When deciding what will happen to your assets after your death, you may want to make sure that you pay attention to one asset in particular — your Mississauga business. Perhaps you have already done some planning for everything else but still need to make arrangements for what will happen to your company after you pass away. There is no time like the present to make sure that you attend to this vital aspect of your life in order to avoid potential estate litigation in the future.
You probably spent a significant amount of time growing your business. You now need to carefully consider its fate after your demise. The options are many, and you may need some assistance determining the best course of action. More than likely, you want to ensure a smooth transition that limits the potential for costly delays and decisions that could jeopardize its continued success.
Determining who will succeed you requires substantial consideration. It will need to be someone you trust, someone you feel can step into your shoes as seamlessly as possible and someone who wants the job. It may be useful to obtain an objective opinion, especially if there are several potential candidates. Once you have made a choice, it would be a good idea to make sure that the person chosen actually wants the job. Otherwise, your plans could fall apart, which will put your business at risk.
After choosing a successor, determining the best way to make the transition is the next step. Most people use trusts in order to keep the business and its assets out of probate in order to allow the transition to occur right away, but other avenues may also be available. In addition, other steps may be taken to help ensure that everything goes smoothly. To determine how to best pass on your business and help avoid estate litigation, you may want to speak with an estate planning lawyer here in Mississauga.