Imagine leaving all your assets and money outright to a child or spouse only to have a creditor come in and take everything, leaving them with nothing. How about having a pregnant wife who gets in an accident but since you didn't clarify in a legal document who to save, the doctors save the fetus over your wife or vice versa? Couples are divorcing daily, and although no one wants to believe it would happen to them, it does. Imagine being separated from that spouse but not officially divorced and they get everything when you pass away.
In the estate planning world, there are numerous tips that I could endlessly write on. To narrow it down to just ten tips was difficult to say the least so please know the purpose of this is not a complete guide to estate planning but rather just a few things to think about when beginning to plan or, if you have a plan, a few tips that hopefully add value to your existing arrangements. Don't miss the bonus tip within the article; it's one of the most important!
Do you own a business? Will you inherit one? Does a family member? Even if you answer no to all those questions, you know business owners are hard working individuals who bought into a company or built their legacy from the ground up. They have devoted so much time and effort toward their companies that they are no longer just projects, but cherished assets. Estate planning for business owners is a topic well-received and one that must be addressed for these individuals. Everyone must consider what happens to their house, possessions, money, and pets after they die. For owners or beneficiaries of companies, they must also take into account the future of the business.