Estate planning is something everyone should do to make sure that their assets are distributed the way they want after they have passed on. If you need to make special arrangements for your family after you are no longer around, then estate planning is the best way to get the job done.

While estate planning is important, it is also easy to make mistakes that could cost you and your family a lot of money and aggravation in the future. To avoid these mistakes, it helps to understand what they are and what you can do to make sure you do not fall prey to them.

Not Hiring A Lawyer

An estate planning lawyer can bring together all of the accounting and insurance resources you need to make sure that all of your final wishes are taken care of. Without a lawyer, it can be almost impossible to understand how to take care of your estate, and understand important pieces of estate planning such as a will. A good lawyer can also be there for your family when you have passed on to make sure that your final wishes are done properly.

Not Getting Enough Insurance

Many people who decide to do estate planning find themselves knowing how much insurance they really need to make sure their plans are paid for, but they decide to buy less insurance because they don't see the value in planning ahead. When you plan for your estate, it is extremely important that you get enough insurance to take care of your family and execute all of your financial plans.

Not Doing Planning Right Now

You just got married and you have a baby on the way. To go along with that, you just got the job of your dream and life could not be better. You have time to do estate planning, right? Then you drive to your first day of that job and get into a fatal car wreck. Now your new wife and child are left with nothing, and the house you just bought could be in trouble too. It is not pleasant to think about, but estate planning is something you need to take care of right now.

Not Planning For Contingencies

What happens if your spouse passes away before you do? How would your plans change if you got divorced? A good estate planning attorney can help you to plan for contingencies that may never occur to you as you are going through the process of planning your estate. Without good contingency planning, even the best estates can go off course.

Forgetting About Fluffy

An estate plan includes every member of your family, including your furry family members. When people do not specify what happens to their pets in their estate planning, then they are leaving their pets to an unknown fate. Instead of leaving Fluffy's fate up to the courts, you should take the time to make provisions for your pet in your estate planning.

Estate planning is serious business that will have significant effects on your family after you have passed on. For the sake of your loved ones and the traditions you hold so dear, it is important that you get involved in an estate planning process as soon as possible.

A good attorney can help you to choose the right business structure for your small business, but the final decisions are all yours. You have a lot of decisions to make when you start your new business, and many of the decisions you make could make or break your company before you even get started. It is a good idea for any small business owner to know the ways they can protect their business from almost any situation.

Consider Incorporating

Many small businesses start out as sole proprietor business because, honestly, the incorporation process can be expensive. But if you do not incorporate your business, then one accident or one instance where your business operations harm someone, and you could lose everything including your house and all of your savings.

It is good to have liability insurance, but there are limitations to liability insurance that may not protect you or your business. With incorporation, your business becomes its own entity and your personal assets are protected.

Use Contracts

Small business owners tend to try and develop networks of business associates they can use and rely on for additional help. You may know a trucker who helps you with your deliveries for a discounted rate, and that helps you keep costs down. But what if your trucker friend suddenly sends you a bill that is much higher than what you are used to because his boss did not like the discount you were getting? Even if you are getting services from your best friend or you father, always get it in writing.

Make Sure Your Computer Network is Secure

Small businesses tend to attract employees who try to take advantage of how busy the owner is by stealing passwords, or even using the passwords to drain the company bank account. Never give your employees any sensitive computer passwords. If you must give a password to an employee, then have that employee sign a non-disclosure to protect yourself.

Do Background Checks

Some small business owners consider employee background checks to be unnecessary expenses, but it is safer to know who you are hiring than hope you are hiring a reliable person. Background checks are not as expensive as you may think, and you will be surprised at the information that is publicly available for you to use in the hiring process.

Use Only One Computer for Sensitive Transactions

If you use so many different computers to access the company back account or manage your vendor invoices, then someone will eventually get those passwords that you protect so closely. Have dedicated computers that you password protect to do sensitive transactions, and never allow anyone else to borrow or use those dedicated computers.

Have the Right Insurance in Place

Business liability insurance may not be as comprehensive as you would like it to be, but it is still essential. Just like you should never skimp on a background check, you should also never skimp on your company's insurance. The proper coverage can make sure you stay in business, no matter what happens.

It takes a lot of work and sacrifice to build a successful small business, but it could all disappear in the blink of an eye if you are not careful. Take every step necessary to protect your business, and you can have peace of mind as you head out to conquer the business world.

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