It can be very difficult thinking about your own death and what will happen to your assets and property after you pass away. If you haven’t created an estate plan, you aren’t alone. Reports show that 50 percent of Americans don’t have a will or trust.
Even though it can be difficult to discuss, addressing your end-of-life wishes and creating an estate plan is very important. This is especially true for people who own their own businesses in Nevada. Most people who start a family business want to keep the company in their family after working so hard and putting so much effort into starting the business. If this rings true for you, then it is vital to take advantage of having an estate and succession plan.
Individuals should ask themselves what they want to happen to their property and assets after they pass away and use the answers to help draft an estate plan. It is also important to consider end-of-life care and think about creating a living will to address any life-sustaining medical care you would like.
In addition to creating an estate plan, it is also important to have a business succession plan. Many questions may run through a business owners mind, and some people may be worried about what will happen to their business after they are gone.
A succession plan can help address your concerns and make sure the family business will be in good hands. Business owners may be afraid of asking what will happen to the business and who will be in charge. While it may not always be pleasant discussing who will be running the business after you pass away, it is important to create a plan for who will take over the family business.
Proper estate and succession plans can be great tools for discussing what will happen at the end of your life as well as how your family business will be impacted. Estate and succession plans can help reduce stress and tension in the future for your loved ones so plan now to make sure your wishes are known and honored before it’s too late.
Source: Columbus Business First, “Advice: Stop procrastinating and start estate planning,” Bea Wolper, March 5, 2014