Wills

A will is a legal document that outlines how a person's assets and affairs should be handled and distributed after their death. It specifies who will inherit various possessions and property, names guardians for any minor children, and may appoint an executor to oversee the administration of the estate.

For a business owner, having a will is particularly important for several reasons:

1. Asset Distribution: A will allows a business owner to clearly specify who will inherit their business and other assets. Without a will, state laws determine how assets are distributed, which may not align with the owner's intentions.

2. Business Continuity: A well-structured will can help ensure the continuity of the business after the owner's death. It can outline plans for leadership succession and provide guidance on how the business should be managed in the interim.

3. Protecting Family Interests: For many business owners, a significant portion of their wealth is tied up in their business. A will can help protect the interests of family members and ensure they are provided for, even if the business needs to be sold or transitioned.

4. Tax Planning: A will can be part of a broader estate plan that includes strategies for minimizing taxes on the estate before the assets are passed on to heirs.

5. Minimizing Conflict: Clear instructions in a will can reduce the potential for disputes among family members or business partners about the distribution of assets and management of the business, leading to a smoother transition.

6. Choosing Executors and Guardians: A business owner can specify who they want to handle their affairs, including appointing guardians for any dependents, ensuring that someone trusted is in charge of their estate’s distribution and business management.

7. Legal Compliance: Having a will helps ensure that the business owner’s wishes are legally documented, which can simplify the probate process and help ensure compliance with applicable laws.

 A will allows you to designate beneficiaries and administrators and to avoid default probate laws. We will draft your will to include your personal assets, which will then flow into the trust in the case of your death. The trust will also specify where your dependent children will go if you were to pass away. These decisions are far too important to hand over to the court system.