Having your "ducks in a row" is absolutely critical when running a business. If you aren't handling important issues in a timely manner, or if your documents lack the compliance and completeness that they need to be enforceable, then your company could be at risk. We could write pages and pages on this topic, but today we're just going to look at a small piece of what we are talking about. Today, let's talk about non-competition agreements.
May 2016 Archives
In the state of Utah, the purpose of probate proceeding is to enact an orderly process where the assets of a deceased person are legally transferred to other people, usually a person’s heirs and beneficiaries. Order is key in probate, because of the disputes that can arise over who is the rightful owner of a loved one’s assets.
Under Utah law, spouses in a divorce case are entitled to one-half of any retirement funds that have accrued during the marriage. This includes 401Ks, IRAs, annuities, and the like. But unlike other divisions of marital property, this one is not achieved by the Utah divorce decree itself-it must be carried out by a separate court order called a qualified domestic relations order, or QDRO.
It would be nice if trusts could be established without a financial cost being attributed to their creation. In reality though, you have to be prepared to spend a little money to protect your assets in a trust. Given this notion, there was a prevailing notion about trusts many years ago that they were only meant for wealthy people who had a lot of money. In a way, this stigma bled into estate plans. People thought they only needed to plan for their wealth if they had a lot of it.
Probate sounds like an arduous process, doesn't it? Even without the context of estate planning, the word "probate" doesn't exactly sounds fun or promising. With the context of estate planning, it is made even clearer that probate is not fun or promising. Probate is the process of transferring your assets and property to other parties -- but it is done under the supervision of a court.