If you own a family business in Florida it is critical that you have both a Will and, through proper estate planning, a business succession plan in place. When Florida residents or property owners pass, the estate goes through the probate process under court supervision, which includes the gathering of assets, the paying of debts, and the distribution of assets to beneficiaries, which may not result in what you hoped for regarding your business.

Improper business planning may also affect your personal assets as well. Plan ahead and make sure you have your estate in line by contacting Finnell Legal for help.

 

A person who passes without a valid will is “intestate”. Without a beneficiary designation in place, probate can be a drawn out process, and the decedent’s probate assets will be distributed to the heirs in priority order based on Florida Statues. Creditor claims, challenges to a Will’s validity, or a surviving spouse’s rights also can impact the time it takes to complete probate. In the meantime, your family business could be negatively impacted by the delay.

 

During the probate process the personal representative of the estate might decide that the business is not profitable, or that it needs to be sold because the estate needs liquidity, which could go against the wishes expressed in the Will. But there may be other options, and this is why it is essential to have an experienced and qualified attorney involved to assist in the administration of the dependent’s probate estate.

 

To learn more about estate planning, the probate process, and the best options to protect your family business, contact Finnell Legal today.

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