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Business owners and estate planning

When discussing the benefits of writing a will, most people will reference personal benefits like how finances or other assets will be divided upon their death. However, business owners across New Jersey may be interested to know how estate planning can benefit their businesses. Creating an estate plan can help business owners outline how they wish their businesses to be handled in the event of their death or incapacitation. 

One way that an estate plan can help business owners is to help streamline the process of transferring assets. The benefactor could set up a revocable trust or power of attorney which allows an appointed individual, or group of individuals, to make decisions concerning the business or assets if the benefactor is unable to do so. This may also help to reduce the need for lengthy court proceedings and eliminate many legal fees.

Including a buy-sell agreement can also be a helpful planning tool. It can also help to smooth transitions by stating one's intended financial goals and how the business owner wishes to achieve them. This agreement can also help to outline the terms of succession amongst the family or partners who are involved in the business, which may help to prevent future arguments.  

Many people already know how an estate plan can benefit them personally, but it can also be very beneficial for a business as a whole. New Jersey residents who wish to find out more about estate planning could benefit from speaking with an attorney. A lawyer may be able to help ensure that the business owner's wishes, including succession or a buy-sell agreement, is clearly outlined in the estate plan.

Source:, "Estate planning provides protection for business owners", Sumer Rose-Nolen, Jan. 11, 2018

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