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What Are the Key Aspects of Business Succession Planning?

July 22, 2019

Filed under: Estate Planning — Laura Pennington @ 9:15 am

Having an estate plan for your business is just as important as having an estate plan for your individual purposes. There are many different components that go into a business estate plan including a will, a living trust, a financial durable power of attorney, a succession plan, a buy/sell agreement, and life insurance.

Hand writing Time to Plan concept with blue marker on transparent wipe board.

All of these can be discussed directly with an experienced attorney. Your will and your living trust are the cornerstones of your business estate plan.

A will enables you to name who you wish to receive your assets, including your company, if you wish upon your death. A living trust is similar to a will in that it allows you to decide who will receive your assets when you pass away, but this is a private document that has benefits when compared with a will. A financial durable power of attorney enables you to authorize an agent to act on your behalf if you are unable to do so for yourself.

Your succession plan which might also include considerations of a buy/sell agreement and life insurance is your opportunity to outline what will happen to your company in the future if you were to leave. Many people anticipate that they will continue working in their business forever. However, it can be a big mistake to assume that you will always be able or interested in working on your business. Scheduling a consultation with an estate planning attorney who has familiarity with adapting and creating business succession plans should be the cornerstone of the next steps that you take in planning your company’s future.      

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