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NEWS
CPA's and Bankers Beware: Unauthorized Practice of Law
If you routinely assist clients who are sole proprietors in setting up limited liabiity companies, corporations and partnerships, be careful. The preparation of organizational documents and owners agreements can get you into trouble.
Are you sure that you have adequately covered all of the legal aspects of forming the business. What will happen if you missed something and the business owners have a conflict? Your liability insurance may not cover you and your state may consider this the unauthorized practice of law.
If you are referring your clients to inexpensive internet companies be cautious.NH RSA 311:11 states, that corporations may not practice law, draw up agreements or other legal documents such as wills or give legal advice.
While internet services my seem to offer a low cost alternative to lawyers fees they don't offer adequate legal advice to protect your clients and they may be breaking the law. To provide your clients the best service and make sure they have correctly set up their businesses work closely with a local attorney licensed to practice in the state where your clients business is located.
4 Documents you shouldn't live without
Although there may be other documents you need depending on your financial circumstances, family history , and charitable concerns there are 4 documents that almost everyone should have in place. For couples with minor children these documents are essential.
1. Will - a document that directs how your property should be distributed at the time of your death. Without a will the law dictates where your assets will go and it may not be where you want them to. If you have children a court will decide who takes care of them if both you and your spouse have died without a will naming their guardians.
The following documents are used to plan for circumstances where you have become incapacitated or disabled.
2. Durable Power of Attorney for Financial Affairs: a revocable document that gives another person the authority to handle all of your financial affairs and sign documents on your behalf during your lifetime even if you become incapacitated or incompetent.
3. Living Will: a document that you use to declare your wishes regarding the withholding of life sustaining procedures in the event that you should become terminally ill or permanently unconscious.
4. Durable Power of Attorney for Healthcare/Healthcare Proxy: a revocable document that gives another person the authority to make healthcare decisions for you if you are incapable of making them for yourself.
3 more documents that you should have if you are a unmarried couple.
1. Nomination of Guardian: a form used by an adult to nominate the guardian of his person or estate in the future event of his subsequent mental or physical disability or incompetence. The nomination may include either a guardian of the person or of the property, or both. One or more persons may be nominated and one or more substitutes may be nominated. You may also specify a person who you wish to exclude form consideration as your guardian. If you do not have this document and you are not married and there is a conflict between you and your partner's family you may be forced to go to court to settle the matter and you may not win.
2. Medical Authorizations for children: For lesbian and gay couples and blended families medical authorizations for children are critical. Without a medical authorization if you are not the child's parent or legal guardian you may not be able to make decisions on their behalf.
3. Funeral Arrangements: the law in New Hampshire provides that the next of kin be contacted regarding the disposition of your body and funeral arrangements after your death. In cases where couples are not married your partner may not be given any decision making power. The power of attorney, your will, the durable power of attorney for healthcare a document of gift or another separate statement of intent can be used to specify someone other than your next of kin.
SEMINARS
Attorney Paula Philbrook is available for seminars in the Southern New Hampshire area. If your association would like information on business or estate planning topics please contact my office. Bank business development managers, nursing homes, home owners associations, small business groups.
ARTICLES
Getting your Affairs in Order, Parenting NH, 2003 |
