With an estate plan, you can get rid of any concerns you might have about what could happen to your assets after your death.
You can even easily incorporate your business interests into your plan while you are at it.
Create a succession plan
First, you can use your estate plan to name a successor. You can also put in a succession plan where you plot out how you want the integration to happen, and how you want the business passed down. If you do not have a good plan, you could lose important partnerships or clients, and the business might even financially suffer.
Deal with buy-sell agreements
You can also include matters related to life insurance. Massachusetts’ government website discusses the basics of life insurance. It can provide for your loved ones for quite a long time after your death. It even provides funds for buy-sell agreements if a beneficiary wants to sell their ownership.
Related, if you are not the sole owner of the business, you can also create a buy-sell agreement. Other heirs or owners can then buy your share if your intended beneficiaries feel uninterested in continuing.
Create a living trust
Finally, you can create a living trust, which is similar to a will. It is a separate entity that will transfer your business to your beneficiaries automatically upon your death. It also allows you to avoid probate, a costly and time-consuming process.
It also allows the business to continue with little or no interruptions to the daily operation, which is a major boon to many.
