As the CEO of a company, your life and your ability to continue to contribute to the business is vital to the success and health of the company that you run. It is why you probably have key person insurance for yourself and any other important key decision makers, such as your CFO.
However, there are things that you’re probably not considering, such as your private will, as something that could affect your company. If you never think about how your private will can impact your business, well, you should start thinking about it today.
When writing a private will that also involves the ownership of your business, you need to be careful because it can cause everything that you’ve worked so hard for to grind to a stop or even possibly destroy it. There’s a way to prevent that, though; having attached a condition of probate could change that.
Talking to a local attorney while making up your will is always a good idea. For example, if you happen to live in El Paso and in need for some advice on involving probate in your will, you may want to talk with an El Paso County probate attorney. Here are three reasons why you need to consider that option.
Proof of Authority
When a lot is at stake, you will want to make sure that your heirs can easily determine your executor’s proof of authority when it comes to your last wishes. A probate attorney protects everyone from any future claims that funds were paid incorrectly or to the wrong parties. Having this proof will clarify the requirements of the will and lay any doubts aside about whether the executor of the will has been given the authority to carry out his or her duties.
Ease of Transfer
The transfer of properties of any sort can be held up or made more complicated if you do not have your executor send the will into probate to ensure its legal transfer. This is especially true if there is real estate named in your will. If you own your business and the land it sits on, you will want to ensure that the transfer of ownership goes smoothly and does not interrupt your business. With a probate, this will be taken care of quickly and efficiently.
Creates Time Limits
Having involved probate means that the courts can impose a time limit on when a family member or other entitled person can claim on your will. This would prevent that long lost cousin Harry from suddenly deciding you are his favorite uncle and claiming a part of your business or home.
So as you can see, when making a will for your private estate, it is still important to have probate named as part of the process to protect your business as well as your personal wealth. While not generally considered, this probate will ensure that all items in your will are followed properly, and the person you named in authority is backed up by the law.