Construct a Business Succession Plan
If you are the sole owner of a business, detailing how you wish your company to be managed or sold after you pass is an important part of an estate plan. Including this crucial information regarding such a valuable asset is essential for your wishes to be seen out.
Before your passing, notifying successors of your wishes, should you choose for the business to be managed, not sold and helping them gain control of the interworking of your business is helpful. Having knowledge of potential future ownership of the business helps successors prepare both mentally and physically for the work required of them to take over your valued company.
In addition to knowing of their future management of your business, putting together the proper paperwork to transfer titles is a necessary piece of information for your estate plan. Providing this paperwork to your dedicated estate planning lawyer ensures that your company will be protected in the future.
If you own a business and wish to create a succession plan, call
the estate planning attorneys at Knauf Law (previously Pankau Law)!