Owners of small businesses have many tasks to concern themselves with on a day-to-day basis. For those who already took the time to prepare a California estate plan, they may think that this is one task that can be put aside. If you prepared this plan prior to becoming a business owner, however, your estate plan may be missing some essential tools. Fortunately, an experienced Anaheim estate planning lawyer can help.
Modifying an estate plan after acquiring a business interest in California is a wise decision that can help ease the administration of your estate, ensure that your loved ones receive the proper value of your interests, and allow for the business to wind down or continue running according to your wishes. To accomplish these tasks, consider the following estate plan updates:
- Consider incorporating provisions into a California trust to allow the trustee to operate the business in the event of your incapacity or passing.
- Update your durable power of attorney to include provisions addressing your business interests and authority.
- Consider incorporating a new, separate agreement into your existing estate plan that addresses the transfer of your business, such as a buy-sell agreement.
- Consider updating your estate plan to use insurance products to handle the transfer of the business assets.
- Consider updating your estate plan to provide personal liability protection from potential business creditors.
To learn more about modifying an estate plan to address your small business interests, contact our office of experienced Anaheim estate planning attorneys today. Call us at (714) 459-5481 for a consultation and further guidance.