Estate Planning for Small Business Owners

Estate Planning

Everyone should make plans for their family should the unthinkable happen. This is not difficult, especially when you have an estate planning solicitor to guide you. Making a Will is an essential part of it, although there can be much more to it. But for those who own a business it is a little more complicated because they have to decide what they want to happen to the business and those who work in it, then implement steps to ensure it happens.

If the business is a partnership or has several owners, there must be plans to ensure they are taken care of. One way to do this is to draw up a legally binding buy-sell agreement. This will outline what you want to happen if a partner or co-owner dies, decides to leave or is forced to leave for some reason.

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