Small business comes with a long list of responsibilities. Payroll, taxes, filing, overheard, and insurance to name a few. But according to a recent article by CNBC Money, making a will is one of those responsibilities, as well.
“Aretha Franklin was worth some $80 million when she died last month — without a will. Prince was worth upwards of $300 million when he died suddenly at age 57 in 2016. He too died without a will and his family and lawyers continue to fight over his estate.”
But they are different, right? They have so much money to worry about. It wouldn’t be the same for your small business, right? Wrong. The article goes on:
“So what will happen if you die without leaving a will? Probably the last thing you want: Instead of you deciding who gets your small business, the government decides.
. . .
Each state has its own set of laws to follow when someone dies intestate (that is, without a will or other estate plan.) As a small business person, your estate will be divvied up the way politicians in your state believe is best.”
The article explains that not only is estate planning extremely important to you and your small business, but that estate planning is also not as difficult as you might think. The CNBC Money writer gives three steps to follow when planning for your business after you are gone.
To read the full article, and take the next steps in your estate planning journey, visit the CNBC Money website here.