If business is in the estate plan, there is a better chance it will survive.
If you have worked for years to build your business, it is likely to close, if a plan for it to continue is not included in your estate plan, according to the Savannah Morning News in “Thinking the unthinkable: Businesses require estate planning.”
There should always be a plan in place for what will happen, if a business owner passes away at any time. Plans need to be made regarding who will own the business, as well as who will manage it, if the proposed owner is too young or not interested. This is just good business planning and good estate planning.
Your business is important to you so make sure you have a business succession plan and an estate plan in place that protects the business in case something happens to you.
An estate planning attorney can advise you in creating a plan that fits your unique circumstances and may include support for continuing your business.
Reference: Savannah Morning News (April 11, 2018) “Thinking the unthinkable: Businesses require estate planning.”
