You can avoid probate on some assets by establishing a contract that grants ownership of the property. A contract refers to a written agreement that governs the relationship between the differentparties that are involved in the agreement and the assets in question. The contract sets forth how the property has to be used when you…
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An enhanced life estate deed acts like a normal property title deed, but it is customised such that the estate is passed on to a beneficiary or “gifted” to them, upon the death of the owner of the estate. Because of its nature, such a deed does not go through probate as it is clear…
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The NewYork probate process can be challenging and hard to navigate most of the time when you don’t have a lawyer to help you. When the estate comprises of rental property, then the probate process becomes more challenging. Most of the owners of real estate are out of the state. This usually complicates the succession…
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When you own business, be sure about who takes over the business when you die. Passing on will be stressful for the family – you don’t need to make them more stressed with succession for your business. More than half of small businesses fail after the original owner passes away. By the time you turn…
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Business real estate probate takes place once the owner passes away and they leave behind assets and income that needs to be shared between the beneficiaries. Real estate can only be probated when there is no will or living trust to guide the inheritance process. When a business owner passes away without a will or…
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Most countries allow certain business assets to be transferred to beneficiaries free of tax once the owner dies. However, this is not a guarantee. Large businesses may have bigger problems sharing their assets among beneficiaries because most of these businesses include offshore operations. As an agribusiness owner, part of your planning should include considering what…
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A sole proprietorship is a business operated by one person. It is very common with small business we see around us. Such businesses have a harder time to recover when their owners die because of their nature. Most do not plan in advance to safeguard their businesses as it is mostly a one-man show. Writing…
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The probate process can be quite long and exhausting, so if one can avoid it then the better. Business owners can plan well and save their businesses from going through probate. In a business partnership, there are two or more people who own the business; hence they would have to agree on ways to go…
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Securities are tradable financial assets. These represent an investment on your part, and for businesses, they are means by which you can raise capital for your business. Securities are regarded as assets for individuals and businesses, which mean you need to secure them for the future. Failure to do so means they might end up…
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As much as most probate processes run smoothly, it is common that one can encounter some challenges. This makes the process to run longer than expected, as there will be a lot more involved. Depending on the situation, some processes can drag on for several months or even take years. This can be very draining…
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