As a business owner, you have multiple things vying for your attention each day. The marketing aspect of your business is one thing, the invoicing is another, and the list continues. Most business owners have a lot on their plate that they fail to prepare for the future.
According to a trustworthy research, it was discovered that 30% of business owners don’t have an estate plan. In fact, some business owners don’t know what an estate plan is and how important an estate planning lawyer is to their business. Even the few who are lucky to have an estate plan, are yet to update it.
In this article, we will help you understand how an estate planning lawyer can assist your business. However, before we progress, let’s refresh our memory on what an estate plan is.
What Is An Estate Plan?
Estate planning is a very common word. Each day, someone somewhere is finalizing plans regarding his or her estate. If you aren’t aware of what this plan entails, here is the best opportunity to do so.
What is an estate plan?
An estate plan is a plan made in preparation of one’s death. This plan comprises of the preparation of a will among other important estate planning documents like trust, power of attorney, etc. An estate plan also covers the management, administration, and distribution of and estate which is activated after the estate owner’s death.
Estate plans are usually made with the assistance of an estate planning attorney. Some people also leverage online tools to make their estate plan. Whichever method you adopt, always ensure that everything is done right.
What Is Business Estate Planning
Just like the typical estate planning you know, business estate planning ensures that the important matters of your business are settled according to your wish after your death. Business estate planning is not something most business owners consider. However, any business owner who makes this plan at the appropriate time will be doing his or her family member a huge favor.
If you run a family-owned business that you wish to pass down to the next generation, it is very important that you make the necessary plans. A good estate planning attorney should be able to provide you with the necessary help needed to plan your business estate.
Importance Of Business Estate Planning?
Most business owners don’t know the importance of a business estate plan. In fact, some find the topic too hard to imagine. While others are in the dark on the benefits that this plan holds. Of course, no business owner want to think about death, or a time when they can’t manage their business. However, creating a business estate plan is as important as other important aspects of your business.
First off, this plan ensures that the right person takes over your business after your demise. Secondly, it ensures the smooth transition of your business ownership after your death. To create a business estate plan, you will need the help of an estate planning lawyer.
How Can An Estate Planning Lawyer Help Your Business?
An estate planning lawyer is a licensed law professional whose job is to help estate owners plan their estate. This professional offers estate owners the advice, support, help, and recommendations needed to create an estate plan that is legal and meets their unique needs.
An estate planning lawyer can help your business in the following ways:
- Update necessary estate planning documents of your business: Estate planning documents like wills, trusts, power of attorney, etc. aren’t documents that you create and forget. These documents need to be updated whenever significant changes occur in your business, your life, or that of your family. With the help of an estate planning lawyer, you can update these documents easily.
- Ensure that your estate is in line with current law
An estate planning lawyer is very conversant with the estate planning laws of your state. Thus, this professional can help you create an estate plan for your business that conforms to the necessary laws.
- Provide you with the best advice
Who else can provide you with the best legal advice than an estate planning attorney? You see, creating an estate plan for your business is not an easy affair. You will have to make several tough choices and decisions. However, with the advice of an estate planning attorney, you won’t make decisions or choices that will end up ruining your business estate plan.