There are three documents that entrepreneurs need to include in their estate plans for safeguarding their businesses. Using savings and insurance alone doesn’t cut it anymore and Arkansas residents who have spent the time and money into nurturing their businesses need to realize the importance of having wills, financial powers of attorney and living trusts when estate planning. As the business grows and prospers, these documents aren’t only important to have, they’re necessary.
Things like insurance can provide coverage for medical emergencies, but only a good estate plan can prepare a business for unforeseen, worst-case events. For example, what happens in the event of the owner’s untimely death? Is there a succession plan in place? The same goes for retirement. A succession plan addresses those issues as well as chronicling what should happen if the business falls on financial hard times or if the owner can’t oversee operations because of illness.
No one ever wants to think about these things happening, but planning for them is imperative. Once a comprehensive estate plan is in place, a business owner can get on with operating his or her business without worrying about the what if’s. These plans need to be updated periodically as situations change.
An Arkansas attorney can provide his or her entrepreneurial clients with a plethora of advice when it comes to estate planning regarding a business. Understanding the need for these documents to be in place is a definite incentive for writing them. A business owner doesn’t have to go it alone when an experienced attorney can offer guidance and advice for each unique situation.