If you’re the owner of a small business, consulting with an attorney that specializes in estate law can help you to tie up any loose ends in the event of your death. It’s always best to be prepared, and by having an estate plan in place you’ll protect both your business and your beneficiaries. Use this guide to learn more about estate plans.

Common Questions Concerning Estate Planning

What is a power of attorney?

A power of attorney is someone who you select to conduct business on your behalf if you have passed away or are incapacitated in some way. In your estate plan, you can specify just how much control you want this person to have. This should be an individual you trust to handle your finances, medical treatments, and more.

What documents should my estate plan include?

One of the most important parts of an estate plan is your will. This document will list out who you are leaving your assets or property to. You should also include any life, health, or disability insurance policies. If you plan to leave your business to someone, you can keep a succession plan documented, along with a named power of attorney.

What if I don’t have a will? 

Estate law differs by state. For instance, in Alabama, your assets will be distributed to your heirs based on intestate succession laws. This means that, if you have no will, a relative can be deemed a beneficiary by the court no matter what your actual relationship with them was. If you want to ensure that certain people receive assets while others don’t, a will is essential for making this happen.

What is a Buy-Sell Agreement?

A Buy-Sell Agreement allows your business partners to continue running the company despite your absence. You can choose whether you want your partners to buy out your share for a certain price. Additionally, you can document if you want to forbid certain people from buying out your share, or if you want family members to sell your share or acquire it for themselves. Having this agreement in place ensures that your business share has a fair, agreed-upon sale price.

If you would like to consult with an attorney that specializes in estate law, contact Lewis, Brackin, Flowers & Johnson in Dothan, AL. With years of combined experience, these attorneys have a wide range of knowledge regarding a variety of legal issues. They take their work seriously and always respond to clients in a timely manner. If your company is in need of legal counsel, visit this reliable firm online or give them a call at (334) 792-5157.

No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.