If you own a small business in Greensburg, you likely have put a lot of thought into how to create and run your operation. However, one thing you should not neglect is planning what happens to your business if you should suddenly pass away. As Entreupenuer.com explains, it is important to compose a last will and testament early on before the unexpected occurs. While there are many important reasons for entrepreneurs to have a will ready, here are three important reasons any business owner should consider.
There are many advantages when it comes to setting up a will, such as providing yourself with peace of mind knowing that your estate will be managed properly in the future and ensuring that are distributed among your loved ones as you wish. However, it may be necessary to revise your will at certain points in your life. We discussed how divorce can necessitate the revision of an estate plan, but there are other reasons why you may need to make changes to your will. For example, you may lose a family member or experience major financial changes.
An entrepreneur in Pennsylvania may find themselves facing conflicting urges when it comes to estate planning. While one might see a great future for their business, they may also want to give a large bequest to their children. In addition, an entrepreneur could be troubled by the thought that their child will eventually be in charge of the family business, especially if they have never shown much interest.
Some people in Pennsylvania who have a will might want to think about whether additional documentation could be useful in their estate plan. Wills and other estate planning documents can cause conflict between family members, but often this is because they do not understand the rationale behind the plan. However, there are ways to convey this rationale to loved ones.
Estate planning in advance can help to prevent later problems and complications for Pennsylvania residents after they pass away. The death of a loved one can, all too frequently, be accompanied by bitter struggles over the estate. By developing wills, trusts and other documents earlier in their life, people can help to make sure that their assets will be passed on in a way that reflects their wishes. When there is no will left behind, people can be left to debate the disposition of an estate. Resolving these complexities can be particularly important in families where ongoing disputes over money, businesses or other issues are a factor.
Many people in Pennsylvania want to be assured that they have already taken care of their family and protected their assets through the creation of an estate plan. However, changes in one's life as well as legal changes may mean that a person's estate planning documents have become outdated. It is important to provide a regular review and examination of key items in order to ensure that they reflect a person's current wishes; experts advise a review after major life changes like marriage, divorce and the birth of children or grandchildren or every 10 years.
When developing an estate plan, it's important to consider all possible situations. Although joint tenancy with survivorship is suitable for many married couples, it doesn't address every case and may leave surviving spouses to deal with Westmoreland County probate or risk the property being transferred to the wrong person.
Pennsylvania residents who have created an estate plan with a strategy for reducing estate tax might want to review that plan with an eye to how they might change it if the estate tax is repealed. While it is not yet known what might happen to the estate tax, making a plan now would mean that it is easier to make quick changes if necessary.
Most people living in Pennsylvania understand the importance of providing for their families after they die. While legal experts generally agree that the most important thing people can do to ensure that their affairs are settled quickly, inexpensively and appropriately after they pass on is to create a will, many people simply don't ever bother to write one.
When Pennsylvania residents begin the estate planning process, they may be surprised at the number of issues that need to be determined. In addition to ensuring that their assets are distributed in accordance with their wishes, other concerns, such as child guardianship, end-of-life planning, and who will serve as the executor are also on the table.