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Is Faxing Still Relevant in the Digital Age?

Faxing Still Relevant in the Digital Age, In today’s world, businesses use fax machines as a means of communication with other businesses.

Published

4 years ago

December 3, 2019

TwinzTech

Faxing Still Relevant in the Digital Age

In today’s world, businesses use fax machines as a means of communication with other businesses. They utilize the machines so that they can send documents over a telecommunication line.

However, this method has security flaws and other drawbacks. Security breaches (when documents are intercepted by cybercriminals) are prevalent and sensitive information can be used for fraudulent activity.

That’s not the only drawback though. When a business purchases a fax machine, the business must account for the space and cost to the company. Luckily, an internet fax service is a feasible alternative to a fax machine.

Table of Contents

Save Space & Money

As a business grows, the number of important documents being sent will increase. Growth requires expanding the scope and level of technology needed to increase the efficiency of business activities and reduce expenses that are causing the company to lose revenue. One unnecessary expense is the fax machine, and online faxing is the solution.

Online faxing offers more advantages for businesses and corporations than does a fax machine. It can save room that would otherwise be consumed by a physical fax machine. Furthermore, digital faxing can prevent harmful effects from occurring in the environment, it is accessible at any place and time, it is scalable for productive employees and business managers, and it is has more security features than traditional faxing.

1. Save Time

First, internet faxing does not require the usage of paper for communication between two companies. A fax machine requires ample space in an office, while online faxing only requires a device that can connect to the internet. Because paper is not used, paper documents no longer need to be kept inside filing cabinets, which also take up space.

Online faxes can be saved digitally in an online database that organizes documents by date or name. In addition to being saved online, if a business manager needs to access a certain fax, he/she can find it quickly by performing a search. Contrarily, an individual who is searching for a particular paper fax may have to filter through piles of paper, which takes time away from other business matters.

2. Save Paper

Internet faxing occurs over the internet and does not use paper or a fax machine to work. Therefore, the business would spend less on paper and ink cartridges in return for more faxing functionality and workforce productivity. Online faxing is cost-effective as opposed to traditional faxing because it eliminates maintenance and repair costs, as well as the cost associated with an extra phone line. Also, it only requires an email address to which faxes can be sent.

3. Minimize Challenges, Maximize Business

A business can access the internet from anywhere, so internet faxing is always just a few clicks away. The only requirement for online faxing is for a person to have a phone that can connect to the internet. Which means it can be used at home or in the business headquarters.

Internet faxing is also convenient for sending and receiving documents directly to a mobile device. In today’s business world, people are oriented around technology and expect events to happen quickly according to their expectations. A fax machine, because of its inaccessibility, does not allow this requirement to be met. Thus, business relations can be weakened due to slow services. An internet faxing service provider is scalable and can offer different subscriptions for use by individuals or a variety of corporation sizes. So you can choose the plan that perfectly suits your company.

4. Secure Information

Security is a major issue with current businesses. Online faxing services encrypt faxes that are sent or received to provide a layer of security on the documents. Moreover, since online faxes are stored in the cloud, cloud storage providers protect the faxes and prevent documents from being tampered with by cybercriminals. For this reason, online faxing is safer than traditional faxing or email for both the business and the client’s data.

Business

Navigating the Process of Selling Deceased Estate Shares

This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.

Published

1 week ago

May 9, 2024

TwinzTech

Navigating the Process of Selling Deceased Estate Shares

Table of Contents

1. Understanding the Basics of Selling Deceased Estate Shares

Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.

2. What are Deceased Estate Shares?

Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.

3. The Importance of Valuing the Shares

The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.

4. Legal Requirements and Executor Responsibilities

The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.

5. Obtaining Probate

Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.

Transferring Shares into the Executor’s Name

Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.

6. The Process of Selling Shares

After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.

Deciding on the Right Time to Sell

Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.

Completing the Sale

This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.

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7. Navigating Tax Implications and Reporting

Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.

Understanding Capital Gains Tax Responsibilities

When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.

Inheritance Tax Considerations

In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.

8. Common Challenges and How to Overcome Them

Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.

Dealing with Disputed Wills and Beneficiary Disagreements

Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.

Managing Market Volatility

Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.

9. Tips for Executors Handling Deceased Estate Shares

This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.

Seeking Professional Financial and Legal Advice

The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.

Record Keeping and Communication with Beneficiaries

Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.

Conclusion

Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.