Entrepreneurs in Florida must plan their personal estates to account for their public businesses. Different industries have different laws, but the business itself or its assets can be protected in your estate. Your wishes regarding who leads your business and how should be stated in your will. Here are some important reasons that your business should be a part of your estate plan.
A proper succession
The succession of your office and title is best when you decide on who you give your business to. As part of your estate’s wishes, a successor differs from beneficiaries like inheritors. The successor you set gets a company position. The ownership of that business, however, can be titled to beneficiaries who have no administrative control over it.
Executors and powers of attorney
Estate planning must account for executors, whom you assign to execute your estate plans. After your death, this person confirms that your wishes are followed and that your beneficiaries are contacted. Having a power of attorney, on the other hand, is helpful when your authority is required beyond your physical capacity. Those with the power of attorney can act on your behalf but only while you’re still alive.
Advantages of a living trust
No matter the beneficiaries or successors, business owners with living trusts can enter their businesses into a tax haven. A living trust holds assets that are part of your estate. These trusts aren’t contested in court, and their assets remain private. Within a trust, business owners protect the assets that make their businesses operable.
The future of your business needs as much planning as your personal estate does. You may want to add your wishes for your business to a living will and make other arrangements for its success.