Estate planning is a wise move for most people, especially for business owners. If you are an entrepreneur, it’s vital to make sure you prepare for the unthinkable so your legacy remains intact. Here are the three biggest mistakes business owners make before death.
Mistake #1: Lack of Succession Planning
As a business owner, you must have a plan in place for after you’re gone. The number one thing to build now is a succession plan. Leaving what you’ve spent your life building in unknown hands is a recipe for disaster. Make a succession plan now. You can update it in the future as your business grows and changes.
Mistake #2: Waiting too Long to Make a Plan
Most of us think we have plenty of time for planning and hence put it off indefinitely. But fate can take a cruel twist, leaving your business without leadership, a vision, or a plan. If you die prematurely or unexpectedly, and don’t have a plan, your business could die with you. Don’t wait to put it in writing.
Mistake #3: Making Informal Arrangements
Having an estate plan for your business made informally without legal representation and filing is not much better than no plan at all. Working with an attorney will ensure that the paperwork is accurate, filed appropriately, and that any amendments stand up in court.
Don’t let lack of preparation determine the demise of your life’s work. Estate planning for your business is critical to its success after you’re gone. To get started, contact the legal team at McCutchen McLean, LLC, for the experience and advice you and your business can depend on.