We’ve moved! We didn’t go far and look forward to seeing you in our new space located at 1255 Crescent Green Drive, Suite 200, Cary, NC 27518
Any proper estate plan should address a person’s business holdings to avoid potentially complex probate issues. A comprehensive business succession plan can provide you peace of mind and give your heirs financial security. These plans can go into effect upon your death, retirement, or incapacity.
The role of a Cary business succession planning lawyer is to explain the estate planning process and help you draft effective legal documents. To learn more, speak with a knowledgeable attorney at our office about your goals and how proper planning can help achieve them.
Ownership stake in a business can be a crucial source of income or a way to pursue your career. However, it is important to recognize that a stake in a company is also an asset that is subject to the state’s probate laws when you pass away. Without a business succession plan, your death or incapacity can leave the future of the company in doubt.
Proper business succession planning involves identifying risks that may occur in the future. For example, a car crash or sudden catastrophe could lead to an unexpected death. Similarly, illnesses or injuries could leave a business owner unable to perform their role in a company. A skilled attorney at our Cary office can help draft business succession plans that establish provisions for these events.
A business succession plan can also be useful in managing a retirement. Many business owners use these documents to provide various types of instructions, such as:
The role of a Cary business succession planning lawyer is to identify a company owner’s goals and create documents to achieve them.
In creating a business succession plan, the next task for an attorney is drafting documents that make an owner’s desires a reality. There is no strict form for these documents, but it is important to understand how they function within a legal context.
For example, one purpose of a business succession plan is to supersede the state’s laws concerning intestate inheritance. A controlling stake in a company is an asset, just like anything else that a person owns. As a result, if a person dies without a succession plan or a Will that determines what is to be done with that asset, it will automatically go to the designated heirs according to North Carolina General Statutes § 29-15.
Regardless of the exact form that a business succession plan takes, it should contain some key elements. Naturally, the company owner must sign the document. Much like a Will, it is best to have two witnesses observe the event and sign the document themselves. A notary public should also witness the signings and affix a stamp or seal to the document. A local business succession planning attorney can help to ensure that a document meets these requirements and contains the correct signatures to be legally enforceable.
The role of a Cary business succession planning lawyer is twofold. First, an attorney can help to identify your company’s needs and determine any future events that may interfere with your ability to perform your business role. Second, a lawyer helps to craft documents that clearly outline your desires and ensure that they can be achieved. To gain peace of mind and security over the future of your business, reach out to our firm today and set up an initial strategy meeting.