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Business succession planning is essential to stay open

Many people delay estate planning until later in life. For whatever reason, they decide that they might not need an estate plan. They think they don't have enough assets, they don't have many relatives or they just don't like thinking about it. Estate planning can help every family understand their loved one's wishes and should be done sooner rather than later.

If a person owns a business, and wishes for that business to remain open if they were to pass away, it is essential that they make proper plans. Through estate planning, business owners can provide a proper succession plan for what should happen to their business if they die.

If a person doesn't plan, their business might be closed and the assets sold off, after years of hard work and dedication to make the business what it is. If a person wants their business to continue on, it is important that the owner identifies a person or people that they think will be able to continue the business. Talking with these people is important to make sure they want the responsibility and feel that they can manage the business.

An experienced estate planning attorney can help business owners understand what they need to do to establish a proper estate plan. They can ask questions to make sure the person thinks of many different scenarios, and help them truly understand their wishes and the implications certain estate wishes can have. Ensuring a proper succession plan is in place is important for all business owners.

Source: Smart Business, "How succession planning provides for your business's and family's future," March 1, 2013

-Our law firm handles estate planning in New Jersey. Please visit our website to learn more.

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