Lawsuits Attorney in Cary, North Carolina
What Are My Risks of Lawsuit or Being Sued?
The internet is full of videos of people intentionally trying to get hurt by someone else so they can sue and get rich! To me, this is disgusting. While we may never have someone intentionally walk out in front of our car when we're driving in a parking lot, most of us will be involved in an auto accident and potentially injure someone. There are many ways we may be sued. Many people these days are quick to cast blame on others and take significant efforts to get rich by suing someone else. Lawsuits are a risk we all have. Your estate could be at risk.
How to Protect Against Lawsuits in NC
There are two relatively inexpensive ways to protect yourself from a lawsuit. First, do not engage in risky behavior or activity. Your intentional or unintentional actions can reduce your liability significantly. And second, buy an appropriate amount of insurance. Home and auto insurance is very common. Most insurance companies offer inexpensive umbrella insurance that extends your coverage exponentially above your other policy limits. Insurance is the first source used to pay for lawsuits.
If you are a business owner, you should, more than likely, form an LLC or Corporation or some other form of a legal entity that the law separates from you. Legally recognized and registered businesses can give you a layer of protection and stop the liability with the company and prevent lawsuits from reaching your personal estate assets. If you have a business make sure you follow the appropriate corporate formalities to keep the protection in place.
Using a Trust gives you an added layer of protection too. When you owe your assets in a trust they become more difficult to discover and discourage lawsuits from being filed because it appears they is nothing, or little, to get. Some trusts simply give a small layer of protection while other trusts give full protection, particularly after a certain period of time or when done without knowledge of a pending claim. It is best to consult an Estate Planning attorney to discuss the types of trusts as well as any pros and cons for your situation.