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Paul G. Minoletti FAQ about San Mateo, CA Estate Planning & Business Law
1. What is business law and why would I need a lawyer?
Business law refers to the laws that govern dealings between people and entities. Business lawyers can assist in preventing problems that can cause legal disputes between people and businesses.
2. What factors should be considered when choosing the type of business form for a business?
There are several factors that should be examined when deciding what business entity to form. First and foremost, you should determine whether or not your business is qualified to be a particular entity. Other factors to consider include protection from liability, how easy it is to form the entity, and tax benefits and requirements of the entity.
3. What is a Will and who needs a Will?
A will is a document that states instructions about what should happen to your property after you die. A will can also include:
- Instructions for your care should you become disabled
- The name of a guardian and inheritance manager for minors
- Instructions for the transfer of your business at retirement, disability, or death
A will is beneficial for everyone as it minimizes legal fees and stress to surviving family members.
4. What are the requirements for making a Will?
Individuals seeking to create a will should be 1.) Of legal age (18) 2.) Must be mentally competent
5. What is an escrow and an escrow agent? What does it mean to have funds or documents in escrow?
Escrow or Escrow Agent generally refers to an impartial third party holding on to something of value, such as money or documents, during a transaction, such as buying a house.
6. What is the difference between a Will and a Trust? Why would I want to consider a trust?
Both Wills and Trusts are part of estate planning. Wills plan for your property after death and are signed and witnessed. Similarly, a trust is also a plan for your property but can be executed during and after your lifetime. The benefits of a trust include:
- Avoiding any probates
- Planning for the possibility of incapacity
- Controlling what happens to your property
- Compatible with any sized estate
- Preventing your estate from becoming a matter of public record
A living trust is more expensive initially than a will, but considering it can avoid court interference at incapacity and death, many people consider it to be a bargain. Many people also consider both a will and a trust to take care of their financial assets. Call Paul G. Minoletti, Esq. today to find out which is the better option for you or your loved one.
7. If I own a mobile home, under what circumstances would I need a lawyer?
If you own a mobile home and are looking to rent it out or sell it to another party, you may want to seek the guidance of a lawyer. If you are looking to rent out your mobile home, most states require that a lease for the home and space be in writing. A lawyer can assist in making sure you and the tenant are protected.
8. Why should I choose mediation over arbitration or litigation?
Litigation is time consuming, costly, and stressful. Until a judge or jury decides the case, you can never be certain of the outcome. Arbitration sometimes involves a panel of arbitrators that take on the role of a judge. Mediation, on the other hand, is generally conducted by a single mediator that is agreed on by both parties. A mediator does not judge the case or make decisions but simply helps to facilitate discussion, and meets with each party and attorneys with the goal of eventual resolution of the dispute.