Protecting Your Business After You Become Incapacitated or Die

If you have started a company, then you need to make sure that your wishes are carried out for it once you become unable to make decisions about its operation or pass away. Taking simple steps helps to ensure that your family remains in charge. Here are some types of forms you need to have in place.

Name a Financial Power of Attorney

If you currently sign all your company’s checks, then you need to make sure to name a financial power of attorney. This allows the individual to act on your behalf. They can signs checks, perform real estate transactions and take care of your money. The form should say when you want your power of attorney to become effective. It may be possible to have a power of attorney take effect if you are unreachable. Other formats require a doctor to say that you are incapacitated.

Get a Living Trust

A living trust allows a person to act on your behalf if you are unable to act for yourself. It helps ensure that your wishes are carried out by someone you trust rather than the court system. It may also help to lower estate taxes if you pass away. Setting up this document may help to minimize taxes at the time of your death and help ensure that your family is not burdened with your business debt. It also may mean that your assets are tied up in probate court for a shorter period of time when you die.

Write a Last Will and Testament

When you pass away, then your Last Will and Testament becomes your final say about what happens to your business. It ensures that your wishes are carried out after your death. If you own a business with someone else, then each partner needs to create a business succession plan. These plans can be established with preexisting conditions ensuring that your wishes are carried out.

Take steps now to protect your business since no one is promised tomorrow. Meeting with an estate planning attorney in Las Vegas may be a great way to start the process.