If you’re a business owner, you need to have a will. Period. End of story. A will is one of the most important documents, as it outlines your wishes for what should happen to your business after you die. For example, without a will, your business could be liquidated and sold off to pay your debts or passed on to someone with no interest in running it. In short, a will gives you peace of mind knowing that your business will be taken care of according to your wishes. So, what should you include in your will as a business owner? Read on to find out.
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The Names Of The Executor(s) Of Your Estate
The executor is tasked with carrying out the provisions of your will. As such, it’s essential to choose someone you trust implicitly to carry out your wishes and handle all the details involved in closing down or transferring ownership of your business. You can name more than one executor if you wish, but be aware that doing so may complicate matters if they can’t agree on what needs to be done.
A Clear And Concise Description Of Your Business Assets
This may seem like a no-brainer, but it’s important to be as specific as possible when listing your business assets in your will. After all, there’s a big difference between “my computer” and “my Dell Inspiron laptop that I bought in 2018.” Furthermore, the more specific you are, the easier it will be for your executor(s) to follow through on your wishes.
Directions For How You Want Your Business To Be Handled After You’re Gone
Do you want your business to be sold and the proceeds divided among your heirs? Do you want a family member or friend to take over ownership and operation of the business? Or do you want it all to go to charity? Or are you leaving your business to your children?
Clarity On Who Will Be In Charge Of Guardianship
This is especially important if you are leaving your business to minors. If they can’t manage the business themselves, you will need to designate someone (or multiple people) who can act as guardians of their interests until they come of age.
Guardianship Lawyers can help you ensure that all the necessary documents are in place and that the appropriate people are designated to make decisions for your minor heirs.
Signatures From Witnesses
For a will to be legally binding, it must be signed by both the person making the will (i.e., you) and two witnesses unrelated to you or named in the will. So once you’ve got everything else squared away, all that’s left is to have it signed and witnessed so that it can go into effect upon your death.
A well-crafted will is an essential tool for any business owner—it ensures that your wishes for what should happen to your business after you die are carried out exactly as you intended. So what should you include in yours? Be sure to name an executor (or multiple executors) whom you trust implicitly; provide a clear and concise description of all business assets; specify how you want those assets handled after death; include contact information for key employees and advisers; and finally, don’t forget those all-important signatures from witnesses! By following these simple guidelines, you can rest assured knowing that your business is taken care of—no matter what happens down the road.
