What Should I Include in My Estate Plan if I Own a Business?

It is quite admirable if you built your business from the ground up and made it the success it is today. This is also likely the most significant piece of your legacy you wish to pass down to your descendants upon your unfortunate passing. However, this transfer does not happen automatically. And in the meantime, your business’s assets being protected is not guaranteed. This is to say that you must set up an estate plan that incorporates provisions on how your business is to be handled. So, with that being said, please continue reading to learn what to include in your estate plan as a business owner and how one of the experienced Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can help you execute this plan.

What is the importance of an estate plan for your business?

First of all, the whole purpose behind an estate plan is to control who will receive your assets at the time of your unfortunate death, along with who will manage and distribute these assets at the appropriate times. Well, you obviously should consider your business and its related assets valuable enough to be handled by your trustworthy trustee and later on granted to your loved beneficiaries.

Overall, if you incorporate your business assets into your estate plan, you can keep them out of probate court. Now, the probate process is notorious for being emotionally and financially draining for the family members you leave behind. What’s more, here, the court gives a final say on what is to become of your business assets rather than it being based on your last wishes. All to say, an estate plan for your business allows for a smoother transition of ownership and authority to your family members. This means there may be little to no hiccup in your business operations and your business’s overall incline toward success during this otherwise difficult time.

As a business owner, what should I include in my estate plan?

There is always a need for individuals to establish a Last Will and Testament along with other basic estate planning documents. But as a business owner, it may be of interest to you to also include the following in your plan:

• Appoint a financial power of attorney who may oversee your business and its finances at the time of your unfortunate passing or when you reach a point of mental incapacity.
• Create a living trust so that the assets necessary for your business operations may continually be protected and end up in the right hands at the right time.
• Craft a succession plan that outlines how the transition of business operations, management, and ownership will go at the time of your unfortunate death.

For more information on if and when to start drafting your business estate plan, please don’t hesitate to contact one of the skilled Butler County estate planning & probate attorneys from Heritage Elder Law & Estate Planning, LLC. We look forward to hearing from you and later on helping you.