How does an estate plan keep a business going after the death of a founder?

If you don’t plan properly and have the correct documents in place, the business could die or go under once the founder dies. Many people who start a business do so to leave a legacy for the next generation. However, the founder of a business does not always get to see that play out. Without an estate plan and a business succession plan, a person's businesses and assets may not be passed on to their intended successors. By talking with an attorney about your wishes and taking some simple steps, you can make sure your business will continue after you are gone.

The death of a founder is a devastating loss for the family and friends who have lost a loved one, and it can be worrisome for the people who are left to carry on his or her business. In order to keep the business going and honor the wishes of the deceased, an estate plan is usually put into place. It establishes instructions for managing the business after the founder has passed away, and it provides guidelines for how much control beneficiaries will have over the company.

estate planning law specialist

A well-thought-out estate plan is especially important if there are multiple parties involved because it can help to prevent conflicts from arising. For example, if two cofounders own equal shares in a business together, they may have different ideas about what should happen when one of them dies. One might want to continue on with his or her initial vision of the company, while another might prefer to give more control over to another founder or employee. An estate plan can clearly lay out who holds what percentage of shares in the business and who will make decisions about the company's future; this way, no one is forced out but the person's original wishes are still respected.

When you’re ready to proceed, call this law firm for a free consultation, they’d like to help you:

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://posts.gle/UxAZ4j

https://parklinlaw.com/business-law-in-utah/ 


Location: Lindon, UT, USA

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