4 Things to Consider When Preparing for Your Estate Plan

The old joke that only death and taxes are certain in life actually makes sense. Death, though it is something that most people are not comfortable talking about, is actually a reality that we all have to experience.

Speaking of death, have you ever asked yourself if you are ready when it comes to you anytime soon? Maybe you haven’t, or it may have not even  crossed your mind until now. You might also be thinking that you definitely aren’t ready because you still have many unfinished businesses. For instance, you still need to save more for your children’s education, pay for your home mortgage, or maybe you still need to make your business more progressive.

Of course, these things have to be taken care of even after you die, and since death can happen anytime, you need to be ready! This is where an estate plan comes in as you need to put things in the right place while you are still alive.

An estate plan mainly refers to the proper distribution of your assets after you pass away. It is important that they will go to your heirs or to people whom you want to receive your assets – as sometimes they don’t have to be immediate family; they can also be close friends or other relatives.

The Importance of Having a Detailed, Itemised list

The best way to start off your estate plan is to have a complete list of the things that you own – like property, jewellery, vehicles, etc. – and organise the list according to items with the highest value to ones with the lowest value. You also need to include on your list your important papers or  entitlements. These can include your brokerage accounts, bank accounts, life insurance policies, and the like. By having an inventory, you can ensure that all your properties will be properly divided equally and rightfully among  your loved ones when the time comes.

Let Your Family Know about Your Groups or Organisations

If you are a member of different organisations which may include charitable ones, you need to list them down and inform your family about them. You need to do this because there are organisations that have “accident” life insurance benefits for their members, and your beneficiaries may be eligible for this. Informing them about this will make it easier for them to receive what rightfully belongs to them.

Ensure That Your Property Goes to the Right People

To make sure that your wishes will be fulfilled, you need to find someone who will take full responsibility for distributing your assets to the right people after you die. You should also have an option in case your first choice wouldn’t want to accept your offer. You can choose anybody in the family who has the ability to carry out his job excellently.

Hire a Lawyer Who Is Well-versed with Estate Planning

Preparing for your estate plan may not be an easy process. Fortunately, though, there are expert professionals who can help you in creating an estate plan that will make all your wishes possible. If you live in Richmond and you need help with estate planning, feel free to get advice from the lawyers at Cohen Buchan Edwards LLP. Visit their website at http://cbelaw.com/services/estate-planning/.

3 of the Most Important Characteristics of Successful Law Firms

There may be times in your life when you’ll need the services of a law firm, and surely you won’t hire just any firm, it has to be a successful and reliable law firm. Hence, it is important to know the traits of a successful law firm.

While there could be many traits that determine a successful law firm,  let us just discuss some of the most important ones:

Successful Law Firms Are People-Oriented and They Value Quality

While knowledge and skills are vital for the operation of any business, it takes a good heart to succeed. Competent lawyers do not just master the art of presenting themselves intellectually and fully armed with all their great knowledge in the court, but they also try to master the art of kindness. Thus, they understand their clients, their peers, their secretaries, and everyone they meet, even those who have lower ranks or status in their office. In other words, they also establish good human relationships. This is important because the nature of their work necessitates them to interact with people, and it follows that they communicate well among themselves.

Successful Law Firms Are Cooperative and Open-minded

They do not have the “all-knowing” kind of attitude. It is when lawyers think that they are the only ones who know everything that they most likely fail. These types of lawyers often think they won’t be needing other people anymore as they are conceited enough to believe only in themselves and their own ability.

Successful law firms have lawyers who believe in themselves and in their ability, yet they also recognise the fact that they still need to listen to others’ ideas to help them attain success even more easily. Thus, they trust other people and accept their help when they need it or when it is offered to them. They are also willing to share their ideas with their business partners and are ready to return the favour and help them as well.

Successful Law Firms Are Respectful, Honest and Trustworthy

Being in a law firm means to respect, trust and be loyal to the goal of the firm without having to compromise one’s own values and individuality. While every lawyer working at a particular firm remains unique as individuals, they are always loyal to their commitment to uphold their principles and values as a team, and they do not betray each other’s trust.

Law firms like these can readily help clients in attaining their goals. Fortunately, there are a good number of law firms that do have these characteristics and can be trusted. In Richmond, one of the  law firms that you can really trust is Cohen Buchan Edwards LLP. Check out their website at http://www.cbelaw.com/.

3 Things You Should Know about Divorce

People who are thinking of filing a divorce most likely have an idea of its consequences, one of which is the division of property. During the process, the divorce court will attempt to divide the couple’s conjugal property in the best and most equal way possible.

Getting a divorce seems easy to do, but it can change your life completely and this can also cause challenges in the lives of your children if you have any.

In Canada, the only reason that couples can apply for divorce is when their marriage has been broken, and it is only considered broken when they lived separately for a least a year, when a spouse committed adultery and when one spouse suffered from physical and mental maltreatment.

Application For Divorce

If you have finally decided to apply for divorce, all you have to do is to fill out the right forms for your province or territory, then file them in a court. You also have the option of having your lawyer do the filing for you. It is also recommended that you get legal advice before filing your application for divorce to fully understand your legal rights as well as your responsibilities.

Division of Property

The Canadian government mandates that in cases where the couple has to file a divorce, both will have an equal share of the property that they acquired during their marriage. For non-conjugal property, the spouse who owns it should keep it, but if there is an increase in its value during the duration of the marriage, such an increase must be equally shared.

Effects On Children

Even if you and your spouse will have your marriage dissolved, being parents to your children never ends, so it will be helpful if you can civilly agree on important matters like child support, child custody, parenting arrangements, etc. before you apply for a divorce. In cases where you can’t settle these issues on your own, you can ask the court to decide for you.

Now that you’ll not be living together as a family and you may need to spend a separate or a scheduled time with your children, it is normal for your children to become affected with this new set up, especially if they have to transfer from one home to another depending on the arrangement you and your ex-spouse have agreed upon. Sometimes this would create a negative effect on your them, and it would take them some time to adjust to this new way of life.

In order for you to make the process less stressful, you should ask help from reliable professionals like the lawyers at Cohen Buchan Edwards LLP. You can trust their expertise when it comes to Richmond family law. Find out more about them and visit their website at http://www.cbelaw.com/services/family-law/.

4 Examples of Basic Business Law Concepts Entrepreneurs Should Know About

If you own a small business, you must have basic knowledge on the legal aspects of running a business. With the internet allowing you to do business with anyone throughout the world, it is necessary to understand the local rules and regulations of doing business in different parts of the world, or at least, in your own area or location.

You need to have a general understanding of business law as it is the most important aspect of being a successful business owner.

To help you out, here are some basic concepts of business law that are essential for you to completely understand:

• Hiring Employees

As an entrepreneur, you are bound to strictly follow all the requirements set by your local government when it comes to hiring employees. Hence, you need to completely understand your obligations as well as the employee’s rights on issues concerning discrimination and harassment, termination, safe working conditions, wages, and privileges.
You should also be knowledgeable in regards to the provisions in a contract to ensure that they are fair to both parties.

• Safe Working Conditions

It is your responsibility as an employer to ensure that your employees are always safe while performing their duties, so you should provide them with a work area that is conducive to a friendly atmosphere and free from health hazards. You’ll be penalised if you fail to comply with the government requirements that stipulate this.

• Honesty in Advertising and Marketing

Being in business means serving the people by promoting your products and services in all honesty. In other words, you should not mislead people into buying something which is actually different from how you present it. You should support all your claims with solid proof. The law on this is even made stricter when you market to children as they can be easily fooled.

• Responsibility in Paying Your Taxes

It doesn’t matter if you have a small or a large-sized business, you have to give the government what they deserve through paying taxes religiously. In order to ensure that you are paying the right amount, you need to consult an accountant in case your business doesn’t have its own dedicated accountant. This way, you’ll be enlightened on issues concerning your taxes.

These are a few of the most important things that you should fully understand when running your own business. To ensure that you’ll not miss out on anything, you can always ask for help from law experts like the lawyers at Cohen Buchan Edwards LLP.

If you are in Richmond you can come to their office and personally discuss everything you need to know about business law with them. You can also visit their website at http://cbelaw.com/services/business-law/.

A Quick Guide to Discussing Your Estate Plan with Your Family

It is normal for people to sometimes think about what will happen when they die. They worry about their children, their homes, their cars, their money and more.

You might be one of these people, and you might find it difficult to discuss this with your family, especially if you don’t have an estate plan. Estate planning is the process of anticipating and arranging for the disposal of his/her estate during a person’s life.

The purpose of this is to eliminate uncertainties over the administration of a probate and to maximise the value of the estate by reducing taxes and other expenses.

Fortunately, there are a good number of guides and steps you can take to be able to discuss this smoothly with your loved ones.

Preparation Is the Key

When you decide to discuss your estate plan with your family, make sure that you are prepared for all the questions or maybe the worries that they also have.

• The first thing you should do is to choose an important decision maker, and make sure that he or she has the skills needed to carry out the job really well.

For instance, the person you’ll assign to be the executor of a will must be able to gather assets, prepare paperwork, handle finances and deal with potential family disputes, because if he/she fails to do all these, there is a very likely chance for serious family problems to occur.

Hence, you should choose your executor based not only on emotions or arbitrary factors like it should be the oldest child or one who might be offended if not chosen.

Furthermore, being an executor is a difficult and demanding job, thus you need to choose a person who is completely capable to handle the job. It is also necessary to discuss these things with an experienced attorney or confidant before making your selection.

• You should also prepare your paperwork before your family meeting.

Your lawyer can help you make the best decisions possible and put them into writing. This way, you can reduce possible misunderstandings about your wishes.

• You also need to consider the questions and concerns that may arise during your family meeting.

Your family might need further explanation on your basis for choosing your executor, so be prepared to justify your choice.

Come Prepared for Business

During your meeting, let your family know your decisions and emphasise that it is really important for them to support you and each other. You can also provide them with copies of your documents so your family will be guided, and it will be easy for them to ask questions.

• You should be prepared to answer potential questions.

Despite the fact that this may be an uncomfortable topic to discuss with your family, you have to make them understand that the ultimate decision as to how you handle this is yours. If you find it necessary, you can even terminate the meeting. You also need to ensure that your family knows that your decisions may change as time goes on.

To make things much easier for you, work with lawyers who have enough knowledge and experience. In ​Richmond, you can consult a law firm with experts in estate planning – Cohen Buchan Edwards LLP.

The 4 Different Types of Law Firms You Should Know About

A law firm is a business entity that is formed by one or more lawyers to engage in the practice of law. It may only focus on certain kinds of law or a variety of general law cases. Law firms also come in different sizes.

To learn more about law firms, here are the various types that are available in most areas.

 

• Solo Law Firms
  These law firms are run by a single lawyer who handles general legal matters on a variety of topics from personal injury law to family law, but he may also specialise in one particular area of law.
  If you have a single legal issue to resolve, or if you want to reduce costs, you can go for solo law firms as they are usually less expensive. They can also provide more one-on-one personal attention.
  However, solo law firms may lack extensive experience or resources, especially if the lawyer is a new graduate who has decided to start his own business.

 

• Small Law Firms
  Small law firms are also called “boutique” law firms. They usually have two to ten attorneys who collaborate with each other, especially when dealing with complicated legal matters. Since these law firms have a close-knit circle of lawyers, they can also offer effective one-on-one attention to their clients.

 

• Large Law Firms
  Large law firms, also known as “full-service” firms, usually have a huge number of lawyers and employees; they can also exist in multiple cities and even countries.
  These law firms specialise in all areas of the law, and they typically have big legal departments, such as corporate, employment and real estate groups. They are also able to handle most types of legal work, including business transactions, large scale litigation and criminal defence matters. They usually cater to the needs of a company, organisation, or other high-stake entity, but may also represent individuals with legal issues.

 

• Criminal Law Firms
  These are the kind of law firms that specialise in criminal defence against crimes and often focus on representing private clients who can afford their own criminal defence attorney.
  Lawyers who are working in these firms are usually very skilled and knowledgeable about the laws and procedures considering the challenges in criminal proceedings. In addition, the cost of hiring a criminal defence law firm will vary depending on the law firm’s experience, track record and location; so it is a good idea to choose the right law firm to represent you in any criminal proceedings.

If you are in Richmond, you can choose from many excellent law firms such as Cohen Buchan Edwards LLP.

A Quick Guide to Keep Your Personal and Business Finances Separate, and How a Lawyer Can Help You

It feels great to have a business of your own even if it’s just a small one because it allows you to be your own boss. Of course, when you are the boss, you’ll have plenty of responsibilities which include making important decisions like choosing an efficient method of financial management.

You should also remember to separate your business and your personal life. This includes separating your personal finances from those of your business and keeping the boundaries strict.

Here are some tips that can serve as your guide, otherwise popularly known as the Business Health ABCs:

• Accounts
  Even if you have no employees and you are running your business on your own, you need to treat your business seriously. You have to open a bank account for the business and make sure that your business and personal accounts do not overlap.
  If you are receiving a monthly salary, it must be a fixed amount, and you should put it on record for tax purposes. You also need to have a clear record of your cash flow.
• Bookkeeping
  You should keep clear records of your business’ financial affairs, as good record keeping is essential for its success. You might also need to consider storing your records in a computer or even an automated system as it can help you be more organised about keeping relevant business information.
  Make it a habit to enter receipts, invoices and all relevant information in your chosen computer program on a regular basis; you can even do it once a month. Just remember that your business bookkeeping doesn’t have to be complex.
• Credit
  Do not get your business expenses from your personal credit card, as you must draw the lines between business and personal finances. Plus, “borrowing from you” is not a good idea. Credit management will be much easier if your business credit records only show expenses that are officially used for your business; it will also be easier to sort out which expenses can be deductible if you use your business credit card.
• Consult a Lawyer
  If you are just starting a business or if your current business seems disorganised, you need a lawyer to help you out. Get help setting up a system that will work for your business for a long term. A lawyer can guide you on several legal aspects of operations, including legal taxes, business fees, etc.

Just make sure that you get a highly qualified lawyer who can do the job really well. One company that you can check out is Cohen Buchan Edwards LLP. You can talk to their lawyers in Richmond, who are experts when it comes to business law. For more details, visit their website at http://cbelaw.com/services/business-law/.

Why You Should Show a Positive Attitude in Family Law Proceedings

Marriage is considered a sacred union between a man and a woman who truly love each other, and it is intended to last a lifetime. However, it can be put in a fragile state once the couple fail to sustain their vows for love and commitment.
Actually, there are different reasons why some marriages last and others fail.
When the latter happens, the couple need to seek professional help, especially when it starts involving matters like separation or divorce. For instance, they can go through family law proceedings to ensure that their children won’t suffer the consequences of the breakup.

During this time, the couple should make sure their attitudes are managed appropriately, as they are expected to present their best selves in Family Law proceedings.

Always remember that the judge observes how both of you behave in court, and poor attitude can possibly affect the judge’s opinion of your emotional stability and character. This can also influence the court to make some decisions which are not very favourable to you, particularly in matters concerning your children.

Here are some points that can help you establish a positive attitude in Family Law proceedings:

• It is not important for the Family Law system which party caused the breakdown of the relationship.

• The Family Law system is structured to achieve “justice and equity and is not designed to cheat people.”

• There are no winners or losers in Family Law, and it does not identify the winner as well as the loser. It is important to know that it is only a reflection of each of the parties’ equitable entitlements in correlation with the relevant sections of the Family Law Act.

• Your lawyer is there to represent you and help you achieve a favourable result based on the individual merits of your case, so do not show any behaviour that will make things difficult for your lawyer, causing him to focus away from legal issues.

Always remember that your lawyer will not only guide you through the appropriate legal channels, but he will also help you manage your emotions. This is because your character may affect the result of the family law proceedings.

To resolve any issues concerning your family, hire a lawyer who is a real expert in the field. For instance, Cohen Buchan Edwards LLP is a highly trusted firm in Richmond that can help you with anything that has to do with family law. You can see them in their office, or you can also visit their website at http://www.cbelaw.com/services/family-law/

Why You Should Make a Will before It’s Too Late

We know how painful it is to lose a family member or a person we love, and can’t even begin to imagine how our loved ones will deal with our own death. That’s probably one of the reasons why we’d rather not bring up the topic of death in everyday conversations.

Despite this avoidance of the topic, having frequent discussions with your family and friends on what should happen after your death, especially with your estate is important. This will make the grieving process more bearable for those dearest to you since there will be a plan in place to deal with your current property and affairs.

To further support the importance of post-death plans like wills, here are some of the benefits of having a will ready:

Offer Financial Security for Loved Ones

First and foremost, making a will in advance means that you’ll offer essential peace of mind to your loved ones. It will also lessen the financial burden they will bear, knowing that they will receive proper financial security after your death. Remember, the last thing you want to leave to your spouse and/or children is lots of debts that may take a very long time to pay off.

Gifting Your Money and Possessions

You may have lots of precious memorabilia at home, such as exquisite paintings or a medal collection that you’d rather see kept within your family, and not auctioned off to the highest bidder. By having a will, you can specifically state your preferred intentions; this is usually done with a specific bequest. Like possessions, you can also gift your money to your family, friends, or even to a charity or institution of your choice

Appointing Guardians for Your Children

If you have young children at home, it’ll be in your best interest to make the proper arrangements before you die. This entails appointing guardians who you know and are willing to give your youngsters the care and support they require.

Selecting Executors

Aside from providing essential financial support and making arrangements for your children, a will can also state who will be responsible for conducting affairs on your behalf. This may include administering the estate – this is not limited to just your house, but also your personal effects and belongings. Appointing executors is an incredibly challenging task, which means that you need to choose wisely. You also have the option of choosing an executor from outside your family, which might be a wise decision if you want to avoid any future conflicts.

Preparing a will ahead of time will ensure that your family members are not left in the lurch – wondering how they would have to pay all the debts, in addition to going through the grieving process. It’s crucial that your family members will know the exact process to go through after your death. Contact Cohen Buchan Edwards LLP for more information and assistance on estate planning.

We Help You Resolve Legal Business Issues

When you start your business, it is only natural for you to make sure that everything is done well because the last thing you want to have is a legal issue, as this can sink your company. This is especially true when you have a small business.

Small businesses are often prone to making legal mistakes, some of which can be disastrous and difficult to recover from. Learn about the common business problems that small businesses usually face so you can avoid them:

• Not Having Good Written Agreements

Put all your important business agreements into writing. This is because oral agreements are usually difficult to enforce and track especially when you need to take legal action. You also have to make sure that your contracts are well thought-out, drafted in your favor, and give you flexibility and protection.

• Not Having an Experienced Corporate Attorney

It is important for a growing business to avail of the services of an experienced lawyer, as there may be times when they can be confronted with legal issues such as stock-option plans, employee negotiations, state and federal tax issues, and the like. While it can cost a little more to hire specialized attorneys, in the long run, you can end up saving a lot more compared to hiring inexperienced ones.

• Ignorance of the Law

It is not a wise decision to ignore legal issues just because the laws are numerous and complex. You should have a little knowledge about the following basic areas of the law to keep you out of legal hot water:

1. Basic contractual rules
2. Laws on copyright, patent, trade secrets, confidentiality agreements
3. Major employer-employee laws
4. Security laws affecting how you can raise capital for your business
5. Governmental regulation of your industry

• Having No Proper Corporate Records

Small businesses usually do not keep the required corporate records. Do not allow this to happen to your small business as it can cause problems with the Canada Revenue Agency (CRA), and it can also hinder you from raising equity capital.

• Getting Involved in Litigation

It is important to remember that litigation fees can be very costly and can quickly drain your time and resources, so when confronted with some minor issues, you can opt for a mediation or arbitration. This way, you can avoid spending too much; and you will have peace of mind as well, thus allowing you to focus on making your business even more progressive.

• Ignoring Intellectual Property Issues

Failure to protect your intellectual property can be detrimental to the future success of your business. For instance, you should require your employees and consultants to sign confidentiality and invention assignment agreements, and put copyright notices on your written information, etc.

In cases where you are not sure what to do, discuss any potential issues with an experienced attorney. Doing this can help you avoid any severe consequences that overwhelm many small business owners. If you need help in finding the right lawyer for your business, you can consult some reliable law firms like Cohen Buchan Edwards LLP. They are one of the names you can trust in Richmond. They can also help you with other legal matters like estate planning. Learn more about their services by checking out their website at http://cbelaw.com/services/business-law/.