Studies show that private businesses become more vulnerable six months prior and after the death of the owner. Having a sound plan ensures that the business continues to run even after death.
If you have been in the business field for a long time, you may have come across probate cases where family members or heirs were disputing a decedent’s business. Numerous expenses and long delays often accompany these cases. The main cause is always poor planning of the owner.
Every business holds several property rights that may be difficult to interpret even in a probate court. When this happens, the property’s distribution will be determined by the court, and the outcome may not be as you desired it.
Therefore, it is wise to make use of certain estate planning strategies to ensure that your business assets do not get through probate. Your insurance and business accounts, may be passed through to the beneficiaries easily when good plans are in place. In case there are some assets or legal documents that need to be probated, have a structure in place so that the process flows efficiently.
In case you do not have a buy-sell agreement for your business, the person who inherits it will have the liberty to do anything with it. On the other hand, if your children inherit it equally, some may not be adequately equipped to run the company.
Every business needs a lawyer. A “probate attorney near me 11432” can bring many changes to the process.