On behalf of Kadish & Associates Law Group posted in Estate Planning For Business Owners on Thursday, October 26, 2017.
We recently discussed some of the important points of creating a succession plan for your business. This is an important part of a small business owner’s estate plan, but it isn’t the only thing that should be in the plan. Instead, you have to take the time to make plans for your personal assets.
One thing that you might not realize is that your estate might be tied up for a bit, even if it doesn’t have to go through probate. You should try to work things out now so that your family members can have the financial support they need in the immediate period after your death.
We know that you might not be prepared to think about this but it is actually very important. Make plans for how your loved ones will pay for your final expenses. Decide what you can do to help your spouse pay for the bills in those first few months.
Remember, this is going to be a very difficult and emotional time for your family. The more plans you can put into motion now, the easier you might make this transition for them. In most cases, it will take time for the reading of the will, so make sure that you aren’t leaving things in the will with the thought that your loved ones will have access to them right away.
Since the estate plan is a very personal matter, you have to think carefully about how you are going to handle everything. Oftentimes, it seems like a delicate balance of managing your wishes and trying to avoid making decisions that will disappoint or anger anyone. Ultimately, your wishes and plan should trump anything else.