Special Considerations For Business Owners
" For small business owners, we need to have a conversation and deal with the business side and how it is incorporated into their estate plan. First of all, I’d look at and make sure if they have a business and they own it with someone else, they have the correct business documents in place that say what happens when they pass away. If not, then those need to be updated. Basically, we would handle the business documents separate from the estate plan documents. That would be a situation that we would definitely need to review and make sure that it is already in place and if not, updating.
The second piece would be making sure that estate plan addresses how they want things to go once they pass away and what that is going to look like, and if they have somebody that might take over, or run the business until it can be sold. There are different things that would need to be brought up. Again, like I said, part of it is dealt with in the estate plan piece in the will or trust, and then the other piece would be dealt with in the actual business documents."
Your Phoenix Estate Planning Attorney
Nicole Pavlik is an experienced Phoenix estate planning attorney who can help you create a comprehensive estate plan. If you have questions about living wills, call Nicole Pavlik Law Firm today at (602) 635-6176 for a free consultation.
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