When an entrepreneur goes through the trouble of setting up a business, he or she likely wants to make sure that business is successful and protected in case anything unforeseen should happen. Arkansas business owners might consider how estate planning could benefit their businesses since savings, insurance and prayers might not be enough in the event they can no longer take care of business. It is important to have essential documents in place like a will, financial power of attorney and a living trust.
Being a business owner is time-consuming and the time of most entrepreneurs is spent running and managing their businesses, so very little thought is given to an estate plan, which is a grave error, according to experts. In fact, only 24% of business owners surveyed had a will, while even fewer had a financial power of attorney — 80%. An astonishing 65% of business owners had no estate planning documents at all.
No one likes to think about dying, but entrepreneurs also don’t like to think about their family members losing a business they’ve worked so hard to build, either, and that is why estate planning is crucial. These documents can spell out who would take over the business in the case of an owner’s death. It also gives an owner control over the succession of his or her business.
An Arkansas estate planning attorney can provide an entrepreneurial client with assistance in drawing up an estate plan for his or her particular situation. Business owners may find that a weight is off their shoulders after having put an estate plan in place. Knowing a business and loved ones will be taken care of may make the day-to-day running of a company much easier.