Splitting the family businessSplitting the family business

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Splitting the family business

It's hard enough getting divorced, but if you also have a family business there is an extra level of complication with ensuring the business is split in the right way. It's important to have a lawyer who knows how to organise a divorce settlement in a way that doesn't affect the operation of the family business, as both parties need the business to remain profitable. I have a lot of experience in these matters and can make some recommendations on the right steps to take, including which divorce lawyers are most suitable when splitting a family business. Read on for more information.

Reasons Why Wills Are Important

Wills are some of the most important documents that can help make your life and that of your family members much easier. They not only help to protect your loved ones, but also make it easy for all involved to manage your assets and wealth in the best way you'd like it done.

Below are the top reasons you need to prepare your will as soon as possible.

Wills help to quicken the probate process

One thing is always clear as far as estate division is concerned—that the probate process has to take its course. In most cases, these processes are usually lengthy and sometimes demanding for those involved. Fortunately, you can help quicken the probate process by creating a will well in advance. This makes it easy for your family and anyone seeking your inheritance to claim their share without having to go through lengthy court processes.

Lower estate taxes

In most cases, estates given to family members or donated to charity often attract lower taxes than the rest. As such, having a will that helps stipulate such provisions can help lower estate taxes.

Wills help you distribute your estate as you deem right

Considering a will is a legally abiding document that courts and lawyers alike honour, you can use it to decide who you would want to handle your estate upon your death. This can help minimise family tussles and disagreements that often arise when one dies without leaving behind a will.

Wills help you decide who to raise your smaller children

With a will, you can specify the individual you'd like to take custody of your small children in case you die before they become adults or independent. On the contrary, without a will, you leave that responsibility in the hands of the court which then appoints one among your family members or a state-appointed guardian. Of course, this may not be what you would like your children to experience.

You can change mind any time you want while alive

A majority of people do not know that they have a provision to change their mind any time they would like, including disinheriting individuals who earlier stood to inherit your estate. Life is dynamic, and changes brought about by deaths, divorces and new births can take place any time. As such, changing a will in these situations makes the whole concept of altering the will necessary.