I have a Business.
Your business needs estate planning too. Say you own a business with two other partners, and you suddenly pass away. You will want to have your shares sold at a good price to your surviving partners, with the proceeds given to your family. If you did not put in place an estate plan for your business then your family and your partners will find it difficult to agree on a price for your shares. That’s because your family will want to sell at a higher price while your partners will want to buy at a lower price.
A Buy-Sell Agreement is effectively a will for a business. You and your partners can agree today what price your shares should be bought and sold at if you or the other partners suddenly leave the business. Such an agreement would also specify how the funds are provided for the buying and selling, such as through life insurance and savings.
Contact us for more information.