Probate for Business Owners in Austin, Texas

       

             Probate is the process that takes place after a person passes away to establish that a will is authentic and valid. The process involves accounting for property, having its value assessed, paying off any debts or taxes on the estate, and then distributing the property to heirs. Yet, if you own a business, probate can become more complicated. According to Forbes, it isn't always a good idea to divide ownership of your business between your children. After all, if there are two or three managers, how will disagreements about the business be resolved? What if one sibling wants to sell and another wants to continue to the run the business? If you have a business, it is a good idea to consult with a probate lawyer in Austin, Texas to learn more about other options you have. Jessica Warren with Warren & Lewis has the experience and knowledge with probate laws to help you out.

            For instance, putting your assets in a trust might help you avoid probate. Establishing a living trust and then arranging a partnership for your business can often involve a little more planning, but in doing so, you help your heirs avoid the probate process and offer a clearer plan for the future of your assets and business. If you own a business, you'll also need to consider who will run the business if you become incapacitated or if the probate process takes a while. You don't want your business losing money while the process unfolds. Instead, naming someone to be in charge is an important step you can take to ensure cash flow and protect your assets.

            Finally, you may want to write up a long-term business plan. It is important that you make clear whether you'll divide the business through stocks, joint ownerships, or through a sell off. A probate lawyer can help you draft a structure and a plan that will ensure the best for your business and make sure that the assets are divided in accordance with your wishes.

            When you own a business in Austin, Texas, there are many additional probate issues you must consider. A qualified probate lawyer can work closely with you to troubleshoot and help you plan for the future of your business. Contact warrenandlewis.com today.