2 Terrible Things That May Happen If A Business Owner Dies Without A Will

Posted on

By making out a will, you will be, indeed, standing up for your own free will. A final will and testament gives you the power to say how your business may be run and how material things will be distributed in the event of your death. It also states things like who will have custody of any children you have who are under the age of 18. If you don't have a will, it can wreak havoc for your loved ones, and they can be left out in the cold without the things you would want them to have. It is important to see a business attorney to help you make a decisions about your business when it comes to your will. Otherwise, the following things may happen if you don't leave a will that details how you want your business handled and your estate divided.

Your Business May End Up Divided Over Disputes Over Property

In many states, when someone dies without a will, the court then appoints someone who oversees the estate for the person who died. That can have a big impact on your business, who is in control of it, and how it is run. If you make a will, you can choose an executor yourself. However, without a will, the court is going to call many of the shots, and the person who administers the will may be someone in your family or circle who does not have the best interests of all in mind. In fact, they may not even consider what you have wanted.

When someone dies without a will, things can get ugly. If you have a will, your loved ones know what you wanted, and while some may be hurt that they may not be involved in your business, they know what your wishes were. They are more likely to respect them, but not knowing what you would have wanted can cause families to fight among themselves. It can cause chaos and disputes in the aftermath of a death, which isn't fair anyone involved. Having a will can help establish peace in the event of your death.

Custody of Your Children May Go to Someone You Dislike

If you do not have a legally binding will made before you pass away, the custody of any children you have who are under the age of 18 may be decided by the court. This could result in your children being raised by extended family members that would raise them in a manner that you may find upsetting. The privilege of guardianship should only be given to those who deserve it and will rear your children in the manner you choose. Also, if you don't designate who should be their guardian and have a plan for how they may be involved in your business, what you have worked for all your life may end up excluding them.

Imagine a relative who has been unkind to you taking custody of your children. Even things that are important to you like refraining from physical discipline may be set aside if someone you don't trust ends up with custody of your children. On the other hand, if you have a will, you can designate the person of your choice to be the legal guardian of your children, and you can have important discussions about the way you want your children raised prior to selecting the guardian for this responsibility.

Finally, remember that planning is one of the best things that you can do to ensure the well-being of your loved ones. Once you see a lawyer to discuss your business and personal situations, you will likely see that making a will is not as challenging as you may have imagined, and it is sure to be a weight off your shoulders when you complete the will. Your family will feel thankful for it someday!

For more information or assistance, contact local law firms such as Strauss Troy.