Do You Have A Business And Children But No Will? Hire An Attorney And Go Over These Things Immediately
Posted on: 6 June 2023
If you own a business and have children, and you're worried about what would happen to your assets, property, and more if you passed, it's time to get a will. You don't want what you have worked for to get stuck in probate, and you want to eliminate all confusion.
Although there are kits you can get online or at stores to do a will on your own, this is something best left to the professionals. Here are things to consider.
Have Control of Medical Decisions
Without a will and a designated power of attorney, your spouse, next of kin, or the family member that shows up could be making medical decisions for you. The medical staff may also make those decisions if they can't get in touch with your family members.
You need a designated medical power of attorney and information on what you want to be done in certain situations that could occur.
Prevent the Estate from Going to Probate
If your estate goes to probate, you will have no say in how things are divided up or managed after your passing. When you have a will, you can clearly state what you want to happen with:
- Savings and checking accounts
- Investments
- Assets
- Property
- Business management
- Heirlooms
There are other things that will be included in the will. You don't have to worry that the courts will make these decisions for you.
Create Trusts
There are many reasons why you want to get trusts set up for your children. Some of the benefits of a trust include:
- Reducing and minimizing taxes
- Protecting assets
- Avoiding probate
- Caring for special needs children
These are some of the main reasons. The lawyer can help you set up these trusts, along with your financial institution.
If you are an adult with children and you have no living will, you need to schedule a time to sit down with an attorney. A professional that offers will services will help you plan what you want to happen if you pass unexpectedly and will help you prepare your estate properly.
After you do this, you should let people close to you know that yes, you do have a will, and you should also let them know who your lawyer is. This makes it easy for someone to get access to the will and notify the attorney if anything happens.
Reach out to a will attorney to learn more.
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