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Having a business can be a complex endeavor. However, the majority of successful Maryland business owners likely feel that their companies have allowed them to live the lives they desired and that the hard work necessary to achieve success is well worth the effort. They likely also know that one day they will no longer be able to lead their businesses, and they may wish to use an estate plan to address concerns.

Estate planning can come in handy when determining who will take over a business, as company owners can include a business succession plan. Individuals can utilize their wills to bequeath business assets and further bolster their wishes by having a succession plan indicating who should take over when the time comes. Because an incapacitating event could occur unexpectedly, planning early may prove beneficial.

In the event that a plan was not in place, a person's business could land in the lap of someone who did not want it or of someone who was not the owner's first choice as successor. Luckily, the succession plan can indicate who takes over and under which circumstances he or she should step in. As a result, owners may feel more secure about the future of their businesses. 

Because some parties may think that an estate plan simply distributes assets, they may miss out on useful tools for addressing various life areas. Maryland residents who are interested in creating a business succession plan may want to explore the best methods for making their wishes known. Experienced attorneys could help with this planning journey.

Source: sbnonline.com, "It's never too early to begin crafting your business succession plan", Mark Scott, June 1, 2017

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