As a business owner, you likely pour your heart and soul into your business to ensure it reflects your values. As such, you likely pay meticulous attention to every detail, from daily operations to annual tax filings. However, one thing you may not have considered is what will happen to your business upon your passing. If you do not prepare properly, your company could go through probate. If you want to learn more about this process or have been charged with probating the estate of a loved one, the following blog explores what you should know about this process. Additionally, you’ll discover how a Pasco County, FL probate lawyer can assist you through these complex matters.
What Is Probate?
Probate is the process by which the will of a deceased party is validated by the courts. As such, the creditors and beneficiaries of the estate are notified so the remaining taxes can be paid off and the beneficiaries can receive the assets left to them.
In general, probate is considered long and arduous, as it can take a long time to complete due to the many steps in the process. As such, many either carefully navigate their estate planning to avoid this process or connect with an experienced attorney to help guide them through this process.
Will My Business Go Through This Process?
Whether or not your business will go through probate heavily depends on the estate plan you have in place. If you do not have an estate plan in place, generally, you’ll find that your business will go through probate. In this event, your business assets could be used to pay off creditors.
Additionally, if your business must go through probate, this could delay how long it will take for your business to transfer upon your passing. Because the transfer from your estate to the person you noted in your will takes a considerable amount of time, there is no guarantee as to what can happen to your business until the approval occurs.
How Can an Attorney Help Me?
If you want to ensure the smooth transfer of your business before you pass, connecting with an experienced attorney is critical. They can help you establish the necessary documents, like a trust fund, to help the transfer of your business go smoothly after your passing.
Additionally, if you have been put in charge of overseeing the probate of a loved one whose business is included in the estate, connecting with an experienced attorney as soon as possible to help you navigate this process is essential. At the Law Offices of Matthew J. Jowanna, our dedicated legal team will do everything in our power to assist you through these complex issues. Connect with us today to learn how we can assist you through these matters.
