Business Owners Urged to Draft 3 Key Succession Documents During August Will Month
Updated
Updated · WSB Atlanta · Aug 17
Business Owners Urged to Draft 3 Key Succession Documents During August Will Month
3 articles · Updated · WSB Atlanta · Aug 17
Summary
August’s National Make a Will Month is being used to press small business owners to put estate and succession plans in place before illness, death or retirement disrupts operations.
Rocket Lawyer says three core documents—a power of attorney, a buy-sell agreement, and a will or living trust—can keep payroll running, set ownership transfer rules and prevent courts or state law from deciding a company’s fate.
The guidance also calls for a current business valuation, a review of debts, assets and profitability, and early identification and training of future leaders to support a smoother handover.
Owners are further urged to review life-insurance funding, update older agreements as operations change, and consult attorneys or financial advisers so plans match current legal and tax requirements.
The broader message is that succession planning protects both family wealth and business continuity, reducing the risk of partner disputes, inactive ownership and sudden operational paralysis.