What Is Business Estate Planning?
Why Is Estate Planning Important For Small Business Owners?
These are the most commonly asked questions at our office. Business owners, as well as Small business owners, are not always aware that they need an estate plan for the succession of their company. If there isn’t a business estate plan in place, the Probate Court and the laws of your state will dictate how your assets will be transferred to loved ones.
Our estate planning attorneys near you can discuss the impact of state laws, multiple beneficiaries, keeping a business in trust, in order to protect your business.
There are many estate planning techniques for business owners. It’s important for business owners to know the structure of their business and any operation agreement they have.
Furthermore, estate planning for family business is just as important. Family businesses usually have a lot of family members working for their businesses.
Top Tips for business estate planning:
- Last Will and Testament for Business Owners: It is always important to have your Will to reference your trust or reference your operation agreement for your business so that family members are aware that these documents exists. How to include a business a in a will is something that will need to be discussed with our lawyers. There are many different types of clauses and business ownership interests.
- Have the four most important estate planning documents in place: The four most important estate documents include but are not limited to: Last Will and Testament (Wills for business owners), Health Care Power of Attorney, Durable Power of Attorney for Health Care and Living Will. You may also want to discuss a trust for your business. A trust is a legal document that assigns a third party to handle the assets when you pass away.
- Do not use a business will template online: Estate Planning for business owners is very complex. Contacting our Attorneys and meeting with them will ensure that your wishes are fulfilled and your loved ones are protected. Paying for a template online does not provide the customization that business owners need.
- Do not use an estate planning company: It is always best to seek a licensed Attorney who has the knowledge and legal experience to ensure the proper documentation is in place. Hiring an Estate Planning Company does not mean you will speak with a licensed Attorney.
- Organize Your Important Records: Too many times we have seen client’s not being able to locate their important estate planning or business documents. Our office now offers a secure legal cloud document storage called Attorneys Vault https://attorneysvault.com/. This service ensures our clients can keep organized and preserve their important documents.
Contact us to get your estate planning documents executed today.