planning your future holiday conversation family wills trusts adoption divorce business

The holidays can be either a relaxing get-away from your busy schedule or an extremely stressful proposition. Regardless of how you may feel, being around family is a great time to discuss major decisions with those that care about your future, as well as assess any potential issues that may have gone unnoticed during the hustle and bustle of your everyday life.

Wills and Trusts

It’s never too early to make sure members of your family have a will or living trust in place. It may seem simple, but there is quite a lot that goes into creating a will or trust that may not have immediately been considered.

To begin, there are various types of wills and trusts, so figuring out which one is best suited for your needs is an important step. Then an executor or trustee must be designated, beneficiaries and heirs must be named, a list of assets must be drafted, and custody arrangements must be made, not to mention the possibility for charity contributions, business transfers and other legal matters that need to be addressed.

Divorce Options

Is one of your in-laws missing at the family Christmas party? Does one of your siblings continually complain about there spouse? Perhaps it’s time to discuss the possibility of divorce. It may be a difficult conversation to have, but if someone is unhappy, it may be time to break free of that negative energy. Discussing matters such as contestation, mediation, court proceedings, custody plans, asset distribution, and how to deliver the news to any children involved prior to filing any paperwork is a strong start in understanding what toll this process might take.

Adoption Considerations

The announcement of a pregnancy can occasionally trigger others to contemplate raising a child. Discussing these thoughts with family can help curb any fleeting decisions, but once it’s clear they are serious, it’s time to discuss the rewards and challenges of each age group and race or culture, whether or not there are strong financial and support systems in place, and how a child may affect the parent’s everyday lifestyle.

Business Needs and Contracts

One New Year’s resolution many people have is starting their own business or reevaluating current business plans and contracts. Either way, this is no easy feat. There are many things to consider when starting a new business: understanding the industry; figuring out your target market; choosing the business entity; building a business plan; working out the financial burdens; finding investors or business partners; and purchasing the right insurances to cover potential risks to the business. Most of all, you want to make sure you’re absolutely ready; and talking everything out with family is a good place to start.

King Law Firm Attorneys at Law, Inc. is ready to discuss any of these issues with you over the holiday season and help give you peace of mind as we head into the new year.

Happy Holidays and Happy New Year!

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