Frequently Asked Questions

What is estate planning?
Estate planning involves organizing documents (like wills, trusts, and powers of-attorney) to outline how assets and personal decisions will be handled during life and after death.

What is the difference between a will and a trust?

A will specifies distribution of assets and guardianship for minor children after death. A trust holds assets during your lifetime and may allow assets to bypass probate.

How often should an estate plan be reviewed?
It’s common to review an estate plan every 3–5 years or after major life events (marriage, birth of a child, divorce, significant changes in assets).

What is a power of attorney?
A power of attorney (POA) designates someone to make financial or legal decisions on your behalf if you become unable to act.

What is an advance healthcare directive?
An advance healthcare directive (also called a living will or healthcare POA) specifies medical treatment preferences and appoints an agent to make healthcare decisions if you cannot.

 What services are typically involved in a real estate closing?
A real estate closing generally includes reviewing the purchase agreement, verifying title status, preparing closing documents, and coordinating the transfer of funds and keys.

When should I involve an attorney in a property transaction?
Many buyers and sellers involve an attorney to review contracts, examine title reports, and ensure that any contingencies (such as financing or inspection clauses) are properly addressed.

What is title insurance and why is it important?
Title insurance protects against financial loss if a title defect (such as an undisclosed lien or ownership dispute) emerges after closing.

What does due diligence include in a real estate purchase?
Due diligence typically involves property inspections, reviewing homeowners’ association (HOA) documents (if applicable), verifying zoning or land-use restrictions, and examining any existing liens.

How does a lease-option agreement differ from a traditional lease?
A lease-option agreement combines a rental lease with the option to purchase the property at a predetermined price during or at the end of the lease term.

What are the common types of business entities?

A Sole Proprietorship is a simple structure; owner and business are the same for liability and tax purposes. A Limited Liability Company (LLC) provides liability protection; profits typically pass through to owners for tax purposes. A Corporation (C-Corp or S-Corp) is a separate legal entity; may issue stock; tax treatment varies based on election.
 

What is required to register a business in multiple states?
To operate in another state, many businesses must file for “foreign qualification” by submitting a Certificate of Authority (or similar form) and providing a Certificate of Good Standing from the home state.

What is an Operating Agreement or Corporate Bylaws?

An Operating Agreement (LLC) outlines ownership percentages, management structure, and how profits/losses are allocated. Bylaws (Corporation) sets rules for shareholder meetings, board structure, and officer roles.
 

What basic contracts should most small businesses have?

Client/Customer Agreement that defines scope of services, payment terms, and deliverables; Vendor/Supplier Contract that covers pricing, delivery expectations, and quality standards; Non-Disclosure Agreement (NDA) to protect confidential information shared with partners or contractors; and Independent Contractor Agreement which specifies work scope, payment, and non-compete or non-solicitation clauses if needed.