Whether you are a parent or don’t have any children, one of the best decisions any person can make is to consult with a creditable estate planning legal practitioner. There are several reasons for this.
First, the right lawyer will ensure your estate will be distributed based on your wishes if and when you pass away. In the absence of a will, the state determines what goes where, and needless to say, you won’t have a say on any of this.
Second, in the vast majority of cases, a testament will include the legal guardians you nominate for the protection and well-being of your kids. This is especially important if your children are under 18 and need somebody to take care of them.
Third, you will be safekeeping the years of effort you put into your work, not to mention ensuring that your legacy remains intact, be it through your family or the business partners you trust the most. This applies to both the financial resources you’ve gathered through your salary or the money you’ve made as an entrepreneur and business owner.
Still, this is not the only legal matter you should consider throughout your life. There are other issues to look into as well.
Let us look at some of them in greater detail.
Till Death Do You Part
Currently, there are only two places in the world where divorce is still illegal. The first one is the Vatican City, home to Pope Francis and the cradle of Catholic Religion. The second is the Southeast Asian nation of the Philippines. With 195 countries worldwide recognized by the United Nations, this represents a little over one percent.
Because of this, if you live or got married in one of the other 193 sovereign states on earth, getting a pre-nuptial agreement is definitely something you should at least think about. In case you and your partner decide on going your separate ways, it will not only make the process easier and faster, but it will also reduce the amount of emotional pain such an unfortunate event usually entails.
Everybody understands that a prenup is not the most comfortable thing to do before saying your vows. But in a time defined by all things material, it is often a necessary evil and your responsibility as a mature adult.
Knowing Your Rights
The name Ernesto Arturo Miranda may not sound familiar to you. However, because of him, namely, the treatment given to him by United States police officers during his arrest, the now-famous Miranda Rights came into existence. And even if you don’t recognize this term, chances are you’ve heard it on your favorite TV show or police action flick. It goes something like, “You have the right to remain silent, anything you say…”
Hopefully, none of us will ever have to listen to a cop reading us our Miranda Rights. But that doesn’t mean we shouldn’t be familiar with our legal rights and responsibilities as human beings, particularly regarding our citizenship, jobs, and families.
The importance of understanding your rights is two-fold. First, this knowledge will help protect you in times of uncertainty and need. For instance, your boss wants to get rid of you for no specific reason other than him disliking your personality.
Second, it is a manual to guide us on what we should or shouldn’t do in any given set of circumstances.
Looking After Your Livelihood
In the previous section, we talked about the importance of knowing your rights as a company employee. But what if you are the owner of an enterprise? From a legal perspective, what are your responsibilities as an entrepreneur?
While answers may vary, here are a few legal aspects to consider:
- The type of business entity you are registering your firm under.
- The type of employees you are hiring, be it part-time, full-time, freelancers, or anything in between.
- The different taxes that you have to pay.
- The legalities involved in working with partners or expanding to a foreign country.
By studying these and other relevant points, you will be giving your organization the best chances of success.
As we have seen, there are three vital legal facets all individuals should consider. The first is whether to get a pre-nuptial agreement and what to include in it. The second is to understand your rights as an individual. Finally, it is about learning the legal matters involved in the starting and running of a business.
Few people like reading contracts, much less drafting them. Still, doing your due diligence on these matters will prevent many future problems and unnecessary headaches in your life.