Has A Sudden Illness Caught You Off Guard? Call An Estate Administration Attorney To Protect Your Business And Finances Today
The last thing people often want to think about when they become sick is their estate, but if you have found out you are ill and you own a business, meet with an estate attorney. You don't want to leave anything to chance or risk your business and assets not going to the right people or places.
There are many details that should be figured out when you meet with the estate attorney because if you have no will or documentation of what should happen, everything could go to probate.
Here are a few things that should be at the top of your list to get into writing at the consultation.
Final Arrangements
Something that can be settled and documented quickly is what type of arrangements you want. This means if you want a burial or cremation, funeral, or small service, or potentially nothing at all. You will decide and then determine where the funds will come from to pay for this, either a personal account the estate will have access to or possibly from life insurance.
Personal Finances and Needs
If you are unmarried, then this gets more complicated. When married everything will go to your spouse, if you are not and you have children then the children will have to decide how to manage it. This can get ugly and cause the family to be divisive.
You will navigate your personal financial needs and make decisions on the following things:
- Administrator of the will
- Medical power of attorney
- Division of assets and money
- The need for trusts
- Distribution of anything else
This will all be documented and notarized so there is no confusion or questions when you pass. This is easiest for families because decisions are final.
Business Expectations
Your business decisions will be influenced if you have investors, business partners, or anyone else that is responsible for the business. If not, you can choose to pass the business on to someone or to have it sold as a part of your estate. This is something you will have to decide. The lawyer will put who has the first option to buy it, what the cost will be, and more.
A sudden illness can be scary, but you don't want to worry about what will happen to everything you have worked for if you pass. Meet with an estate administration attorney near you and get the process started today.