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What women business owners should know about estate planning

Originally posted on 11/16/2016

A woman who owns her own business looks directly into the camera sitting at her office desk.

Women account for about 30 percent of all small business owners across the United States. Like their male counterparts, women business owners must plan for the future of their families with the same intent and professionalism as they approach the future of their businesses.

This post will highlight a few things that should be in a potential estate plan

Plan for People You Care For

If you are taking care of your grandchildren or other loved ones, it is prudent to name a guardian (as well as a secondary guardian) who can care for minor children in the event you are no longer able to do so. Any dependents would benefit from getting added to this list. 

Plan to be Cared For, If Necessary

Women are more likely to outlive their male spouses, according to many studies. Because of this, you may want to plan for someone to take care of you in your golden years if your spouse is no longer around. 

Protect Your Business

If only your debts could disappear upon your death. Unfortunately, this is not the case, and creditors may come after your business to obtain payment. To avoid or mitigate this nightmare scenario, a detailed succession plan is necessary. Having a seamless transition will help ensure your business and employees experience as little change as possible.

Protect the Aspects of Your Personal and Professional Life with a Qualified Attorney

Estate planning can be daunting, especially if everything seems to be running smoothly for you and your business. However, unexpected problems can strike and then it is best to have a solid plan. The experienced business attorneys at Aldrich Legal Services can help you plan for your estate. Call our team today to set up an appointment.

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The probate court explained that the owners of the account are S and J. When S passes, J becomes the owner of the account. J is the one who had the authority to make the designation. Nowhere in any documents is there a designation by J that SJ be the owner -- or the beneficiary of the account. The designation made by his father was no longer binding because he was no longer the owner at the time J passed away.

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