Estate planning is important for anyone, regardless of a person’s age, marital status or wealth. One group who can benefit the most from estate planning is business owners, and not having a solid plan in place can put their companies at risk upon the owner’s passing. Here are some tips business owners need to keep in mind with regards to protecting what they have worked so hard to achieve.
Organize key documents
Most estate plans involve at least a will, but people have a wide range of options for their estate plans, including powers of attorney, living wills, trusts and more. Since these documents detail what a testator wishes to happen to his or her assets after death, they will become vitally important when the inevitable occurs. Business owners need to ensure their estate planning documents are drafted properly, notarized and stored in a safe place. They should also make sure beneficiaries, family members and executors know where to access the documents.
Review documents regularly
Estate planning is not a once-and-done process. Any number of life changes can warrant a change in one’s will or other estate planning instruments. A business owner will want to make sure to review estate planning documents so that they reflect the testator’s wishes in the event of life changes, such as marriage, death or divorce.
A business owner will need to make determinations on who will take over the company after the business owner’s passing. As such, creating a succession plan is a must for any company owner. Doing so will help ensure the company falls into the proper hands, and it can even increase a company’s value and investor returns.
Estate planning is important for anyone, but business owners can benefit the most. Since a person has likely spent years building his or her company, that individual will want to ensure the business remains strong and competitive even after the owner’s passing. By working with an experienced estate planning attorney, Georgia business owners can help ensure their wishes are carried out with regards to their assets and their companies.