What Are Some Key Estate Plan Provisions a Business Owner Needs?
There are a few things that a business owner might want to put in their estate plan that other people would not worry about. Our lawyers might suggest the inclusion of:
A buy-sell agreement: If your business has multiple owners, this allows them to buy your shares of the business at a fair price when you pass away. This can be a good option if you are not sure if anyone will want to continue to run your business when you are gone.
A succession plan: This lays out who will inherit your business and run it. We can also help you make sure that this beneficiary can easily access all of the important paperwork and documents they need.
What Happens If a Business Owner Passes Away Without an Estate Plan?
When a business owner passes away without a will or an estate plan, it is said that they have died “intestate.” Their assets must be passed down in accordance with intestate succession rules.
This means that your assets will mostly get passed down to close family members, but there is really no control over who gets what. Someone could get the bulk of your estate, even if this is not how you would have divided your estate up. This can just cause more trouble for your family, so think of having an estate plan as doing one last nice thing for them.
Do I Need an Estate Planning Lawyer?
Now, some people think that making an estate plan is not all that complex. You can probably find a how-to or some kind of guide online these days. However, you have to be careful when making an estate plan. You need to be sure that it accounts for everything and that each part of the plan stands up to legal scrutiny.
You do not want to make an estate plan only to have your family realize that parts of it are not legally binding. It is easy for an amateur to make a mistake when crafting an estate plan, especially when a business and its assets are involved. This can create plenty of legal headaches for your loved ones later on. Instead, talk to an experienced lawyer and make sure that your estate plan is done correctly the first time.
Schedule a Consultation
So if you are ready to establish a legally binding estate plan of your own, contact Herting Law, PLLC. We will make sure that your business and all of its assets are accounted for. So schedule that consultation today.
