This article are provided for information purposes only, and are not intended as legal advice.


Business strategies – who will be your executor when you die?

October 2nd, 2009
Many people do not to think about when they are not here but if you are a business owner that cares about your business and you customers you will want to make sure your business, which is really your legacy, continues to survive long after you have passed away.  If you have no heirs, is your executor suppose to sell your business?
 
Hopefully you have a will but now it must be administered by an executor and possibly trustee if you created a testamentary trust on death. This is a trust which was created by your will. Someone now must follow your wishes. If the trustee\executor must make decisions about the business are they capable?

 

If you put your parents as executors and now they are living in a nursing home, will they be in sound mind to make sound business decisions.

 

Too often people think about what they want in their will but they do not put enough effort of who will be the executor. If you have children who inherit the business when they turn 25 but they are 5 years old today, that means that the trustee may be making decisions for 20 years. If they are elderly when you die and will be 100 when the kids are 25 do you think they will be able to make decisions?

 

Do you have alternates or a mechanism to appoint a new trustee\executor. If not what happens to your estate?

 

 

 


Filed under: Succession — Gary Landa @ 8:07 am


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