I was fretting the other day because our marketing help was referring to “The Calkins Law Firm, Ltd.” As “Calkins Law Firm, Ltd.” And was referring to the speaker series that we co sponsor, the “Center For Free Enterprise, Ltd.” as “Center For Free Enterprise.”
Does it really matter whether my marketing help refers to these two entities by their full legal names? Probably not. As a perfectionist, I most assuredly do care, but from a strictly legal standpoint, it really does not really matter.
But there are most certainly other times where details do matter.
For example, it is common for estate planners to establish trusts and the like for purposes like avoiding probate on death.
I have seen situations where trusts are set up in this fashion and the related assets are not transferred into and titled to the trust. Does this matter, that assets intended to be in the trust have not been formally assigned / transferred?
Most assuredly. For assets never transferred to and titled to the trust will fall out of the trust and not be governed by it. And assets that are transferred but where the trust name is referenced incorrectly will either fall in or out of the trust depending upon whether it is possible to know what trust should be holding the asset.
Similarly, with insurance policies, it is important / essential that entities that are to be incurred / covered be properly listed on the policy, and that assets that are to be insured / covered be held legally by the named insured(s).
A vehicle in the name of “Ben Calkins” will not be covered by an insurance policy where the insured is “The Calkins Law Firm, Ltd.,” even if the intention was that the vehicle be covered.
So having assets that are to be covered by insurance titled in the exact name of the insured entity is in fact critical.
In my own life and practice I try to focus on the details and to get each and every one right. It matters sometimes, as in the trust and insurance examples above, and doesn’t really matter other times, as with the marketing example above.
If you commit to being detail oriented / a perfectionist in all things you will be covered and protected in those instances where it really matters.
Quotes of the Day
Never let your head hang down. Never give up and sit down and grieve. Find another way.Satchel Paige
With self-discipline most anything is possible.Theodore Roosevelt