Most lawyers would tell you that if you have any assets, it is essential to start estate planning as soon as possible so that you can work out the how and where of distributing your estate in the future. It is not all about making a will either. Sometimes as a person ages they become unable to administer their estate due to mental problems from dementia or having a stroke. Family lawyers are the people to consult if you want to ensure your assets are distributed according to your wishes.
Estate planning will help you to not only state your wishes regarding the distribution of your assets after you pass away, it will help you to avoid unnecessary tax, something that most people want to do. It will make the division of assets much easier and enable you to avoid paying the court costs inherent in the judicial system deciding who should get your estate if you haven’t make your wishes known.
Choosing a business lawyer along with experienced internet business consultants is an important first step to starting a business, but even if your business is up and running, it is still necessary to get legal advice. Every business is likely to need legal help with things such as contracts, leases, and many other things. Even if you think you understand everything needed, it is not likely you would have a full understanding unless you are a solicitor yourself.
If you have plans to start up a business, it is wise to consult with commercial lawyers first, because there are many things to consider and decide on. You can’t just go into business without first making sure it is done legally. One of the first things to decide is what type of business structure you will have for your business. Here are some of the main types: –
Sole Trader. This is perhaps the easiest type of business to set up and as the name suggests, and may be suitable for a small carpet cleaning operation like this one here: brilliancecleaning.com.au or something similar with only one person involved. You won’t have a partner or a company structure as such, however you will need an Australian Business Number (ABN). You may also need a business name and a trademark, both registered. A sole trader has full control over every aspect of the business, owning all the profits and all the debts.
There are often disputes in business that if not handled correctly and resolved can lead on to litigation, a long drawn out procedure that can cost a business dearly. In some cases, small businesses may never recover. But before you bring lawyers & solicitors on board to give legal advice, see if some of these dispute resolution techniques can help.
If the dispute is with another business such as a supplier, contact their company to see if they have and dispute resolution procedure in place to follow. Always word your correspondence tactfully and politely. Use that to deal with the dispute.
No matter what kind of business you have lawyers & solicitors are some of the main professionals to get advice from. They can not only offer advice, but help you a great deal in making sure all parts of your business are worked out correctly. Drawing up the lease is a good example; if this is not done properly it can end up being quite unsuitable for you, or cost you more money than it should.
If you don’t know what should be in a lease, don’t leave it up to the landlord to tell you. There are many clauses that can be added to protect you from things such as the rent being increased by too much in the future through to what happens if you need to sell your business before the lease is up. Don’t leave these things to chance. It is up to you as a businessperson to seek good legal advice on this and other matters.
Many people think that estate planning is simply making a Will, but there is much more to it than that. In fact, if you are considering estate planning – and everyone should – it is wise to get advice from lawyers & solicitors who are knowledgeable about the topic and can help you in many ways.
Effective estate planning accomplishes a great deal: –
It will ensure that your assets are delivered to the people you choose to have them. By ensuring that you’re Will is made early on and updated to reflect any change in your lifestyle, the people you choose to inherit your assets will be sure to get them.
It will maximise the value of your assets after tax. When you have legal advice, you can minimise tax legally and this means your heirs will not lose money they should have.
When you purchase a business or sell one, you need to have certain things done legally. While it can be possible to do it yourself, you stand to lose out in some way without the benefit of advice from lawyers & solicitors or a professional conveyancer who is legally trained in the job.
For a start, if you are working business hours what time will you have to do all the things that must be done in business hours? Having a professional do all the legwork necessary can only be a blessing.
So, which should you get; conveyancer or lawyer? Contrary to what many people think, it is not necessarily cheaper to use a conveyancer instead of a solicitor. Each one has their own fee structure. Some may work for themselves and so possibly charge less, while others work for a large firm and must charge what is dictated by the board of the company that employs them.
If you have bought a home or any other property, settlement or conveyancing is that time when the contracts have been exchanged and a date set for when you can move in. This is usually 42 days after the contracts have been signed, but it can vary, depending on the circumstances. For instance, if the property is vacant, the seller may agree that you can move in sooner.
Or in some cases the settlement date may not be convenient to you for some reason. In this case, you need to discuss the matter with your solicitor/conveyancer on the day you sign the contract. Once the contracts are exchanged, it is too late to change the date of settlement. However, most contracts have a clause stating that if there is a delay in settlement that is not the seller’s fault, you will have to pay interest as compensation for them not getting their money.
If you have any kind of possessions, even if it is only a house and car, it is important to get estate planning advice and the best people to give it are lawyers & solicitors, since they know all about the legal aspects and what can be done. People with many assets or a business see the need for estate planning, but often those with fewer assets don’t bother with it.
This is a mistake, because estate planning also includes making a Will and if you don’t have one when you die, your estate may not go to your preferred heirs. In fact, if you only have a house, most of the value could well be taken up with the court costs and fees that will be incurred to settle the estate. So your children or spouse could end up with next to nothing.
Leasing business premises should never be done without consulting with your lawyers & solicitors, otherwise you could end up paying a lot more than you need. Professional legal help to go through the lease contract will ensure that all is above board and the landlord is not trying to pass some of his costs on to you. Sadly, not everyone is honest and some people maintain that it is up to the lessee to read the contract if they don’t want to be caught. And that is true to a great extent.
Here are 9 points to consider when leasing business premises.
Rent is usually set by the measurement of the area. You need to know if the wall thicknesses, restrooms, elevators and other common areas are included in the price.
If you are in business you will know the importance of making a sale whether that is of goods or a service. Lawyers & solicitors can offer legal advice on the legal aspects of your business, so you might not think they would know much about sales, yet they are in business too; the business of giving legal advice, but that is still a business. So they may well have been able to help you out with some tips.
During prime business hours decision makers are usually really busy. So make your calls to prospects outside of those hours. Try 8am before the frantic rush starts or 6pm when it has wound down and your decision maker is more relaxed.
If you have bought or sold a business or a property you will know that exchanging the contracts is not the end of the matter. Settlement only happens when the money is paid into the seller’s account, but there are certain things that must be done first and these are part of the conveyancing process. It is wise to get conveyancing legal advice to take care of this because there is quite a lot involved in it.
The time between the contracts being exchanged and the money being paid is put to good use in doing searches to ensure several things: –