What happens to your company when you are gone?
>>> Better prepare ahead
Dear business owner
Do you know the easiest way to freeze a conversation?
“What would you want to happen AFTER your death…”
That’s what I have to ask when establishing a new business.
Every time, I get the same reaction. It’s as if the clock suddenly stopped. A moment held in time.Here’s what I usually have to explain… that you also need to know to get prepared.
Better now than too late.
7 keywords to better understand inheritance rules.
Be aware: if you don’t do anything, half of your assets go to your children and the other half to your wife / husband.
#1 – Testator is the person who prepares his assets to get things right after his death.
WHAT TO DO WHILE STILL ALIVE…
#2 – The will allow you, as “testator”, and you alone, to adapt the legal order of succession according to your wishes. You can decide to reduce the part of your children’s inheritance, using the reserved part to allocate a greater part to your wife / husband. The will must be stored in a secure place. At least one trusted person must know where it is.
#3 – The succession agreement is useful to settle the succession by mutual agreement within the family. It ensures that the heirs, who have renounced their rights during the testator’s lifetime, cannot assert them at the time of the partition of inheritance.
#4 – The wedding contract, if not written properly, could go against your will. You can change it at any time.
…PREPARE THE CASE IF YOU’RE “ALMOST” DEAD!
If you’re in hospital – intensive care service, not able to talk because of the machines, maybe not even conscious… what happens to your assets?
#5 – A mandate of incapacity will give the rights to a trusted person to manage your business. This will avoid to put this responsibility on the shoulders of your family.
#6 – The advance patient directives will provide a binding framework for decisions about medical care and treatment. You can also designate a trusted person who will make the necessary arrangements in case of emergency.
AFTER YOUR DEATH
#7 – An executor, previously nominated, will be responsible for carrying out your will after your death. He takes care of the administrative formalities, prepares the division of the inheritance and assists the heirs in the liquidation.
I imagine you don’t want to think about it… but all those things are better done in advance. You will sleep better I’m sure when it’s done.
Should you need any assistance, I can give you the contact details of key professionals.
– Corporate Structure Architect –
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