As an entrepreneur, your business is a big part of your life’s work. Estate planning for entrepreneurs is about ensuring that both your business and personal assets are protected. Here are five essential things you should include in your estate plan:
- A Will or Trust: This ensures your assets are distributed according to your wishes.
- Buy-Sell Agreement: Protects your business from uncertainty if something happens to you or a co-owner.
- Power of Attorney: Designates someone to make business or financial decisions if you become incapacitated.
- Succession Plan: Outlines who will take over the business and how it will be managed.
- Life Insurance: Can be used to cover business debts or buy out a partner’s share.
These five elements are key to making sure your business is secure, no matter what the future holds. Contact Law Rooted to talk through your options and start planning today.
