While it is important to have an estate plan in order to ensure that your property and belongings go to whom you want to receive them, it is just as important to have a successor named in your estate plan in order to take care of the responsibilities after your death.

 

1.   It is important to name someone you trust as a successor in order to run your business, if you own your own business. This is crucial in order to continue to have your business run efficiently and to provide for your family and your employees and their families.

 

2.   If you own your own business and want it to continue to be successful, it is important that you not only choose a successor, but that you also provide written instructions on how you want the business to be ran and what direction you are wanting the business to go. This is so the successor does not take everything you have worked so hard for and run it into the ground.

 

3.   A successor will help continue to provide assistance to an older parent or to a sibling or child that may have special needs, that you have being providing care and financial support to. Yes, your life insurance or retirement account may provide the money to take care of them financially, but who will write the check and disburse the money to where it needs to go? This is when naming a person you trust, as the successor in your estate plan is important.

 

4.   You will need to name a guardian or successor to continue to take care of your children if they are still minors when you pass away. If this is not done, the court may choose someone who does not know your preferences and how you want your children to be raised.

 

5.   If you do not want to put the burden on someone else to take care of your aging parents or other family members that you have been caring for, you can choose to include in your estate plan that you would like them to be cared for at a care facility.

 

6.   Know that the more planning you do now and the more details that you include in your estate plan will create a much smoother transition for everyone after your death. Be sure to be very specific of your wishes and not leave your successor guessing.

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If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.

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