Law 101: Important Terminology to Know

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Regardless of industry or field, the more information you have, the better decisions you can make. For instance, if you are well aware of the nutritional benefits of fruits, vegetables, carbohydrates, and protein, you can buy the best foods for yourself and your kids. By the same token, if you understand the entirety of what your job entails, you will be able to perform at a much higher level.

The same is true for the law. The better acquainted you are with the various legal procedures that exist, the easier it will be to tackle them and reap the benefits. In addition, the lower the chances of making costly mistakes that are expensive and difficult to fix.

With that in mind, let us look into four critical legal issues you should be aware of.

Ensuring Your Legacy

From a legal perspective, one of the most important things you can do is to ensure the right people are rewarded for the things you did in life. This relates specifically to your family and your work. For the former, it’s about taking the necessary steps to guarantee your spouse and children have whatever they need for a prosperous, happy life. The latter entails paying it forward to your business associates, colleagues, and friends and leaving a legacy stemming from your labor.

As such, you must speak to a legal expert in matters of the planning of your estate. The sooner you do this, the sooner you will have the peace of mind that comes with knowing that no matter what happens to you, the people you love and the things you care about will be in the right hands.

Decision-making and Trust

Sometimes in life, we cannot be there to make an important decision for one reason or another. Perhaps we find ourselves in a different city or country, or maybe we are in a period of our lives when something else takes precedence. In cases like these, we must have somebody we can trust, a person who will use sound judgment in making the choices that will benefit us most.

If you do not have such a person in your life, you must find one. You can grant this person power of attorney to make the relevant calls on your behalf if you do. Whether it is to handle menial matters like documenting a procedure or something entirely different and much more valuable to you, this person will have the authority to determine what course of action to take.

Planning for the Future

In simple terms, a trust fund is a legal procedure involving three parties. First, there is you, the grantor. You are the person in charge of providing the funds, be it stocks, bonds, money, etc. The second is the beneficiary. This is the person who will be granted whatever you are putting into your account. Finally, there is the trustee, the individual or company responsible for managing the trust.

While there are various ways and different reasons to do this, one of the most common is setting it up for your children. In the vast majority of cases, your son or daughter will have access to it once he or she turns 18.

As a rule of thumb, it is better hot to hand the entire trust at this time. Instead, it is advisable to give it in small chunks at a time as often 18-year-olds are not mature enough to make the best financial decisions on their own.

Safekeeping What Is Yours

intellectual property

When it comes to protecting what is rightfully theirs, many starting entrepreneurs fail to recognize the significance of the intellectual property. Instead of taking the necessary measures to guard everything they have, they only focus on the end product. For example, they file a patent for a new smartphone but forget to do the same for the research and development time it cost to make it.

Intellectual property includes your ideas, plans, manuals, concepts, and brainstorming sessions. Essentially, it encompasses everything in creating, designing, and implementing a product or service. If the smartphone mentioned above has a special chip you made, you should protect it, too. Likewise, if there are design features specific to it for better functionality and faster processing speeds, they should be filed as well.

Final Thoughts

We have taken a closer look at four of the most critical legal issues all people should know about. The first is planning your estate. The second is understanding what a power of attorney entails. After that is acquiring the knowledge to set up a trust fund for your kids. Finally, it’s about protecting what is yours from a corporate view.

By knowing the law, you will be making it your greatest ally as you traverse the many challenges we all encounter in life.

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