Whether you consider writing wills online a right or wrong move, there are crucial mistakes that invalidate a will. Moreover, with many things going on in our society today, we must be clear about the terms of the agreement when creating wills. Irrespective of status, wealth and job, making a will before death is too crucial to be ignored. Also, the mortality rate in some countries is dropping drastically, and we must prepare for these unavoidable issues that cause death.
It is no crime to die, everyone would pass, but it could be a massive crime if you don’t create a will. If you fail to make a transparent black-and-white and valid will before you pass, you may likely put your family in a difficult position. Even if you don’t consider writing online will as a possible thing or writing it at all, your concern about taking care of your family should be enough motivation. Moreover, it will help to guide your wishes with your values.
Writing wills online is a very straightforward process for anyone ready to do it. You can also start with different options, including free online kits and templates. But no matter which options you choose, there are costly mistakes you cannot afford to make when creating wills online.
5 Costly mistakes to avoid when making wills online
- Not giving responsibility to anyone
As much as you want to keep your will confidential, it is not right to not give anyone responsibility. The goal is that someone should be able to stand in your absence and do the rightful. That will at least require one person to serve as the executor of your will when the right time comes.
The executor of the created will is also responsible for distributing your assets exactly as you want them. So, you cannot wholly leave everyone in your life out when making your will. Otherwise, it defeats the essence of making it in the first place. An executor must be a very responsible person that has earned your trust.
You can inform them of your intention to name them your executor and get their permission. You don’t want such an important role to be a surprise. In some rare cases, you may consider having a second executor if something happens to the primary executor. Moreover, they may not be willing to execute when needed.
- Not caring for your kids
Ideally, one of the core duties that goodwill is meant to serve is to take care of your loved ones, including your spouse and your children. If anyone leaves the role of taking care of the children out of a will, it becomes an issue. You wonder how this mistake can happen, but it does when a testator or author does not name any particular guardian to take care of the kids.
As a result, caring for the kids becomes a bone of contention right after the person’s demise. Also, you will figure that this scenario can happen when the other spouse is no longer, and it complicates the issues of the children’s lives. In a case of death, the children probably suffer the most hurt, and the custody of their lives may be the beginning of their battle. No doubt, it may be pretty challenging to communicate these wishes to your family directly.
But we consider it also a necessary part of preparing for your family’s care now than later or leaving it to another person to decide. What about giving out your assets to your children directly? That also works. But if they are minors, achieving that takes a different route. There are some options you can put in place to do that. The commonest one is to create a trust account or a uniform account and defer access to when the child is of age before they can access it. Moreover, there is an act that cares for transfer to minors and how to go about it.
- Not understanding your state laws
State laws play a vital role in the creation, approval and execution of wills written online or traditionally. Fundamentally, the will must be according to the specific dictates of state laws which may differ from one state/province to another in Australia. The state that executes your will should also be the state of your legal residence, even if your home state is different. That is the basic fundamental principle of state laws in writing wills.
- Creating incomplete wills without signatures and witnesses.
Wills created online require that the testator completes it by appending his signature and that of two witnesses. Both witnesses must be 18 years or older. According to state laws, that will is incomplete and invalid without signing a will with two witnesses. In such a case, there is no assurance that it is yours and that the state should execute it. Also, note that the author must be in a sound mind and body state.
There must also not be any indication of a threat, pressure or coercion from anyone when making the will. These are general laws of will creation, whether online or otherwise. Any dispute over these conditions causes a dispute over the will, and the result may be that the will is not executed. Therefore, avoid the mistake of not finally signing your will and including two valid witnesses.
- Inaccessible will
What is the essence of creating wills online or otherwise if it will not be accessible at your demise? The goal does not end when you start a will. It also includes storing it and making it accessible after passing. When the time comes, at least, your executor should be able to access the will and execute it according to the terms you state. Are there some standard options when it comes to achieving this end goal?
First, you may store your will in a secure location, like a safe in your home or a safe deposit box outside. Meanwhile, give your attorney, accountant, or financial advisor a copy of the will if you have any. On the other hand, some courts can store your will for you as a public record, depending on if your local jurisdiction permits it.
Everyone needs to think about creating wills online because it is a smooth and quick process. But when making choices, you must avoid the five common mistakes we stated above. When you do, your loved ones will be in safe hands when you depart.
Creating wills using an online platform may require some preparation to understand what you intend to do. Some essential questions are how you want your will to look and how you intend to distribute it. It would help to choose the right professional firm with the proper license to give you what you want. Afterwards, you can begin to create the will using a trusted online firm.
We want to begin with a few recommendations, but first, what write a will online? Creating will online is a sure way to ensure that your possessions are rightly distributed according to your wish. Moreover, the online platform provides that no copy of the will is missing, misplaced or accessed by unauthorized persons. A recent 2019 survey shows that 70% of the sampled adults feel that creating online wills is essential. However, only 40% of them have one.
Before you begin the process, understand that creating wills, online or otherwise, can be emotional. When you prepare for the emotional feeling or what happens after your death, you should be encouraged that you are doing to remove any doubt or clear the air on your properties. Also, many companies offer to help create wills online at different rates. But it would help if you had competent hands to guide you.
Professionals agree that wills created online using the software can be as valid as traditional wills as long as they are thoroughly and rightly executed. Before choosing any real estate attorney to help you achieve your wills online, you should check your finances, acquisitions, and plans. Then, you can begin the process and execute them to ensure safety. At Chamberlains, you get inexpensive wills online through a simple process.
Steps to creating wills online
- List out all your assets
An excellent way to ensure that you don’t overlook any of your properties while writing your will is first to list the assets. You may want to start with your financial assets, such as savings, investments, and monies as checks. Remember to record your stocks and bonds as well with their details. After listing the financial assets, look at real estate properties, including houses, lands, cars, boats, or yachts.
The next in line are the acquisitions such as jewellery, artwork, photo frames and other expensive in-house items. While creating your online will, you can begin to enlist anyone who will be these items’ potential heir. In addition, you may consider some family heirlooms, collections or furniture that have probably been passed down from one generation to another.
You may also want to state any business ownership or partnership and active insurance policies, including a life insurance policy. If you have outstanding loans or mortgages, you should include them as part of your will. Your assets may first be used to service your debts before other execution can take place. When listing your help, you may already have beneficiaries to some assets such as financial accounts or life insurance. These beneficiaries may assume their initial roles as stated in specific asset details.
- Choose your beneficiaries
Your creation will be online. Do not remove the fact that you should know who your beneficiaries are. After all, the primary purpose of creating such wills online is to state who gets what in the end. The beneficiary under the law is the person you deem deserving of any of your assets. For instance, it could be a spouse, child, sibling and even parents. On the other hand, it could be a selected orphanage, church, association, non-profit or charity organization.
You are free to choose anyone to be a beneficiary of the contents of your will. However, you cannot make any of your two witnesses a beneficiary of your will since they are to sign the execution of the will. A simple form of wills written online is a testator who decides to leave every asset to a single individual, who may be a spouse or child. Moreover, you may go them all to your loved ones or association.
If your potential heir or beneficiary is a minor, you can create a trust instead and appoint a trustee to manage the asset till the beneficiary comes of age. It would help if you also aged the minor beneficiary must attain to assume the inheritance’s ownership. Using a trust for a minor beneficiary is an excellent way to establish the safety and security of an asset.
- Choose a will executor
Writing wills online or the traditional way counts for nothing without a will executor. The executor of a will is that individual or organization that oversees the distribution of your assets the way you outline them. They must first agree to take the inventory of your properties, including your bills, taxes, and debts, to fulfil the requirements of the income taxes.
If you have a trusted or dependable friend, you can make them the executor of your written online will. On the other hand, you can choose a professional banker or a personal attorney. If any professional serves as an executor, the testator may need to pay some charges to oversee the properties, especially in real estate. In some cases, the reward may be a percentage of the real estate company.
- Choose an online platform.
You should visit the online platforms when you have set the above steps. There are several sites out there that allow you to create wills online with ease. As a result, finding and picking the right one to serve your needs may require some work. You will need to verify the company’s identity and the provided information’s accuracy and other essentials before committing your will to them. Moreover, the conditions of a will can change from city to city.
In Australia, for example, the client must be sure that the company to pick understands what is acceptable for creating wills in your region/state. Meanwhile, there is no reason for the testator to rush the decision to choose a company. It will help if you choose a firm with a strong reputation, a user-friendly site, an easy-to-navigate process to create the will and other features. If you are not immediately ready to proceed, you should be able to step away and return to where you left off.
- Secure your will in a safe place
After completing your will online and there is nothing left to change, you can print it out for signing. In many regions in Australia, you will need to sign it in the presence of 2 witnesses and an attorney to validate the legal document. Afterwards, remember to secure the electronic file, an advantage that wills created online have. Digital storage is also essential to ensure that you can reach family members miles away to secure and protect the document.
More to read: Branches of Corporate law
Corporate law has divisions that handle business and financial transactions. Contract law, property law, corporate law, intellectual property law, tax law, negotiable instrument law, and unified commercial code are among the most important among them.
Overview of Corporate law
The whole body of legislation pertaining to commerce and sales is known as corporate law or business law. It covers regulations for partnership agreements, sales of products, banking, insurance, finance, bankruptcy, and taxes. It outlines the rights and responsibilities of parties to several sorts of agreements, including agency contracts, guarantees, and agreements for the conveyance, sale, and purchase of products. Learn more about benefits of hiring a commercial law expert.
Structure of a Contract
Transactions between buyers and sellers are challenging without a well-defined contract. There would be no guarantee that the other party would uphold the transaction without a contract. While creating these agreements, certain guidelines must be observed. They see to it that the agreement is made enforceable by the law.
A contract is made up of three key components:
Offer: The party making the contract proposal must provide an offer outlining the contract’s conditions. The offer must be made with the goal to create a binding legal agreement.
Acceptance: The party to whom the offer is made must unconditionally accept it and notify the issuer of its acceptance. Counter offers and conditional acceptance do not constitute a legally binding contract.
Due consideration: When one person gives something up, the other must give something back. Consideration is that “something in return” for a vow to do or refrain from doing something. Without consideration, a contract cannot be upheld.
The divisions of corporate law
Law of Contract: The purpose of contract law is to control the creation and enforcement of contracts. It outlines the requirements for a legal contract as well as the remedies that parties may pursue in the event of a contract violation.
Property Law: This law regulates business dealings involving many kinds of property. Despite primarily including the sale, transfer, lease, and rental of immovable property, it also includes the bailment of moveable goods under its purview.
Business Regulations: This body of legislation addresses governmental policies regarding businesses, factories, labor unions, and trade associations.
Corporate law: From this, companies get their authority. The creation, administration, and dissolution of companies are all covered under corporate law. It lays out the legal guidelines for things like the choice of directors, capital raising, preventing insider trading, paying dividends, redeeming shares, and mergers and acquisitions.
Intellectual property law: This general body of legislation guarantees creative works’ copyrights and the patenting of innovations.
Tax Law: The government’s imposition of direct and indirect taxes on commercial transactions is covered by tax law. Taxes on income, sales, excise, gifts, capital gains, and profit sharing are among the main tax kinds.
Uniform Business Code (UCC): The UCC, or Uniform Commercial Code, intends to harmonize corporate law in all of the US states.
Common Legal Problems in Business Law
A variety of legal difficulties are connected to all commercial and company legislation. Contract violations are the most typical of them all. There are also a number of additional problems, including advertising disputes, marketing term violations, unfair business tactics, subpar service, customer complaints, and trade secret leaking.
A contract between two parties may sometimes have an impact on the rights of a third person who is not a party to the contract. Similarly, a disagreement may sometimes include more than one law. Such difficult problems are also resolved with the aid of corporate law.
Dispute Resolution in Corporate law
Depending on the kind of violation, corporate law allows a variety of methods to settle a dispute. The following are examples of popular legal remedies used in business disputes:
- Payment of damages in money
- Cancellation of a contract
- Injunctions and other equitable remedies.
- Arbitration, compromise, and mediation
Frequently, a remedy might change based on whether the party that violated the law was a corporation or a regular person. A class action lawsuit may sometimes result from a corporate law disagreement that affects many persons.
Should You Hire a Lawyer for Issues Regarding Corporate law?
Corporate law disputes may be rather complicated, so it’s often a good idea to speak with or employ a reputable company law attorney for the legal situation you are facing. Your lawyer may assist you in bringing a lawsuit and representing you in court, in addition to conducting research on your case and bolstering your legal position.
They Educate You on the Law
Commercial attorneys don’t merely take care of your legal needs on your behalf. Additionally, they guarantee that you are aware of both your legal rights and duties. They can explain your legal rights to you and assist you decide what is the best course of action, not to mention simplifying what can often appear like a complex field of law. The legality of different acts will need to be taken into account for a lot of the choices you make in your organization. Whether you are gathering consumer information, employing a new employee, or handling a disciplinary matter, you need to ensure that you are protecting your company by acting ethically.
There is no room for error since breaking the law might be very detrimental to your company. It’s crucial to understand your rights as a company owner at the same time. You need to be aware of what you are permitted to demand of your staff and how to safeguard your company from criticism or any other potential harm to your brand. Your company can handle compliance more easily if you have access to skilled legal assistance. No of the circumstance, our Bondi business attorneys will assist you in maintaining legal compliance.
Assess Your Suitability for Litigation
It may be difficult to determine if starting a legal battle is the best course of action for your company. If you don’t have access to legal information or assistance, you risk making a decision that is influenced by your feelings. By hiring a corporate lawyer, you may prevent making a poor choice that might cost you time, money, and even damage the name of your company. You may consult a lawyer to determine if it makes sense for your company to file a lawsuit, whether you’re doing it for the correct reasons, and what the likelihood is of a successful conclusion. A competent business attorney will collaborate with you to reach the best choice and won’t always advise going to court.
Avoid issues before they arise.
By working with a business attorney, you may prevent issues before they arise and take appropriate action then. You may concentrate on doing things well the first time rather than wasting time putting out flames. You may steer clear of making errors that land you in legal problems by seeking professional legal counsel from a business lawyer. Your company may be safeguarded against all risky legal situations with the assistance of your commercial attorney. They can provide guidance on how to protect the rights of your clients and staff, guarantee that your contracts are constantly in excellent shape, and assist you in making wiser financial choices.
One true fact is, a trustworthy commercial law expert empowered within your organization could be all you need to attain business success. It’s quite unfortunate that a lot of people are unaware of this.
Taking a wrong step legally could completely ruin your business, especially if it’s a small or medium business. While huge companies may have enough resources to protect themselves against almost any issue, a small mistake for smaller businesses could take it back to level zero.
Hiring a commercial law expert and know what is commercial law could be one of the best decisions you’ll ever make for your business. Apart from helping business owners properly understand the law, commercial lawyers can protect your business in ways you cannot imagine.
Below are some top-notch benefits of hiring a commercial law expert.
They focus on protecting your business and interests
Commercial lawyers are sometimes referred to as business lawyers. It is their job to offer you independent advise so you will make the best decisions about how your business will be run and also the right places to invest your money. Apart from this, they help you stay in line with the law, from providing your workers with the rights they are entitled to, to clearly stating the terms and conditions to your clients for using your service.
Commercial lawyers are experts in business law and commercial litigation
No business owner is an island of knowledge so there are some things you wouldn’t know. Yes, you might learn from studying variety of topics, which might help you work with experts in diverse fields, but your sole aim should be growing and improving your business.
An area you’re highly unlikely to know much about is the area of the law. Truthfully, it will be quite difficult to learn all you need to about commercial law, hence, the need to hire a commercial law expert.
They dedicate years in learning the nooks and crannies of laws that guide businesses and also keep up with the trends in case of any changes. They are like the breakthrough your business needs.
They help you clearly understand the law
Commercial lawyers handle your legal requirements while ensuring you also understand the law. They make sure you know both rights you are entitled to and your obligations to the law.
Thus, when issues rise up, you’ll know the appropriate steps to take so you don’t go out of line with the law and pay the price that comes with it. Whether, you are dealing with a disciplinary case, hiring a new employee or collecting customer data, you’ll be doing it the right way.
Expert commercial lawyers offer you different perspectives
In businesses, you could deal with disputes or issues regarding a litigation case. When this happens, it’ll be a problem if you know all your options.
With the help of a commercial law expert, this wouldn’t be a problem. They’ll ensure you have all your possibilities spread out in front of you, and help you clearly understand it all. Moreover, they can explain diverse interpretations, nuances and approaches in a commercial litigation case or a dispute.
It is so important to work with a commercial lawyer because when it comes to legal situations, there are several interpretations and it can really confuse you if you don’t understand. This is why the importance of commercial lawyers can’t be overemphasized.
Commercial law experts’ advice whether a case needs to be addressed in court or not
Typically, not all cases or business disputes needs to be settled in court. There are some issues that can be resolved without entering a court room and this could save money and time.
Meditation and arbitration are two main processes to settle disputes before they get to court. An average business owner may not know be able to tell whether a case should be resolved in court or not.
From their expertise, commercial lawyers would help to ascertain the most effective avenue to settle any dispute.
Having understood the benefits you seek to enjoy if you hire a commercial lawyer, let’s delve into a more interesting topic. Read next sub-heading to find out.
Attributes to look out for before hiring a commercial lawyer
This might seem trivial but it should be the first thing to look out for before hiring a commercial lawyer. Transparency is key!
The law is already sophisticated enough. The last thing you need is someone coming to further confuse you and ruin your business.
A commercial lawyer helps to empower your business and speeds up the processes of decision making. Imagine if they do the exact opposite of this.
Do yourself a lot of good and hire one who’s transparent.
Availability is another top-notch attribute to observe. How long will you be able to wait before hearing from them? Will they always be within reach when you need them? These questions will need answers before hiring any commercial lawyer.
Accurate decisions sometimes need to be made super fast and it becomes a problem if you work with a lawyer that slows it down. Thus, keep your eyes peeled for the ones that would be available to attend to your needs.
International Law Experience
Working with a commercial law expert with exposure and international experience gives your business an edge over others.
With a commercial lawyer that understands how international laws work, you can put your head to rest. Even if you do businesses internationally, you know you’re safe since you have someone to help you make the best decisions for your business.
So, before hiring, be on the lookout for this!
The commercial you’re hiring should have a good knowledge about your industry. Whether you are in tourism, tech, real estate, consumer goods or healthcare, you need a commercial lawyer that has indepth understanding of your line of work.
This is because every industry has its rules and regulations and if they are not abided by, you might have to pay through your nose.
Thus, endeavour to hire someone that’ll not destroy your career.
Commercial lawyers are the pillars of every business and organization. They can handle the legal aspects of your business and let you manage other areas. This is the best way to save time and grow your business.
More to read: Commercial law terms every business owner should know
If someone wants to establish a company, one of the first items and ideas they should comprehend is commercial law. People who have experience starting a company are knowledgeable about commercial law and may have at least encountered commercial litigation once. If thoroughly understood and done with the profiles to manage the problem effectively, there is nothing to worry about.
What is business law?
The area of law and enforcement known as “commercial law” deals with conflicts that have arisen because of business issues inside commercial enterprises. A country’s overall legal structure is supplemented with specific and specified laws known as commercial law. Business law, usually referred to as commercial law, solely addresses companies and organizations doing business with one another.
Due to the potential for many conflicts in the corporate and commercial sectors that need specialized legal counsel, commercial law has been recognized under a distinct division. Business law governs commercial litigation, which may include everything from contract violations to shareholder disputes to partnership conflicts to class actions.
As a result, every business owner has to be familiar with commercial law and engage a company lawyer to handle similar problems in the future. Company law, intellectual property law, agency law, and contract law are the four main subfields of commercial law. As a company owner, you cannot completely avoid facing legal action from the aforementioned industries, but you can handle it well.
Some commercial law words need to be thoroughly explained to you as a novice in the business world. These words are often used in corporate law:
The phrase “corporate governance” refers to the framework and rules that the board of directors uses to regulate businesses. In order for a corporation to go ahead and achieve long-term success, corporate governance is crucial. In a legal sense, corporate governance is crucial during conflicts and feuds inside corporations.
A strategic alliance is an agreement reached by two businesses to work together on certain initiatives while yet maintaining their individuality. Although the strategic partnership may seem simple, it carries a great deal of responsibilities. When a firm strategically partners with other organizations, work must be done strategically. Commercial lawsuit may result if one company in a strategic alliance agreement fails to fulfill a contract.
The value of a single common share of a company is referred to as par value. It’s interesting to note that par value is less than the precise value of a share of stock. The company and its charter determine the par value. The firm is well within its rights to choose the precise par value for each share.
The debt to equity ratio serves as a definition for thin capitalisation. When debt is worth more than equity, a corporation is said to be thinly capitalized. Such circumstances might result in business lawsuit for the corporation.
Cutting through the corporate veil
This phrase is often used in the context of business disputes. The phrase refers to the adoption of a legal ruling that balances the importance of a corporation’s rights and obligations with those of its shareholders. Any corporation’s veil may be penetrated, regardless of the corporation’s other characteristics. When a judge rules in favor of this, the company no longer exists as a distinct legal entity from the stockholders.
An individual who buys a security from a corporation that issues securities is known as an accredited investor. Unknown to the corporation, an accredited investor possesses a privileged position. There may or may not be commercial litigation as a result of accredited investors’ categorized status.
The number of shares that a corporation is permitted to issue up to its authorized capital. Based on the company’s charter, this. In an initial public offering, the corporation sells authorized capital to the shareholders, who then buy it from the firm. The corporation holds back a portion of the permitted capital in case unforeseen financial problems develop. However, a business cannot raise its authorized capital without the consent of its shareholders.
Simply put, a shareholder is someone who purchases shares that a corporation has issued. As a result, they are qualified to receive a portion of the company’s profits. Similar to this, if a corporation loses money, the shareholder also loses money. A stockholder is another name for a shareholder.
Any personal property owned by an individual or business that is protected by copyright is referred to as intellectual property. Intellectual property includes things like inventions, written works, designed works, etc. They are all privately held works that cannot be duplicated or published again without the owner’s consent.
Transactions between two parties that are wholly unrelated and independent of one another are carried out at arm’s length. The sole connection between the two parties is the volume of transactions handled. The two parties to the transaction are therefore totally unrelated to one another. Transactions conducted at arm’s length may have financial and legal repercussions.
The terms used in the commercial sector that must be well understood before beginning a firm were discussed above. A firm has transactions and accounts to maintain, whether it operates online or off. Legal expertise allows one to say that the majority of problems that arise in the business world are connected to money and debt. As a result, it is crucial to continuously monitor the sales and purchasing chain.
Professional lawyers can effectively manage commercial litigations, but it is advisable to monitor your company operations to prevent lawsuits. A severe lawsuit filed against the business might harm its market value and image. Additionally, this may undermine stock market shares, which might cause major losses for businesses. Investors could also consider it dishonest for their money to be put in something that eventually collapses completely. As a result, it’s important to be fully aware of all the implications that a business legislation may have.