Business planning: What happens if you pass away?
On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Thursday, March 14, 2019.
Small business owners have a lot to think about, so having an estate plan set up might not be one of the top priorities. If you are in this position, you need to remember that you do have a duty to make sure that you are protecting the business’ interests. One way that you can do this is to have a clear plan set for the company in the event you pass away. We are here to work with you to find a way to get everything in place.
When you think about what you want for the company, make sure that you explore all options. It might not be pleasant to think about the company dissolving or being sold, but this might be what is best for it. Another option is for you to train someone to take over the business. If you choose to hand it over, you need to make sure that you have a succession plan.
The person you train should be familiar with every aspect of the company. One thing to consider is that they need to know the ethical background of the company. You want them to uphold the values that you set for the business. This can help it to continue on long after you pass away.
You also need to think about the other aspects of estate planning that people who don’t own companies need to consider. This includes setting up trusts and a will, powers of attorney and a living will. We can work with you to find the options that enable you to relay your wishes.