Talking with a friend yesterday the topic of AI came up. We discussed the power of AI and the various impacts this new technology would have on our economy. The consensus was that AI would eliminate certain redundancies in our economy where four or five people were doing a task but with AI only one person was necessary. I am of the opinion that AI cannot replace the nuance humans bring to a situation. A given scenario might require more art than engineering. AI can’t replace those nuances. What I believe AI is good for is the general order of operations. A set of do this first second third rules can be very helpful. My experience with people is that question, the one main question is “What do I do first ?” This is a critical question and if answered correctly can save lots of time and money. I thought I would answer (my opinion) this question in the hope of leading you to efficiency in a couple of areas.
Someone passes away – The first question I am always asked is how do I probate the will? This is actually not the correct first question. The correct first question is what type of assets am I dealing with? The next question is when and how many death certificates am I getting? With most folks, probate is unnecessary because the assets are not probate assets. Remember when someone passes the question is not when do I probate but what assets have to be?
You have been named in a lawsuit. Ok this is a scary thing, but it happens. The first question here usually arrives after anger and shock. A rookie mistake is to ignore the lawsuit. A critical first step is to identify if there is insurance coverage for the lawsuit. For example, many times lawsuits are related to an automobile accident. Instead of running to the nearest lawyer who I am pretty sure will try to get retained, you should scan the lawsuit to a pdf and email the lawsuit to your insurance company. The insurance company will determine if you are covered then assign a lawyer to respond to the suit. DON’T SEND IT AND FORGET IT!! Confirm with the Insurance company and the assigned law firm that they are representing you. Calendar any due dates to stay on top of the case even if you have representation. A legal matter might deal with your homeowner’s insurance so notify them to see if coverage exists. If no Insurance applies, then get an appointment with a lawyer sooner than later. Having the time to gather information and develop a response is crucial. Don’t panic but prioritize because the first step is important.
Albert R. Hartley
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