10 Dec Do You Need An Estate Plan For Your Business?
Consider these points.
- An estate plan for your business guarantees that if you pass away, all affairs that are relevant to your business are going to be dealt with according to your predetermined plan.
- Estate planning ensures that your business is taken care of. When you have an estate plan, you can be certain that your business is going to be managed by the right people.
- Estate planning ensures that your business will stay open, even after you pass away.
- Business estate planning guarantees that a person you trust takes over your business when you can’t be around.
- As your wishes are expressed in writing, a good estate plan makes things simple for your loved ones if you pass away or become disabled.
These are all necessary points for you to keep in mind if you are thinking about creating an estate plan for your unique business.
What else is important to keep in mind?
Here are some essential estate planning steps:
- You have to have a will. This is vital. You must have a will stating your wishes regarding how your property and business must be divided when you pass away.
- Make sure that you have a power of attorney that appoints someone to manage your finances and conduct business transactions if you become incapacitated.
- Make sure that you create a succession plan for your business. New owners must be established. You have to determine which important people can take on executive and managerial roles. This includes family members.
- Once you have an estate plan for your business, then you need to update your estate plan. This is necessary. Make sure to update your estate plan.
Owning a business comes with many challenges. Good estate planning is essential for your business. It cannot be neglected.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)