone who understands business and succession planning can help protect your heirs’ rights.

Disadvantages of Appointing Co-Executors

Issues between co-executors can delay the probate and estate administration process.  Some examples of these issues include:

• Personal conflicts unrelated to the estate
• The majority of the work falling on one co-executor
• One co-executor believing that another is monopolizing what should be shared responsibilities
• Disagreement over the value of assets
• One co-executor may simply be unable to  handle the tasks that are required of them

Who you choose as executors of your estate is a personal decision. Our team of wills and trusts lawyers, estate planning attorneys, business lawyers, and local criminal defense lawyers and attorneys for real estate law can help you handle any legal issue that may come your way.

This blog was originally posted at https://carosella.com/blog/pros-and-cons-of-choosing-co-executors-for-your-estate/