

Preparing for the Unexpected

If you are a small business owner, your focus is likely on keeping the company running on a daily basis. While this is important, looking beyond today to what will happen if you can’t run your business should be on the top of your to-do list. If you die or become incapacitated without a plan in place, you will leave your heirs without clear instructions on how to run your company. This can jeopardize the business you worked so hard to build. The right plan along with adequate insurance can help keep your business running regardless of what happens.

Execute the Proper Business Documents

If your company has several owners, a buy-sell agreement is a must. This contract will outline the agreed-upon plan for the business should an owner become incapacitated or die. Provisions in the buy-sell agreement will include:


Execute the Proper Estate Planning Documents

A properly executed will or trust will allow you to state how you would like your assets to be transferred — and who will receive these assets — at your death. A will or a trust also lets you identify who will take charge of the assets and manage their disbursement (including your business accounts) according to your wishes.


Additionally, a trust can help your loved ones manage your trust assets if you become incapacitated. While you are alive and well, you typically act as the trustee of the trust, so you can manage your business and assets with little change from the way you do now. But unlike a will, a trust allows your successor trustee to step in and manage things if you become incapacitated. A trust avoids court involvement, allows for a smooth transition of trust management (which can be very important if your business relies on you for da-today management), and proper continuing care for you in your time of need. Although having a will can be a great way to start, most business owners are much better off with a trust-based estate plan.

Purchase Additional Insurance


Contact an Estate Planning Attorney

Having a plan for your business in the event you are unable to continue managing the company is essential to protecting your family and business. A certified specialist in estate planning, trust, and probate law can explain the many options you have to protect your enterprise so that you can focus on what you do best — running your company. Call us today to get started protecting your business.