Business owners in Tennessee make important decisions every day. They decide what products and services to offer their customers, whom to hire and fire, and even the vendors with whom they establish business relationships. Decisions such as these are critical for the day-to-day operation of the business, but prudent business owners recognize their need for estate planning and business administration concerns to be addressed as well.
At Douglass & Runger, we are equipped to help business owners plan for their estates and administer the estates and businesses following their deaths. Our lawyers understand the importance of careful planning and comprehensive business management before, during, and after the completion of the probate process.
Looking Towards The Future
Most business owners start their estate plans by creating a will. Beyond this, some will choose to use various types of trusts, including revocable living trusts. When a revocable living trust is used, the individual’s business assets can be transferred to the trust during the owner’s lifetime, and he or she can continue running the business until he or she no longer wishes to or is no longer able to do so. At this point, a successor trustee will usually be appointed to step in and take control of the company, along with any other assets in the trust.
A revocable living trust will generally allow business operations to continue with minimal interruptions, if any, and the trust could even offer certain creditor protection. Assets in a trust are also usually exempt from probate, which means that ownership of the business can typically be transferred to the owner’s chosen successor fairly quickly and easily. If the business were not transferred to any type of trust, the company’s assets would usually be required to pass through probate before they can be transferred to the decedent’s heirs.
Lawyers In A Fiduciary Role
When you create a will, you have the opportunity to choose an executor for your estate. Similarly, establishing a trust gives you the ability to name trustees and successor trustees. In your estate plan, you can also nominate a person or entity to provide administrative services for your business, either under the terms of a trust or without a trust agreement in place.
At the offices of Douglass & Runger, we are fully prepared to take on this responsibility for you and your family. We will help you draft the necessary instruments to appoint our firm to manage your business during probate as the state verifies your estate and validates your will. By doing so, we can help ensure that your business continues to operate smoothly as we prepare for the transition to the next chapter of the company.
We will facilitate the transfer if you wish to pass the business down to the next generation. If you choose to dissolve the business, sell the assets, and distribute them to your heirs, we can help with that as well. We will work hard to fulfill your final wishes and ensure that your family and business are properly looked after.
