BUSINESS DECISIONS AND ESTATE PLANNING GO HAND IN HAND
Nov. 20, 2018
Florida business owners know that running a company comes with risks. As a result, they often plan ahead to mitigate the damage certain risks could cause in the event that things do not go well. Planning ahead is always wise to ensure that businesses will continue operating as desired if an owner is no longer able to oversee operations. Estate planning can help address this possibility and offer protections where desired.
Estate planning involves getting multiple documents in order to make specific wishes known. Wills, trusts, powers of attorney and other documents can play important roles in comprehensive estate plans. Parties can use these documents to appoint individuals to important roles, including guardians, executors, business successors, health care agents and others. It is also important to ensure that beneficiary designations are in order on insurance policies, bank accounts and other accounts.
Individuals should also make sure that families and any necessary business associates know where to find these documents. Without this information available, they may still have difficulty knowing the individuals' wishes. It may also be wise to make passwords for email accounts and other online business accounts available to successors and other important parties.
The information included in estate plans differs from person to person. Florida business owners may have details to include that other individuals do not. Therefore, business owners may want to take the time to understand how their estate planning process may differ from nonbusiness owners and what information is important to include for both personal and business reasons. Consulting with knowledgeable attorneys can help interested parties throughout the planning process.