Our last entry discussed dying INTESTATE or
dying without having a will.
Unfortunately, 75% of people pass away without a will. I would hazard a guess that some percentage
of them feel they can simply write their own will. This is NOT the case. So it doesn’t make much sense to build your
business through years, decades of hard work without having the privilege, the
right to determine how you want your assets, particularly your business to be
distributed.

It becomes more complicated when you have
partners in your business. One important
point to keep in mind, the Will does not take a substitute for your Buy-Sell
Agreement. Both documents should work
hand in hand. This is why it’s
imperative to work with a financial consultant and an Attorney to coordinate both
papers.

So it then becomes critical to have your Will
drafted to accomplish the following results.

You can designate
an Executor who is responsible for preserving your Estate, paying creditors or
back unpaid taxes and other administrative expenses.

To appoint a
GUARDIAN for your Minor children in the event of death to both you and your
wife.

To establish
various trusts to protect your business and other assets.

Next we will discuss various forms of
trusts. Remember you need to form YOUR
TEAM, A financial consultant, a CPA and an Attorney.