You have a successful organization running, but you know that someday you will die and so your thoughts are towards your loved ones that will be left behind. Questions tumble through your mind such as how will they survive? What can I do to ensure that they are taken care of? The answer to both questions is that you need to plan ahead before you die. Here are some questions and answers about leaving a plan in place in the event of your death or disability.
What is estate planning? When you make plans about the transfer of your business estate (assets) after your death, this is known as estate planning. Your estate can be anything your business owns in the forms of cash, houses, cars, boats, real estate, stocks and shares, clothes, and jewelries as well as other things. Estate planning has various functions of which three important ones are listed below:
- To make sure that most of the assets of your business are passed on to your beneficiaries.
- Paying a minimal amount of taxes on your business estate.
- Assigning guardians to any minor children left behind.
Some other important terms to keep in mind when planning for your firm.
What Is A Will?
A will is a document written and signed by you. It sets out in detail how your business property should be distributed. It also sets out what kind of care to give to your children if they are below the age of 18 years. If you should die without making out a will for your business, chances are no one will follow through with your wishes. Although a will is different from your business estate planning, it is a part of it.
What Is A Power Of Attorney?
As a business owner with assets, you have the right to decide and choose who will handle your business affairs if you should become decapitated or unfit in any way to do so. If you do not name such a person while you are fit to do so and later become unfit to handle your affairs, the court has the right to name such an individual. You can refer to the person that you or the court appoints to oversee your business affairs as an “agent” or “attorney-in-fact”.
What Is A Trust?
When you leave a person or organization in charge of your property, it is said you are leaving behind a trust. A trustee is usually assigned though when you leave children behind after your death that are below the age of 18.
Why Should You Plan For The Future?
At no time can you do estate planning for your business after you die. Instead, it should always be done while you are living and breathing. Apart from being alive, it should be done when you are also in the right frame of mind and able to function satisfactorily. At Atlantaestatelawcenter.com, you can get in touch with them and let them know your need for the creation of an estate plan to meet your business needs.
Let them know that you need an estate plan for your business so your wishes can be carried out. Their competent lawyers will assist you in every way possible. You should do a business estate plan when you are in the best of health plus stress-free from all overbearing problems. In addition, for you to do estate planning, you have to be at least 18 years of age. Ask your lawyer to have a review of any intellectual property and other assets your business might own, so he or she can complete an estate plan on your behalf.
Is This For Everyone?
Business estate planning is actually for everyone who is the owner of a firm. Many people think that estate planning is for when they retire, get sick or eventually die. No one can predict the future with such accuracy as to tell when they will get sick or die.
Accidents and illnesses happen without warnings, no matter what age you are. Neither is estate planning for rich folks only. No, it is for every business owner who is concerned about leaving the property for their beneficiary or having someone to handle their affairs in case they should become unfit to handle it themselves.
When Is The Best Time To Plan?
You will have great peace of mind when you know that you have a prepared estate plan in place for your organization, one that your beneficiaries can benefit from if you should die right now. Therefore, the best time to create your business estate plan is now and not later.
If you don’t plan, then the state will do it for you after your death. However, usually when the state assigns someone or an organization to handle your estate; your wishes are not carried out. Doing your estate planning now is one of the most thoughtful things you can do for your beneficiaries or business partners.
Dying without leaving any instructions behind about what should become of your business will do you no good. By establishing property guidelines concerning carrying out your wishes, you are leaving your beneficiaries in a stronger position.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.