Business Succession is an important part of well imagined estate planning. Life can change in the blink of an eye. One minute your life is excellent and exactly how you thought it would be. The next moment, you or a loved one needs immediate medical attention and may be recovering from a significant unplanned operation; you may be left to pick up the pieces. When this happens, it is natural to wonder how the difficult situation could have been made easier.
The first way to make these situations easier is to create a plan and ensure everyone is aware of it. For you and your family, estate planning and succession planning for your business are great places to start.
What Is Estate Planning in Oklahoma
Estate planning is the process of determining what you would like to have happen to your assets after you pass away. When you create an estate plan, you get to decide who is supposed to get a particular piece of property and who gets nothing. During the estate planning process, you will also decide who is responsible for ensuring your last wishes are carried out.
There are numerous tools to accomplish your estate planning needs. They range from simple tools like property deeds and beneficiary designations to more complex tools like a business trusts. Depending on what you would like to accomplish with your plan and what you want to have happen, your plan may look different than you would expect.
In the absence of estate planning in Oklahoma, your assets must go through probate after you pass on. This process is a type of court proceeding where the judge assigns someone closely related to you to gather all your assets into one place, so everyone knows what you owned. Next, the judge determines where the law says your assets go. This process may often be close to what you would choose, or it may have a very different result. Generally, it comes with a hefty court fee and additional attorney fees throughout the process. Creating an estate plan now is an excellent way to ensure your loved ones will know exactly what you would want them to do with your assets.
Business Succession Related To Estate Planning
If you are also the owner of a business, no matter if it is big or small, you will want to make sure that you put a plan in place for your business after you pass away or become incapacitated. Perhaps no one knows better than you what your business needs. If you are unavailable to answer questions or make the day-to-day operations happen, you’ll need someone to step in to ensure it keeps going.
Creating a business succession plan and an estate plan have many benefits to you and your loved ones. First thing is that it will help ensure that your business has individuals named with the legal authority to take over in case of your death or legal incapacity. These individuals can help run the business and ensure everything is taken care of correctly without running the business into the ground.
Your estate plan and business succession plan should work hand in hand, allowing your loved ones to know that everything is taken care of. This prevents them from wondering about your last wishes or how you ran the business.
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Tulsa Business Succession Attorneys Near You
Our attorneys at Kania Law Office want to help you have peace of mind for yourself and your family. We can help you make the hard decisions and create the necessary documents to ensure your wishes are carried out appropriately when you can no longer do it yourself. Call Tulsa attorney Charles Kania at 918-743-2233 or visit us online to schedule your consultation.