Do business owners really need an estate plan?

You are not yet elderly, but you have been hearing a lot about estate plans. Lately, you have been thinking about creating one for yourself. But you are not certain that an estate plan is necessary. After all, you are in good health, your business is going strong and you can’t imagine your family or business partners mishandling your estate in the event of your death.

Currently, you do not believe that an estate plan is necessary. This belief, however, is a big mistake. Everyone needs an estate plan—especially business owners. Read on to learn some important reasons why an estate plan is crucial to protecting your legacy and ensuring your family’s and business’s success.

Plan for the unexpected

You are in good health now, but, unfortunately, illness or an accident can strike anyone suddenly. Creating an estate plan today is crucial for your family and company’s future. Your estate plan can also incorporate other factors that you may not anticipate now, such as economic troubles, a sale or purchase, a merger or a closing.

Keep your business alive

Even after you pass away, your company may survive for years. Part of this is due to how you address your business matters in your estate plan. Working with a business law and estate planning attorney, you can plan what you want your company to look like in the years following your death.

Prevent legal troubles

Business owners who die intestate leave their partners and loved ones with a legal mess to unravel. For example, when the rock star Prince Rogers Nelson died intestate, his heirs and trustees spent years handling complex legal obstacles. Your estate plan can prevent this, allowing your loved ones to grieve in peace.

Protect your loved ones

Finally, we reach the most important reason for an estate plan: Protecting your family’s wellbeing. As a business owner, you are responsible for providing for your family. Without your income, they could fall into debt or poverty. An estate plan can address your family’s financial needs, allotting them your assets, property and business holdings.

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The Hurley Law Firm

The Hurley Law Firm, P.C.
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Knoxville, TN 37919

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