For a business owner, it’s essential to know the benefits of having a legal will. A legal will is a document that details what you want to happen with your property and assets when you pass away. Without one, your family could end up in court over who gets what, or the state could decide how to divide your wealth.
Here are five ways a legal will can benefit business owners like you.
- Gives You Peace Of Mind
With a legal will, you can ensure your wishes will be carried out. If you want to decide what happens to your business, rather than leave it up to the courts and state laws, having a legal will is the way. Even if your family knows what you’d have wanted, they might not have the legal right to carry it out. A legal will ensures your heirs have the legal right to inherit what you leave behind.
However, you’ll need to be detailed and intentional with the will. Most business owners consult attorneys and trusted online legal agencies, such as Willed, for advice and support. An adequately established legal will also guarantee that your assets are distributed in line with your wishes, as well as taking care of everything else in your estate plan that needs attention.
- Protects Your Privacy
Another significant benefit of a legal will is that it can help protect your privacy. When you die without one, your estate will be subject to the probate process in which all of your private financial information becomes a public record. Anyone can snoop around in your estate and learn how much money you made and where it came from.
As a business owner looking to keep personal matters private for yourself and loved ones alike (especially if you have children), nothing beats a legal will to keep things private when they need to be. A legal will helps preserve the memories of those who pass away—it doesn’t broadcast their business across town or the world wide web.
- Saves Money For You And Your Family
You’ve worked hard to build your business, and you want to make sure it’s passed on to the right people. A legal will can help you do that and reduce the money spent on probate fees.
A legal will can save money for you and your family or heirs. By writing a legal will, your executor will avoid searching through all of your assets because they’re all listed in your will. The cost of probate without a legal will can be up to USD$20,000, but with a legal will, those costs could be reduced by as much as USD$17,000. The costs could even be reduced further if there are no disputes about who gets what assets from the estate.
- Streamlines The Process Of Estate Administration
One of the essential benefits of legal wills is making estate administration easier for your family. The time following a loved one’s death is hard enough without wading through a mess of paperwork. Having access to a legal will gives surviving family members clear instructions and peace of mind, making it easier to grieve privately.
A legal will can streamline the process by naming an executor who will administer the estate on behalf of you and your beneficiaries. This person should be someone with whom you have a close relationship to avoid any conflict or unnecessary delays, especially if there’s no other way for your beneficiaries to get in touch with each other.
- Helps Avoid Potential Conflicts And Litigation
One of the main benefits of having a legal will is that it can help avoid conflict among your family members. In many cases, an estate is distributed relatively quickly after a person passes away. However, in some cases, family members will dispute the contents of a will or trust who should receive what assets. A legal will helps ensure this process goes smoothly and avoids potential conflicts. This reduces any additional stress on your family during an already difficult time.
A legal will can also help prevent disputes in litigation and court proceedings. In certain circumstances, disputing parties may end up in court to resolve the issues with your estate. This can result in expensive court costs, attorney fees, and other related expenses, harming your financial stability even after passing away.
Conclusion
If you own a business, you can work with your attorney to prepare a legal will with your estate planning. Doing so will help you save on taxes, determine who gets your business assets and property, keep your family out of court after you’re gone, and designate a guardian for any minor children. There’s no downside to ensuring that all this information gets taken care of properly as soon as possible, so talk to an attorney today.
