However, the truth is that most probate problems can be avoided with proper planning.
Recently, Forbes published an article titled "Five Ways Business Owners Can Avoid Probate Problems."
Their helpful list includes the following tips:
- Trusts - If the business is placed in a trust, then it can pass to the next generation without going through probate.
- Real Estate - Several methods exist to avoid probate with real estate including joint ownership and transfer on death deeds.
- Personal Property - Make sure that business-related personal property is properly disposed of in an estate plan.
- Wills - Even if you have a trust, you still need a will that works along with your trust.
- Succession Plan - Make sure you have a succession plan in place for the business.
Questions about these tips and how they can be put to work for the benefit of your business should be directed to an experienced estate planning attorney.
For more information visit my Wichita KS Estate Planning Attorney website
Reference: Forbes (May 4, 2015) "Five Ways Business Owners Can Avoid Probate Problems."