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BizReport : Law & Regulation : April 08, 2014

Top tips for SMBs in will preparation

Tax day in the US is just around the corner, but April isn't only tax month. It is also Make A Will month. One expert offers their top tips to create a solid will so that business owners' families are protected.

by Kristina Knight

First, assess the assets - and be very critical of them. According to experts with Rocket Lawyer business assets - both digital and offline - should be scrutinized even by small businesses. At this stage the business owner should leave their property to the people or organizations they want; however, specific listings should be avoided. Also, look at non-probate assets - like retirement accounts and insurance policies.

Second, designate an executor who will see your wishes through.

"Beneficiaries are the people or organizations to which you wish to leave your property, and the executor is the person in charge of making sure the property is distributed, per your instructions in the will. Your executor should be someone you trust to carry out and follow your wishes. Because your executor will have to deal with the legal and financial obligations of estate administration, choose someone who has a head for finance and can handle the responsibility," writes the company.

Third, create a time-table to review the will on an on-going, regular basis.

"It is important to review and update your will regularly," writes the company. "Getting married, buying a home, having children, getting a divorce, the death of a beneficiary or executor, and new tax laws are all reasons to update an existing will. Your estate plan should evolve as your life changes."

Image via Shutterstock

Tags: Rocket Lawyer, small business tips, SMB tips, SMB will preparation, will preparation tips

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