One of the most overlooked areas of estate planning is in regard to passing a business interest on to others and how that is to be handled. This is a very important area of estate planning because it affects the rights of current owners who survive an owner who dies, successors of a deceased owner, and the operation of the business itself.
A host of issues will likely arise when a business owner dies: who are that person’s successors? What are their qualifications regarding business management decisions? Should the new owners have voting rights or any other right to participate in the management of the business? If new owners are allowed to participate in voting and management then how are deadlocks and other management disputes handled? How these questions are answered and when they are answered should all be answered in the estate plan as well as in the business formation documents.
At Arizona Mobile Attorneys we provide business formation services as an integral part of our estate planning service. We can help you address these issues in an effective manner that provides you and your family with piece of mind and helps to ensure the business continues to run smoothly after you are gone.
© 2022 Michael G. Kelly