4 Reasons Estate Planning is so Essential for Business Owners – Part 2

#2 | Secure Your Business Assets: Why Naming a Legal Representative is Vital in Case of Illness or Injury

Relying solely on a will for business protection can pose significant challenges, especially if you face incapacitation due to accident or illness. Wills only take effect after death, offering no safeguard for your business during periods of incapacity. Without a comprehensive estate plan, the court may appoint a financial guardian or conservator to take control of your business until you recover.

The court process associated with guardianship can be lengthy and costly, creating further complications for your business. Additionally, the appointed guardian may not manage your company exactly as you would, leading to disruptions and potential conflicts within your team and family, especially if your absence is prolonged.

Estate Planning Solution

Fortunately, there's a proactive estate planning solution – the durable financial power of attorney. By creating a durable financial power of attorney, you can designate a trusted individual to handle your business and financial affairs if you become unable to do so yourself. In case of illness or injury, this authorized person will have the legal power to manage payroll, sign documents, and make financial decisions on your behalf.

Embracing the durable financial power of attorney not only expedites the expense and delays linked to the guardianship process but also ensures that someone you trust will be managing your company and financial interests during your incapacitation, rather than leaving the decision in the hands of the court. Protect your business's future by taking control of your estate plan today.