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Do You Own a Business? Here Are Some Requests to Make When You Write Your Will
Henry Jennings
Estate planning is important for everyone, but if you own a business and you're getting older, it's imperative that you begin to think about your estate. You don't want to pass away without having clear plans in place about what will happen to your business. Something that you've likely invested a lot of your time and a significant amount of your money into could be ruined if you don't lay out plans for how the business will carry on after you die. Talk to your attorney about your wishes and be sure to discuss them with your family, too. Here are some options that you might consider.
A Family Member Takes Over
One consideration that might be applicable in your situation is to have one of your family members take over as the owner of the business once you pass away. Sometimes, there will be a logical candidate— for example, one of your adult children works for the company as a senior manager. If this person wishes to continue working for the company after your death, it can make sense for him or her to move into the owner's position. In some cases, you may wish to elevate two family members to the ownership level, giving each of them a fifty percent stake in the company.
The Business Gets Sold
Another option to consider is for your family—with the help of your attorney—to sell the business after you pass away. This is a sensible idea if none of your family members expresses an interest in working in this industry. For example, if you own a shoe store and each of your children has a well-established career outside of the shoe industry, it's probable that they won't want to change jobs to run the store. In this scenario, selling the business and dividing the profits among your beneficiaries makes sense.
Someone Else Assumes Leadership
Yet another idea to consider is to keep the family as the owners of the business but to not have any family member directly associated with it. In this scenario, the family will hire someone to run the company but will continue to earn profits from the company's operation. You may wish to have a hand in this process, too, perhaps by selecting someone who will lead the company in your absence. Whatever your choice, your attorney and immediate family can take steps to make it happen.
Contact an estate planning attorney for more information or assistance.
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