If you run your own business or own part of one, then you should certainly consider including this in your estate plan. There are many ways to protect your company and its assets while making a plan for what will happen to this business once you can no longer run it yourself. A Bergen County business succession planning lawyer can answer any questions you have and make sure that nothing important gets left out.
Do I Need to Mention My Business Assets in My Estate Plan?
It’s definitely a good idea to make your business and all of its assets a part of your estate plan. You should do an accounting of all of your assets, and we don’t just mean physical assets like real estate or vehicles. You probably also have some valuable intellectual property, like trademarks or patents, that also need to be protected.
Include all of these when you account for your business assets. You can also consider putting some of these assets in a trust that would make them easier to transfer to another person when you pass away. Our lawyers can discuss all of your options with you.
Can I Include a Business Succession Plan in My Estate Plan?
You should make a plan for what will happen to your business or your share of a business when you pass away. A succession plan is a good option for someone who owns a company and wants it to continue operating long after they pass away. You can choose who should take over, but that’s probably not the only thing that you need to do.
We also recommend that you:
- Make a transition plan that can ease a successor into their new role
- Think about whether outside advisors need to be brought in
- Have a plan to communicate plans to shareholders or business partners
Of course, it’s also a good idea to talk to your chosen successor before you finalize any plan. You want to make sure that they want the role and that they can take on the responsibility.
What Else Should I Include?
It’s also wise to choose someone to give your financial power of attorney. This allows someone to make financial decisions for you when you are incapacitated. If you are running a business, this can be a particularly difficult task to hand someone. You should be sure that someone is prepared for the role. Your chosen successor could do it, or you could choose someone else who knows your business and would be able to help with the transition.
Talk to Our Estate Planning Lawyers
When you are ready to set up an estate plan that includes your business, we’re ready to help. Contact the Law Offices of Colin M. Quinn and ask to schedule a consultation with our team. We can help you protect your assets and leave something behind for the next generation.
