Are you worried about estate planning but don’t know where to start? Sure, you’ve thought about it but you haven’t actually taken the time to sit down with a professional and plan it out. If this is you, then don’t worry; you aren’t alone.
Only about half of baby boomers have a living trust or a will written which means that a lot of older adults are slacking when it comes to planning for the end of life.
As you get older, you know that writing a will is a crucial part of getting your affairs in order, especially if you’re a small business owner.
In this article, we’ll cover five expert tips you need to know about when writing a will.
Grab a pen and some paper; we’re getting started.
5 Expert Tips on Writing a Will
Everyone should write a will before they pass, but as a small business owner, your will is a little more unique. Find out what you need to know.
1. Decide If You want to Liquidate, Sell, or Pass Down the Business
A lot of small business owners are a one-man or one-woman show. When it comes time to retire, deciding on what you want to do with your businesses is crucial.
Will you pass the torch to another family member, liquidate your assets, or sell the company?
It’s a big decision so think wisely, then put the pen to paper and write it down.
2. Transfer the Knowledge
If you’re running a business solo or are the only one who knows things like account numbers and passwords, transitioning to a new successor or liquidating your company will be difficult.
Create a documented plan that holds all of the pertinent information needed so that you can easily transfer this knowledge when the time comes.
3. Decide on a Successor
If you are selling or passing on the business you’ll have to decide whether you want to do it while you’re still alive or the process in which the turnover will take place.
It’s better to get all the details lined out now before an unexpected health matter takes over and keeps you from seeing your wishes come true.
4. Revisit Often
Like the market, your business and situation may change. It’s best to revisit these estate planning documents every few years to ensure everything is still lined up according to plan.
5. Talk to a Professional
Drawing up a will is a critical part of life so make sure you’re doing it the right way. It’s a good idea to go to a professional to avoid wills & probate litigation and ensure your estate and assets are properly taken care of.
Getting a fresh pair of experienced eyes on your will can set you up for success when the time comes.
Stay in the Know
Now that you know what to include when writing a will, you can start the process today and get your affairs in order.
For more small business tips for running your company smoothly and efficiently, check out our blog.