Have you been thinking about how your legacy will be carried on? Is the idea of an estate plan and business succession plan slightly overwhelming? It’s not uncommon for a person to put off both of these important tasks. Most who pass away without plans in place, likely thought they had more time to complete them. While failing to create a plan for how you would like your final wishes carried can be a completely innocent mistake, it can have a serious impact on your loved ones. When contemplating your estate and business succession plans, it will be key to consider key elements needed for each. Working with a business succession attorney is important when protecting your legacy and ensuring that it lives on long after you are gone.
Elements of an Estate Plan
An estate plan outlines how your final wishes will be carried out after you pass away. This incorporates more than just your assets. An estate plan can include a variety of components:
- Your Will
- Burial Instructions
- Beneficiary Designations
- Asset Distribution such as valuables, vehicles, properties, etc.
- A plan for minor children to include appointed guardians and how children will be cared for financially
- Trusts
- Health Care Directives and Power of Attorney
Having an estate plan in place can provide your loved ones with instructions of how you would like to divide assets and resolve your affairs. Developing your estate plan can be completed with an attorney while a plan for business succession is created.
Elements of Business Succession
Business succession involves the process of developing agreements and identifying those who will lead the company when a person either passes away, chooses to step down or retires. Here are some key elements to business succession planning:
- Identifying your successor
- Business partners should be a part of this plan
- Make plans regarding taxes
- Meet with an accountant to determine how much the business is worth
- Work with an attorney to ensure that business succession is as smooth of a process as possible
There can be a number of complexities to business succession, especially when making tax considerations, decisions regarding how you will obtain retirement or have business partners to contend with. An attorney may be useful in helping to make sure that nothing is left out.
An Attorney’s Assistance
These two very important plans can occur at the same time. While your attorney works on your estate plan, they can also be working on your business succession plan. An attorney may be key to ensuring that nothing is left out. It’s not uncommon to worry over whether your wishes will be carried out or, that your business will be able to live on long past your lifespan. Being able to secure these two important pieces can not only provide you with the reassurance you need, but also help to carry out your legacy. Attorney’s can take a closer look at the details to your plan and help to achieve the goals you are looking to accomplish.
Although most people may have awareness regarding the importance of their estate plan and business succession plan, it can be difficult to determine the best starting off point. A business lawyer Melbourne, FL relies on may be beneficial in educating you regarding your options and assisting you in created plans that work for you and your family. For those looking to protect their legacies and alleviate the stress experienced by families, contact a business succession attorney at Arcadier, Biggie & Wood, PLLC for their insight into creating a business succession plan.
