What happens if I don't deal with my estate?
You might be creating a huge mess. You've worked your whole life to create this nest egg, this value, this wealth of opportunity, and it's all going to go down the drain if you don't plan accordingly.
What happens if there's no business succession plan in place?
If you don't have a plan in place, you need to consider who is going to protect the business? The product? Your employees? Who's going to take over and start making decisions? When deciding who that person will be, you want to think about who's going to be able to grow this business and continue it? You'll also need to consider what's going to be left for your family.
What will my family experience if I don't deal with my estate?
Unfortunately, your family is not going to know who is in charge, who has taken over, or who gets what asset. All of these things contribute to family disputes and family disputes just cost more money. That's when litigation has to get involved. Rather than allowing that to happen, especially in a very emotionally charged time, it's best to plan ahead. People aren't always great at coming together when there is a tragedy in the family, and sometimes they are more preoccupied with what they will inherit. It's important for you to decide if someone will continue managing this asset, or if you will let it be inherited and enjoyed by future family members.
Plan ahead to avoid confusion and chaos later. CPMT Law is ready to help you with Family Wealth Planning.