Could not having an estate plan jeopardize your business?

On Behalf of | Nov 28, 2021 | Uncategorized |

Ohio entrepreneurs constantly have numerous responsibilities to address. As a result, it is easy to push important life matters outside the business to the side on occasion because the main focus is on business affairs. However, if you have not taken the time to create an estate plan, you could put your business and other personal matters in jeopardy. 

Unfortunately, many individuals believe that they have all the time in the world to create an estate plan. Of course, that is not the case. A sudden illness or accident could leave your estate up in the air if you have not already left instructions for how to run your business and estate in the event of your incapacitation or death. 

Is a plan really necessary? 

You, like many other entrepreneurs, may not think that your business or wealth could really face anything too disastrous simply because you did not have an estate plan. Unfortunately, multiple successful business owners have made the mistake of not having a plan, and as a result, their families were left in difficult spots. Some were unable to access their loved one’s accounts and funds, and others ended up in the position of owning a business when they had no desire to. Neither of these scenarios work out well typically. 

How should you plan? 

Fortunately, numerous ways to plan exist, and you could help set your business up for continued success after your passing. Some documents you may wish to include in a comprehensive estate plan are the following: 

  • Power of attorney 
  • Will 
  • Living trust 
  • Pour-over will 
  • Business succession documents, including transfer of ownership 

The exact details you could include in your plan depend on your specific wishes and circumstances. It is important to keep in mind that, even if you are in good health and not close to retirement age, having an estate plan could be a safeguard should the unthinkable happen. Knowing that you have taken the time to get your affairs in order could act as a significant relief to you, your family and those associated with your business.  

When created properly, your plan could help set up a legacy that continues for decades to come. If you have questions or concerns about starting your plan, you may want to utilize local legal resources for reliable information.