Tennessee business owners take every measure to see that their businesses profit and expand. In addition to making sure their companies continue to experience positive growth, business owners also need to have estate plans in place. Estate plans can help ensure that businesses have the opportunity to continue to function in the long term no matter who’s at the helm.
When it comes to estate planning for a business, owners should first figure out what those plans need to include. The estate plan should be set up in such a way that the company is protected no matter what situation arises. Everyone could benefit from business estate plans, from solo entrepreneurs to family-run businesses.
One key way to start setting up estate planning for businesses is by gathering all the documents that are needed. Some of those documents include the following.
• A revocable living trust makes it possible for business owners to assign trustees who will be able to manage business assets on their behalf in case they pass away or are unable to continue doing the work necessary to run the business.
• A last will and testament will allow business owners to specifically determine who will inherit the business once they pass away.
• A living will or advance healthcare directive allows business owners to spell out exactly what type of treatment they want to receive in end-of-life situations.
Another key way that business owners can handle estate planning is to set up a succession plan. The succession plan will outline exactly who will take over the business when the business owner is gone. “Gone” could refer to when the business owner retires, if they’re medically incapacitated or if they pass away.
Working with attorneys who specialize in business estate planning may help ensure that businesses continue to function even when the owner is unable to be at the helm. These attorneys may be specially equipped to handle all the complex estate planning issues that accompany businesses and corporations in order to help owners protect their assets.