By: Thomas Law Group On: December 16, 2020 In: General Law Comments: 0

The end of the year is a perfect time to address major changes in your personal life and business through legal documentation and planning. Here are a few reminders to consider before we wrap up another year.

  1. Have you reviewed your estate planning recently? Have there been any life events, such as marriage, divorce, relocation of fiduciaries (executors, agents, or trustees), emancipation of children, or other changes to the people listed in your documents? If there have been any major changes such as these, it might be time to update to make sure your wishes are current.
  2.  If you own a company, have you updated your company Minutes? With so many changes this year due to COVID-19, such as terminating employees, hiring new employees, or obtaining Small Business Association relief loans like the PPP, there may be many outside of the ordinary course of business updates that should be addressed in annual minutes. Perhaps it is an opportunity to review the provisions of your current lease agreements for the commercial space used for your business to evaluate the need to relocate or to try to modify the terms in the lease with the landlord. The pandemic has caused many business owners to examine if they have a reasonable succession plan in place and if they need to re-evaluate the timing of that plan.
  3.  Are the beneficiaries on all of your bank and investment accounts and life insurance policies current? Confirming doesn’t take long and ensures that if something happens to you the people you want to be taken care of are.

The attorneys at Thomas Law Group are here to discuss any major changes that have happened this year and how they will impact your personal or professional life.