When you set up an estate plan, you need to account for all of your personal assets. If you are running a business of your own, there is another set of considerations to make before you finalize your plans. Fortunately, there are many ways to make your business a part of your estate plan and a Washtenaw County estate planning attorney from our firm is ready to help you.
Should I Set Up a Trust For My Business Assets?
One way to protect your business assets is by placing them in a living trust. There are different rules about these trusts and how they can work, so if you are confused our lawyers can answer your questions and tell you the best way to shield your assets. We can also make it easy to pass down your business and any related assets when you pass away. Just decide on a successor and we can get right to work on a plan that suits you and your business interests.
Who Will Make Financial Decisions For My Business?
You can choose someone to have financial power of attorney, the ability to make financial decisions for you when you are no longer able to. You can also choose a successor for your business. These can be the same people, but in some cases it may be a good idea to have these roles fulfilled by two different people.
For example, your financial power of attorney could be wielded by a business partner who would know what you would want to do. Meanwhile, your successor could focus on transitioning into their role and keeping interruptions to your company’s activities to a minimum.
What Should I Think About When Making a Succession Plan?
It can be tough to choose a successor, but it’s a necessity for anyone who owns a business and wants it to continue on after they pass away. Some things to consider when making a succession plan include:
- Whether your desired successor would even want to take over your business
- If outside advisors need to be brought in during any transition
- How authority will be delegated as your successor gets used to their new roll
- How to retain key employees
- If you want to hand over the reins before you pass and act in an advisory capacity
Should I Talk to an Estate Planning Lawyer?
It can be tough to make an estate plan on your own. An estate plan involving a business can get complicated quickly. So we recommend talking to an attorney about your goals and plans for your assets, business-related and otherwise.
Meet With an Attorney
So when you are ready to make an estate plan of your own, don’t try to do it all on your own. Contact Collis, Griffor & Hendra to schedule a consultation and learn more about all of your options. We can help you ensure that your business assets end up in the right place.
