If you’ve been in business for long, chances are you’ve heard at least a few tales of probate problems plaguing family members, would-be successors or remaining business partners. So, how can you avoid probate?
Many small businesses have had problems with probate. In the worst cases, the problems have led to the end of the business itself.
However, the truth is that most probate problems can be avoided with proper planning.
Recently, Forbes published an article titled “Five Ways Business Owners Can Avoid Probate Problems.”
Their helpful list includes the following tips:
- Trusts – If the business is placed in a trust, then it can pass to the next generation without going through probate.
- Real Estate – Several methods exist to avoid probate with real estate including joint ownership and transfer on death deeds.
- Personal Property – Make sure that business-related personal property is properly disposed of in an estate plan.
- Wills – Even if you have a trust, you still need a will that works with that trust.
- Succession Plan – Make sure you have a succession plan in place for the business.
Questions about these tips and how they can be put to work for the benefit of your business should be directed to an experienced estate planning attorney.
Do You Need Legal Help Regarding Probate Issues In California?
If a loved one died without a will and you need legal assistance regarding the probate process you should be speak with an experienced probate attorney as soon as possible. Contact us online or call our office directly at 800.756.5596 to claim your space at one of our free, informative seminars. Your attendance will qualify you for a discount for our probate services. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.