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What is Estate Planning?


What is Estate Planning

A business needs an estate plan and attorney Briana Robertson is all about helping others legally protect themselves and their business. What is estate planning? Most people instantly think morbid thoughts regarding the topic of estates. Generally, when mentioning estates people associate it with death and what happens to our ‘things’ when we die. However, estate planning is a crucial part of preparation for businesses. Estate planning can be a sad topic to think about but it must be addressed, especially by business owners. It not only deals with what happens if you were to die but also if you were to become incapacitated or unable to think or do for yourself. An estate plan will help you decide what will happen to your things, who will care for you, and how and who will run your business and personal affairs until you are able if ever, to recover and take control back. Essentially, estate planning tells the courts and people how you want all of your assets divided should you pass and who should take care of your things, you, and decisions should you become unable to for any length of time. Business owners and entrepreneurs of all industries need to have an estate plan. When you are a business owner how you operate on a day-to-day basis is much more complex and different compared to an individual who is not. A business owner would want to be sure in their estate plan that they have a financial power of attorney, someone to operate their finances should they become incapacitated or unexpectedly pass on. When owning a business you want to have an estate plan for both business and personal finances, your business operations, and your personal affairs like who will take care of you, in case you’re unable. A financial power of attorney can do this for you and for a business a living trust is recommended for your protection. What happens if you have not done Estate Planning? Your family will have to go through a long process in the court system just to get a piece of paper to be able to handle your finances. Meanwhile, during the long court process, your finances are already getting out of control simply because you did not have a plan in place. This is all avoidable by having a documented plan prior to any issues arising. A plan that appoints who you want to be handling these things and how you want them to be handled. Estate planning is essential for business owners. A lot of time business owners have assets that belong to their business and these assets are usually necessary for the business to operate. Having a plan in place protecting these assets and appointing someone over them with instructions on how to handle the situation is a must to ensure your business can successfully and legally continue to run in your absence. Another thing to consider is essential business software, confidential information, passwords, and other possible necessities to operate your business if you are incapacitated for any length of time; who will have access to these things and how will they access them? Someone is going to need to be able to get into this information in order to keep your business running, your assets protected and your property managed as you desire. If you do not go through an estate planning process and ensure all of these things are in writing then the only way for these things to be determined is through the court system. This causes unnecessary stress for your family during a time they should be grieving or preparing to care for you. It also leaves the outcome out of your and your family’s hands and allows someone who knows nothing about your business, finances, or processes to make the decisions for you. Another thing worth noting is that in the event of death and no estate plan, it typically will bring out the worst in people. This generally causes fighting within the family about who is getting what and how assets and so forth should be passed down. Leading to a long drawn-out court process that will cost thousands of dollars just to determine how your assets will be distributed among your family with no guarantee it will happen the way you would desire. To avoid all of the unnecessary stress, heartache, and possibly thousands of dollars in litigation and court fees you should complete your estate planning now for your personal affairs and your business. Get a plan in place so that you have peace of mind knowing your family is protected and they will know exactly what to do should you become incapacitated or unexpectedly pass on. Estate Planning Attorney Briana Robertson is experienced in helping families and businesses protect their assets. She will make sure your family can properly grieve and heal knowing that you have already taken care of everything else by having a plan in place.

Schedule a Phone Consultation

If you need an experienced estate planning attorney the Law Office of Briana C. Robertson would be happy to help you! Contact the office to schedule a free consultation and protect your family and assets

Estate Planning Attorney Briana Robertson would be happy to help you.

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