Estate Planning

Not many people relish the idea of their death or planning for it. However, it is important to have your affairs in order early. Leaving your family or those you care about unprepared and unequipped to manage your affairs and administer your estate can create a hot mess and ruin relationships. There are two important seats to fill as part of an overall estate plan, both while you are living and after you are gone:  Agent who acts under a Power of Attorney and a Personal Representative.

Business owners take on immense responsibility every day. From the time a business idea is born to the time the business launches, there is an abundance of planning, dedication, and sacrifice. With this hard work comes a deep sense of pride that is only known and experienced by those who have gone through this process. To ensure that all of that hard work does not unravel when you are no longer in charge, it is vital to have a secure estate plan in place to ensure the smooth and successful transfer of your business.

Succession Planning

When a business owner passes away, the first and most obvious question is: Who will be taking over? With an Estate Plan in place, this question is answered smoothly and the transition can be seamless. Naming an heir to a company allows security within the business, and also allows for the inheritor to be trained and ready to take over when his or her time comes. There are different ways to set up the succession of your business.

If the thought of writing your will or planning the distribution of your assets after death makes you feel a bit on edge, you’re not alone. You don’t have to do it alone either—and frankly, you probably shouldn’t do it alone. Estate planning is a detailed, time-consuming process that will have a major impact on your family, friends, and causes long after you pass away. 

What’s more? Everyone has an estate, no matter how small or modest it may be. Have a car? That’s an estate. Have a bank account? Ditto. In this article, we’ll review what estate planning entails, who should have an estate plan, and why you should hire an estate planning attorney.