Importance of Estate Planning
Can you imagine building your business for 20, 30 even 40 years and then watching it crumble? What if you worked your whole entire life to build a business, a future, a support system for your family and then have it fall apart due to the inability to have it functioning without you?
This scenario happens all too often when people do not have the proper estate planning, they become incapacitated and, in turn, are unable to run their own business. Without having executed the right documentation to avoid this problem, becoming incapacitated leaves your entire business in the hands of the judicial system. Although we have very competent judges in the probate section, there are hundreds of thousands of cases demanding immediate attention. Every time a corporate decision needs to be made, bills must be paid, assets bought or sold, the guardian is required to petition the court for court authority. If the matter becomes litigious because family members (usually children or spouses) are unable to agree on how to run the business, it must be set for a hearing. Requesting a hearing date not only takes time because of the Judge’s calendar, but attorneys for all parties must prepare for the hearings as well. Not only is the process time consuming, it is also very costly…usually at the expense of the incapacitated person.
One solution is to meet with an estate planning attorney to discuss how you can ensure your business will be up and running despite having suffered an accident, endured an operation or become incapacitated. A tragic event does not have to be exacerbated by having your business and family suffer as well.