Why Estate Planning Is A Must If You Are A Business Owner
Estate planning is often in many people’s minds yet tends to be ignored because of the upsetting thoughts & dreads about death. Nonetheless, estate planning in Mississauga is a must for anyone with a business.
Creating an estate plan before you’ll ever require one is a smart decision. Very often people have a penchant to assume they’ve ample time to think regarding their future & estate planning. However, there’re several advantages of drafting an estate plan sooner than later.
An estate plan can keep your personal and business assets out of probate court, making the switch of your assets much hassle-free for your family members. Moreover, by drafting an estate plan in advance, you’ll have absolute control over what occurs to your business & other assets after you pass away or become disabled.
Here are a few tips for business owners on estate planning:
Appoint a financial power of attorney:
For business owners it is really important to appoint a financial power of attorney. A financial power of attorney is a legitimate document that you can craft online. It encompasses engaging a reliable individual to manage your finances after your demise, or if you can no more take decisions because of health concerns.
Being a business owner, you may have a more complex financial system that’ll necessitate the correct person to manage the changeover when you can no longer take responsibility. As such, it’s recommended to hire someone that you trust to be your financial power of attorney and who can supervise your business and assets from your behalf.
Create a living trust:
It is probable that being a business owner you own several assets that are tied specifically to your business. It is also possible that many of these assets are important to your business, so much so that without them, you won’t be able to operate your business at all. Taking all these into account, it is essential to develop a living trust – a legal document that you develop while you’re still of sound mind.
This document will give directions encompassing your assets and name either a person or legal entity of your choice as the trustee. This’ll make sure that irrespective of what happens to you, the resources that keep your business running will be safeguarded and will only end up in the hands of the people you have faith on.
How to create your estate plan?
Expert guidance from your tax professional, attorney and financial advisor can aid you appraise the different components of your estate plan – both in preliminary creation & in regular reviews.
Contact Haunn Landers & Co if you are looking for expert estate planning Mississauga. We help our clients make wise decisions surrounding their wealth.For more information Call us at 905-821-8224.
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