Writing a Will for Your Business? Here’s What You Should and Shouldn’t Include
If you are an entrepreneur, your greatest concern right now is how to grow your business and make it successful. However, one factor you should be mindful of is what will happen after you left this world or if you retire or have gotten tired of it and finally decided to pass it. These may all seem far into the future, but these are eventualities that you must face when the time comes.
Bear in mind that you will have to vacate your position later and you’ll definitely want to plan so that your blood, sweat, and tears won’t go to waste. There’s a high risk you could lose everything you worked hard for if you don’t – you’re looking at throwing away something that you’ve been painstakingly working on for the last decades which your family benefits from. A handsome income and enjoyable lifestyle are two things your family can secure once you make the right decisions.
This is why having an estate plan is crucial. You can be sure that your assets will be distributed in the way you want it and not just in courts. This is also an effective way to let the legacy live the way you intend it to continue. It is almost the same as writing a will, however, it is more detailed on your wishes even if you’re still alive.
Writing a will is as essential, too, for business owners because it is where you will indicate where your assets will go once you die or retire. However, the process is not easy and will certainly take some time working on.
You need to lay out your objectives – what or who are your priorities? Do you want to cover the surviving years of your spouse or are your focus your grandchildren?
You should also plan how you want your business to run after you’re gone. The key is to be precise and include the details on the instructions of how the company will continue. Forgetting about these parts could leave your assets up in the hands of the law, which will decide on what to do.
Passing the Responsibility
Now that you have understood your priorities, you should know when to write a will. But this is a bit more complicated than goal-setting. Ideally, a business owner should pen his wishes while still gaining assets but should also be late enough to account for other assets. This means that it is entirely up to the person to know which is the best time to create one.
Early on you should have an idea on whom to pass the torch once you retire or pass away. However, despite your good intentions, there are times when the beneficiary isn’t willing to continue what you have done. This is why you have to be careful and observe as early as you can.
Watch the person you intend to pass the torch on when you’re gone and see if he/she truly is inclined to run a business. List down the names of other potential beneficiaries.
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