You have a Last Will and Testament? Great! What about your Business?

It can be a challenge sometimes to convince people that they need to think ahead and to implement a thoughtful estate or trust plan in the event of their death. Often the real challenge is merely setting priorities straight. Once a client sets his or her priority upon planning for the future, updating an estate or trust plan seems to be the smart thing to do for practically everyone.

We have said for many years that we represent businesses and the people that own, manage and supervise them. Consistently many business owners drag their feet or utterly fail to plan the future of their businesses. If you are a business owner and you have your Last Will and Testament in place—great! But what will happen to your business upon your death?

Businesses often have similar challenges in the event of the death of a key owner or manager. Will the spouse be able to step in and run the show? Do any of the children have a stake or interest in running the business? Does a key manager or other employee have the best chances of successfully running or owning the company? The Last Will and Testament for your business may in fact be a Buy-Sell Agreement amongst the owners that provide for ownership, management and transition upon death. The cost of transferring ownership upon death can also be financed through key man life insurance that can be expensed out through your business. Does your business have a plan in place?

Consult with the Business Law team at Fine & Hatfield to learn of the various options you have available to your and your business to remain a lucrative enterprise for the next generation. Contact David Sanders, Todd Glass, J. Beau Dial or Elissa Shetler for a consultation.