One of the biggest problems that arises in probate law is when it comes to businesses. The biggest example of this is family businesses. Even with a will, the passing of a family business to loved ones, especially when there are multiple people receiving the business, is a big deal and can be a messy situation. If not handled properly, it can ruin a family.
Having an online business allows you to not have to worry about some of the messy details that come with property–and depending on the business, you may not even have to worry about inventory. If you run an affiliate website or a site that doesn’t have actual inventory, but drop ships directly from the manufacturer, you won’t have to deal with splitting up anything but a website. Whether you want to run a site that reviews anti slip dog socks or you have an online headshop in the US, having an online business is an easy way to set up a business if you are worried about how your business will dissolve or be passed on in regards to probate law.
Whether you run a Business to Business (B2B) or a Business to Customer (B2C) business model, one of the easiest ways to both get your business off the ground (for a small budget) and to dissolve the business when you pass is to have a business that is based on services–opposed to selling goods.
A business where you provide services doesn’t requires as much overhead, it doesn’t require as much inventory, and when it comes down to it, you can easily dissolve a business.
If you have Cuts R Us, a lawn care company, and your two sons inherit it, you can split the customer list down the middle, and have them both get new business names. It isn’t ideal–to lose a business name that you spent decades fostering–but if they can’t work together to keep the business afloat, then it is a solution that works for everyone.
Sell the Business Before You Die
Obviously we don’t know when we will die–wouldn’t that be awesome if we did. But there are many times that we get up in years and we do know when we are well past our prime. If you get into your 70s–or into your 80s–and you still run your own business, and no one in your family wants to take it over after you, maybe it is time you sell. Dividing cash assets between family members is significantly easier than dividing a business.
Make it Easy On Your Loved Ones
You don’t have to do any of these that we mentioned above. Chances are, if you run your own business and you are successful, you are either 1) stubborn and hardheaded and don’t care what we say, or 2) already have your affairs in order. Either way, this article wasn’t intended to scare, but to say…make it easy on your loved ones. That is all.