As a small business owner, you have a lot of people who rely on you for support. When you are creating your estate plan, you have to think about your family members, but you can't leave out your workers. It is imperative that you make plans in the estate plan that can set everyone up with what they need in the future.
One thing that you are going to have to think carefully about is who you are going to name as the executor of your estate. This is someone who will have control over the estate after you pass away. It is a job that comes with great responsibilities that can't be mishandled in any manner. Mistakes by an executor could mean that the probate process is drawn out longer and can become more expensive.
Some of the basic duties of the executor include:
- Finding the heirs and beneficiaries of the estate
- Finding the assets that are part of the probate process
- Filing the documents that are necessary to close the estate
- Paying for claims against the estate
- Handling final affairs like canceling lines of credit, notifying banks and telling Social Security
- Taking care of the final income taxes
- Distributing the property in accordance with the will
By getting your estate plan in order and naming an executor you feel comfortable with handling your estate, you are able to have a firm say in what happens to your assets and loved ones when you pass away. If you don't take the time to do this, your affairs are handled according to the state's intestate succession laws.