In the U.S., people often put off estate planning for as long as possible. This includes people who make plans for many other things. There is just something about estate planning and contemplating their own deaths, that people want to put off.
A business owner makes a lot of plans for the business, including how to manage it and expand it. This is true, regardless of the age of the business person. If something happens to the business owner, however, their age doesn’t matter. When the owner passes away, something must be done with the business.
If plans are not made beforehand, the business is likely to close. Therefore, business owners need to have estate plans as the Savannah Morning News discusses in “Thinking the unthinkable: Businesses require estate planning.”
There should always be a plan in place for what will happen, if a business owner passes away at any time. Plans need to be made regarding who will own the business, as well as who will manage it, if the proposed owner is too young or not interested. This is just good business planning and good estate planning.
Your business is important to you, so make sure you have a business succession plan and an estate plan in place that protects the business, in case something happens to you.
Reference: Savannah Morning News (April 11, 2018) “Thinking the unthinkable: Businesses require estate planning.”