From an outside perspective, it often appears as if successful business owners have everything together. After all, they managed to plan and execute a business endeavor that allowed them to garner wealth, so they likely have their other affairs in order as well. Unfortunately, far too many entrepreneurs pass away without having a proper estate plan in place, leaving their families in difficult predicaments.
In fact, not having an estate plan could put a business in more jeopardy than many Georgia business owners may realize. In some cases, the company could be handed over to an heir who has no interest or skill in handling a business. As a result, the entity could flounder quickly. Similarly, the wealth accrued by successful business owners could become tied up and inaccessible to family members if no legal documents for distribution exist.
To avoid such a difficult outcome, entrepreneurs may want to ensure that they have the following documents in place:
- Medical and financial power of attorney
- Will
- Living trust
- Pour-over will, which can indicate that any assets not owned by the trust at the time of the owner’s passing should be transferred to the trust
- Business succession plans
Because what each Georgia business owner wants to have happen to his or her company after death differs, having an individual and customized estate plan in place is crucial. The details of the plan can ensure that someone is available to step in if the owner becomes incapacitated for any reason and can allow family access to important financial and business documents as soon as possible after the person’s passing. In order to create a plan that best suits a person’s needs, discussing the details with experienced estate planning attorneys is wise.
