Welcome to our final installment in this estate planning series. We hope this information helps you if you are a dependent business owner. If you have any questions you'd like to ask our estate lawyer in Cary, contact us, before moving on.
Also be sure to visit back with other blogs in this series, as well, if you missed them. You'll find links to each of them at the end of this article.
Tips | Estate Lawyer in Cary
In cases where a business will continue without the owner, a succession plan is usually put into place. It can still be utilized in situations when the business will close without the owner there to run it. In this case, the plan can explain how the business will be managed in the time between the owner’s death and the close of the business.
Employees can be named to take care of different duties, especially if there are customers to contact, supplies that need to be canceled, or other administrative duties. While there may be someone named to oversee the financial aspects of the business, it is important that the smaller tasks do not fall through the cracks. As mentioned previously, customers can sue for services or goods not rendered due to the close of the business, so it can be beneficial to take care of clients’ remaining needs as much as possible.
If a business owner wants to be able to provide funds to his or her employees should it close, an insurance policy can possibly provide enough money to cover those costs. It will need to be outlined in the estate plan how much should be paid to employees and how much should go toward other costs, fees and debts.
The final and most important step in creating an estate plan for your business is making sure it is accessible. When the time comes for it to be implemented, it is important for the right people to be able to find it. Your lawyer can keep a copy, but you can also have a copy available in your office. Make sure your spouse or a trusted employee knows where it is. You can also include copies of your business files, financial statement, insurance policies and other documents pertaining to your business and the estate plan.
Eldreth Law Firm, PLLC | Estate Lawyer in Cary
Many people have complex financial affairs because of assets such as property or businesses that are co-owned, or because of personal situations such as blended families. If one or more of these following situations applies to you, you may benefit from having an estate lawyer in Cary to help with estate planning or draft your estate plan.
If you need help planning your estate, call us today. We can answer questions you may have about estate planning, wills, power of attorney, and more. Do not leave your family without a plan outlining your wishes. Our offices are conveniently located in Cary. We also handle elder law, small business law, trademarking, copyrighting, and DWI issues.
Interested in learning more? Visit other blogs in this series:
- Estate Planning Tips for Owner Dependent Businesses, Part 1
- Estate Planning Tips for Owner Dependent Businesses, Part 2
- Estate Planning Tips for Owner Dependent Businesses, Part 3
- Estate Planning Tips for Owner Dependent Businesses, Part 4
- Estate Planning Tips for Owner Dependent Businesses, Part 5
- Estate Planning Tips for Owner Dependent Businesses, Part 6
