Business

Estate Planning Essentials: Understanding the Ramifications of Not Creating a Will

Published

2 years ago

January 11, 2024

The realities of death aren’t something most people are accustomed to frequently discussing, but certain things like estate planning and creating a will are crucial for everyone to consider. Death is inevitable for all of us, and the ramifications of failing to plan ahead often prove significant.

“While we may not like to think about death, it’s crucial to plan for it,” says Attorney John Wood of Grant Park Legal Advisors. “Those who think they don’t need a will may want to consider the consequences of going without one.”

What is a will?

There is a common misconception that wills are only meant for those who are incredibly wealthy or possess a significant amount of assets that will have to be divided among their relatives. According to Wood, however, everyone can benefit from a will.

“A will is simply a legal document that outlines your wishes regarding the distribution of your assets after your death,” Wood explains. “If you pass away without one, your assets may not go to the people you intended. Instead, the laws of intestacy come into play to determine who your assets are left to.”

The laws of intestacy

The laws of intestacy vary from state to state, but in general, they will prioritize immediate family members, such as spouses and children. Problems arise when a person may have specific ideas or desires on who should receive their assets but fail to have the legal documentation to make their wishes known.

“Each person has unique situations, and wills account for these circumstances,” Wood says. “Perhaps they’re not particularly close to their children, or have no children, and wish for their assets to go to nieces and nephews, or they have no family at all and want what they leave behind to go to a favorite charity. Whatever the case, these circumstances should be outlined legally so a person’s last wishes can be fulfilled.”

Putting the future of minor children in jeopardy

No one likes to think about dying and leaving behind young children, but it happens. “If you have children who are still minors, creating a will is especially crucial,” Wood notes. “A will can specify who will be appointed guardian of your children should something happen to you.”

If a person of one’s choice is not appointed, the decision will ultimately go to a court, and their criteria for who will make an appropriate guardian could differ wildly from one’s own. “This can lead to a lengthy and costly legal battle that can further traumatize your children,” Wood explains.

Unnecessary taxes and fees

Additionally, when someone dies without a will, their estate may be subject to unnecessary taxes and fees. Their estate will go to probate, where courts will appoint an executor to distribute their assets.

“In Illinois and many other states, when there is no will, the court will require a bond to ensure the executor follows the law and distributes the assets correctly,” Wood explains. “This bond is an insurance policy essentially to insure the estate and heirs against malfeasance by the executor or administrator.”

One potentially substantial fee that can be avoided is the probate bond. In many instances when the will waives the bond, the estate will save more than the cost of drafting the will.

“This means some of your loved ones may be on the hook for these fees and taxes incurred,” Wood says. “The executor’s fees alone can be substantial and eat into any money any beneficiaries would possibly receive, and if your estate is subject to estate taxes, your beneficiaries may have to pay a significant amount of money to the government.”

Your business may be affected

If one owns a business, dying without a will can have especially dire consequences. “Your business could be forced to go through probate, which often leads to lengthy legal battles and financial losses,” Wood observes.

The unnecessary taxes and fees Wood previously discussed can also hit one’s business. As such, all business owners should also have a clear succession plan within their wills to ensure that either passing on or closing their business goes smoothly after their death.

You could leave loved ones without financial support

If someone is the sole breadwinner in their family, dying without a will could leave them completely without financial support. “While an estate is in probate, the deceased’s family may suffer immediate financial instability,” says Wood. “Creating an estate plan with a life insurance policy can ensure that your loved ones are financially supported even after your death.”

Death is a traumatic event for families and loved ones, but according to recent studies, roughly two-thirds of Americans either don’t have an up-to-date will or have no will at all. However, those same studies also show that higher inflation is causing more Americans to consider estate planning. Younger Americans are also 10% more likely to have a will or estate plan than in 2020, largely due to the influence of the COVID-19 pandemic.

Whatever the impetus may be, it seems that more people are realizing the importance of having a will and planning for what will happen once they pass away. As they continue to learn about the value of estate planning, attorneys like John Wood will be there to guide them through creating wills and making sound plans for the future.

Business

What to Look for in an Enterprise Webcasting Solution

Published

5 days ago

September 12, 2025

Matthew Wiles

The modern workplace doesn’t stand still. Teams are global, employees are remote, and companies must communicate faster and at scale. That’s why enterprise webcasting has gone from a niche tool to an essential part of internal communication strategies.

Reliability is the starting point when broadcasting to hundreds or thousands of employees, stakeholders, or partners. The platform you choose needs to deliver more than a stable video feed; it must offer security, accessibility, scalability, and real engagement.

For enterprises navigating this decision, here’s what to consider before committing to a webcasting platform.

Scale and Performance Matter More Than You Think

It’s one thing to host a video call with your immediate team. It’s another to run a high-stakes webcast for your entire global workforce. Enterprise webcasting means reaching large, often geographically dispersed audiences, sometimes tens of thousands of people at once. And when that’s the case, performance isn’t negotiable.

Your platform should offer proven scalability with minimal lag, buffering, or outage risk. Many organizations underestimate the bandwidth and technical infrastructure needed to deliver seamless webcasting at scale. Look for solutions that utilize global content delivery networks (CDNs) and redundant systems to guarantee smooth streaming, regardless of your viewers’ location.

The reality is, your message only lands if the technology holds up under pressure.

Security Isn’t Optional

In a world of growing cyber risks and data privacy concerns, security must be front and center, especially for enterprise webcasts. Not every message is meant for public ears, from internal town halls to sensitive investor briefings.

Leading webcasting platforms provide enterprise-grade security features like encrypted streams, password protection, login authentication, and customizable access controls. Depending on your industry, you may also need to meet specific regulatory requirements for data protection and compliance.

Ultimately, your webcasting solution should provide peace of mind, knowing that confidential information stays where it belongs.

User Experience Makes or Breaks Engagement

Let’s face it: no one wants to wrestle with clunky software minutes before a big company update. The best webcasting platforms make life easy for both presenters and attendees.

Intuitive interfaces and simplified workflows reduce stress and help presenters focus on delivering the message. The process should be frictionless for attendees, with one-click access, mobile compatibility, and no need for complicated installations.

But accessibility isn’t just technical, it’s also about inclusivity. Your platform should offer features like captions, translations, or on-demand playback options to ensure your workforce can engage with the content.

Because if people can’t easily join or follow along, your webcast risks becoming background noise.

Engagement is More Than Just Showing Up

In enterprise settings, communication can’t be one-way. True engagement requires interaction.

Modern webcasting solutions offer features like real-time Q&A, live polls, and chat functions to turn passive viewers into active participants. These elements keep audiences focused and create opportunities for meaningful feedback.

Especially for company-wide meetings or virtual events covering important updates, giving employees a voice makes the experience feel collaborative, not just another broadcast.

Data and Insights Drive Improvement

One of the most overlooked aspects of enterprise webcasting is analytics. But without data, it’s impossible to measure success or spot opportunities for improvement.

Look for platforms that provide detailed reporting, including attendance metrics, engagement rates, audience locations, and performance benchmarks. Over time, these insights help refine your communication strategy, adjusting formats, reworking content, or targeting specific groups with follow-up resources.

The more visibility you have into how people interact with your webcasts, the better equipped you are to make those events impactful.

Flexibility for Different Event Types

Not all webcasts are created equal. Some are formal, high-production events with large audiences. Others are more casual, interactive sessions for smaller groups.

The platform you choose should give you the flexibility to manage both scenarios. Whether you’re hosting a polished executive briefing, a technical product demonstration, or a virtual town hall, the tools should scale to fit your needs, without requiring entirely different systems or workflows.

Many providers also offer managed services for high-profile events, giving you access to technical experts who handle the backend so your team can focus on the message.

Final Thoughts

Webcasting has become a critical tool for modern businesses, but choosing the right platform requires more than just comparing price tags. It’s about finding a solution that delivers reliability, security, engagement, and scalability while making the process simple for both your team and your audience.

With enterprise webcasting, companies can ensure their most important messages are delivered securely and at scale, whether to employees down the hall or stakeholders around the globe.