Estate planning can be important for everyone who wants to protect their family’s future, but it can be especially so for Georgia business owners. In fact, an estate plan can help them to protect the future of their family as well as their business and those who rely on them. By dealing clearly with future plans for the business, a business owner can help to set up a framework that benefits employees, customers and other stakeholders.
There are a number of documents that can be part of an overall estate plan; the most common and well-known of these is the will. A will lays out how a person’s assets should be distributed after he or she passes away and names an executor to handle the actual disbursement. However, additional documents can help to further streamline the process. A revocable trust creates a legal entity that can receive all of a person’s assets. This trust allows a trustee to take over management if the creator becomes incapacitated and can allow property to pass after death without going through the probate court process. This can make revocable trusts a much more efficient way to transfer property.
For a business owner, a buy-sell agreement is an important part of estate planning. This document can lay out how the owner’s shares of the business will be handled after death and create a plan of succession. It can be an excellent opportunity to communicate with other business partners about the future and prevent the business from being passed on to uninterested family beneficiaries.
When business owners want to plan for the future, estate planning can bring peace of mind. An estate planning lawyer can help establish a comprehensive plan that addresses business and personal interests.