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Dayton Ohio Probate And Business Law Blog

You may need an 'outside in-house' counsel for your business

Big corporations always have a team of well-paid attorneys working to keep the business on the straight-and-narrow legal path. This protects the company's interests in all kinds of disputes. If your company is a just-emerging start-up or a medium-sized business, however, you probably don't have the funds to hire your own in-house legal team.

That's why hiring a firm like ours to represent your company as its "outside in-house" counsel can be both financially practical and wise. You have steady access to an attorney you can trust on an as-needed basis. That makes it the perfect "size" legal representation for everybody.

Don't have a will? Most people are in the same boat

Have you never bothered to draft a will or do your estate planning? If you talk to friends, co-workers and family members, do most of them say that they have not done it either?

The truth is that most Americans are in the same boat. Studies have found that about 60% of them do not have a will. If you ask any given person that you encounter, the odds are in favor of them not having done their estate planning yet.

The 5 requirements for a valid contract

When you are a business owner or manager, you will almost certainly need to draft contracts regularly. Contracts are a way for you to protect the interests of your business at all costs. Therefore, it goes without saying that they are very important to get right.

For a contract to be considered legally valid, there are five specific requirements. Ensuring that all five of these requirements have been fulfilled is one of the fundamental things that you should do when a new contract is made. The following is an overview of these requirements.

Challenging a power of attorney after abuse of authority

When a person is assigned as a power of attorney (POA), they have a huge amount of authority when it comes to the principal's estate. POAs have the power to make business and medical decisions if the principal becomes mentally incapacitated. For many people, assigning a POA in their will is a comforting decision, since they will trust this person deeply. They will have confidence that this person will make decisions in their interests when it comes to health care choices and financial affairs.

However, there are times when a POA abuses their power or mismanages their responsibilities. This could be during a time in which the principal is mentally incapacitated, or when the principal has passed away. The principal's loved ones are likely to be concerned about this misuse of power, and, in many cases, they will be able to go through the legal process of challenging the power of attorney. The following are some ways in which this can be done.

The duties of an executor

When a person passes away, it is the job of the executor to deal with all aspects of the deceased person's estate. The executor is usually named in the deceased person's will. However, if no will exists or if no executor is named, it will be the job of the probate court to appoint an executor.

Executors have a legal responsibility to abide by the directions given in the will and other estate plan documents and to take care of all of the deceased person's financial obligations. The following is an overview of the various types of duties that an executor has.

Good communication can help solve estate disputes

The months after the passing of a loved one can be an emotional time full of stress, grief and sadness. Many estate disputes arise during this period, and often people act in an emotionally charged way. Sadly, rifts between family members can easily be created.

If you find yourself in a dispute regarding a loved one's estate, consider whether toxic communication made things worse. By communicating in a calmer manner, it might be possible to solve the dispute without undergoing costly litigation. The following are things you can do to communicate better and address estate issues more effectively.

Planning your estate as a young professional

It's never too early to start thinking about planning your estate. If you are a young adult, it's likely that you don't have a lot of assets, and therefore you may think that planning your estate is unnecessary at this stage in your life. However, the benefits of planning your estate go far beyond the distribution of assets.

By planning your estate, you can state your wishes regarding certain possibilities - such as you becoming ill or incapacitated. Additionally, planning your estate early in your life will set up a good foundation for years to come -- when you do acquire significant assets. You should take the time to consider the following questions before planning your estate as a young professional.

What does it take to form a non-profit organization?

You have an altruistic dream that you genuinely believe could benefit humanity, solve a local crisis or address a global challenge -- and you want to raise money, get grants, and put your dream in action! A non-profit organization may be the way to go.

So, where do you begin when it comes to the legalities of creating a non-profit entity?

Rights to a parent's estate if they have a surviving spouse

Losing a parent could be one of the most difficult things you will ever have to go through. The shock of losing a parent can cause you to question what matters in life and how you should live in the future.

Modern families tend to be more complex than traditional ones. If, for example, you lose your parent, and their spouse, your stepparent, is still alive, you may wonder whether you will be entitled to a portion of your parent's estate. The answer to this question rests largely on the estate plan your parent has created. They may, for example, have created a trust for your benefit. They may also have added a clause in their will that includes their children as well as their spouse.

What are some mistakes first-time executors make?

It's an honor to be appointed as executor of a loved one's estate. The problem is many who are appointed to that role only do it one time. Many are ill-informed about their responsibilities and make mistakes as they carry out their assigned duties. They can cost heirs to lose a significant portion of their inheritance.

A common mistake that executors make is not prioritizing the payment of bills as they roll in. Two of the most important ones are the funeral home and tax bills. In the case of the latter, you can be held personally liable if the estate runs out of money or you neglect to pay any taxes due. This is why it's important to pay this one first. Bills for utilities or credit cards are of the least importance.

  • Ohio State Bar Association | Connect.Advance.Succeed
  • Federal Bar Association | ORG Jan 5th 1920
  • Dayton Bar Association 1883
  • Super Lawyers
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