YBC Academy : Writing a Will
WHY DO I NEED A BUSINESS WILL?
Business entities, just like people are subject to the cycles of life which can unfortunately include the demise of owners and partners. Cases of partners passing away and leaving the remaining business owners straddled with debt or forced to fight for their share of the business with the dead partners family members are all too common. In addition, legal fees accruing from lengthy court battles to determine how the business should be shared out between the remaining partners and the deceased’s family can wreck havoc on business finances and even lead to bankruptcy and closure in extreme events. Fortunately, it is possible to avoid these possibilities from becoming a reality by drawing up a Will to determine the courses of action that should be taken when a business owner passes away. The following are a few important reasons why you need to have a estate planner draft a Will for your business.