According to Connect Legal, you need to ask yourself an important question: Who should inherit your business? Your lawyer will ensure that your business interests are distributed according to your wishes in a timely and cost-effective manner. If a business has multiple owners, all owners need to plan how the business can survive.
Connect Legal suggests you ask yourself:
- What will happen to your business if something happens to you or your partner?
- How will your family pay the bills?
Get a lawyer’s help to draft or revise your will. There are special requirements in law that must be satisfied for a will to be valid. Make business arrangements in the event something happens to you to ensure your wishes are carried out.
Consider seeking advice from an estate planner. Your estate planner will help you put in place a comprehensive estate plan that contemplates not only the distribution of assets in the event of death, but also which individuals or organizations would make decisions on your behalf, from both a personal and financial perspective if you ever became incapacitated. The plan also includes having a Will in place and designating a Power of Attorney. Learn more at RBC Estate and Trust Services.
This is intended as general information only and is not to be relied upon as constituting legal or other professional advice.