As a business owner, planning for the future and ensuring that your assets are protected is crucial. One essential aspect of this planning is creating a will. A will serves as a legal document that outlines how your assets and business interests should be distributed after your passing. While contemplating one’s own mortality may be uncomfortable, having a will in place is an important step towards securing the future of your business and ensuring that your wishes are carried out.

In this article, we explore why writing a will as a business owner is vital and discuss the various considerations that should be considered during this process.

Many people think of their Will as the core of their estate plan, but Wills can be contested and may be subject to a lengthy probate process. Using a trust can circumvent many wealth transfer issues and help relieve much stress for you and your heirs.

A trust can add a layer of protection for your family, loved ones, and legacy once you’re gone.

Many people falsely believe that an estate plan simply means drafting a will. But a will is just one component of an estate plan.

An estate plan is much more comprehensive and may necessarily include many more documents than a will.

Writing a Will is an important part of planning for your future and ensuring that your wishes are taken care of. It is hard to believe that over 50% of Canadians, many of whom are past retirement age, do not have a Will. It’s important to think about when you should write and update your Will, as it can be a complex process that requires careful consideration.

Often people are focused on appointing a Power of Attorney (POA) in the event that they are unable to make their own decisions, but have you thought about guardianship? What happens if your POA is unable to make decisions on your behalf? This is where guardianship plays a role.