The importance of early financial planning cannot be overstated, especially in the current uncertain financial climate. Financial planning for the future includes more than just retirement savings and emergency funds. Proper financial planning also includes a clear estate plan for asset distribution in the event of death. This is especially important for owners, partners or key shareholders of small to medium sized businesses.
Establishing a Will in advance offers significant and meaningful benefits for the family members and business associates of the deceased. First, creating a Will affords family members peace of mind and financial protection. When a key owner passes away unexpectedly, without a proper estate plan, family members and business associates are forced to make hasty and sometimes unwise decisions.
Further, establishing a Will can help to ensure the long-term stability of a business after the death of an owner. When majority shareholders or business partners begin estate planning well in advance, the company is stabilized and future growth is protected. A Will also reduces the likelihood of ligitation between surviving business owners and surviving family members.
Finally, company owners or business partners can use a Will to establish charitable contributions upon death, to specific charitable beneficiaries, such as non-profit groups, religious institutions and educational institutions. For business owners dedicated to charitable donations, a Will can help ensure that sufficient funds are available and committed to the designated charitable organizations.
Christiansen Law Firm is committed to assisting individuals with estate planning. The experienced estate planning attorneys at Christiansen Law Firm can assist with estate planning in a variety of circumstances. Estate planning is a significant decision, with many legal issues, so it is important to have the attorneys at Christiansen Law Firm guide you along the way. Contact Christiansen Law Firm in San Antonio or Houston for additional assistance.