Writing a Will as a Business Owner in Canada
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.
Why is a Will Important for Business Owners?
Ensuring the smooth transition and protection of assets is a crucial aspect of any business owner’s responsibilities, and an essential tool for achieving this is the creation of a will. While many may associate wills with personal matters, they hold equal importance for business owners.
A will ensures that all of your assets are distributed the way you want them to be. This includes who takes ownership of your business and how your shares, if any, are distributed. Without a will, you have no say in how your assets are handled or distributed after your passing.
How Do You Write a Will?
It may seem daunting, but with the right guidance, anyone can successfully write a will, and it is actually much more straightforward than you might think. The following is a list of some basic items that should be included in your will:
- Your name
- Who your Executors will be
- Who your Beneficiaries are
- How you would like your assets to be divided
When it comes to the legal requirements, distribution of your assets, and anything else you may not be confident in finalizing yourself, there is an array of professionals who can assist you in the completion of your will.
Is a Separate Will for Your Business Needed if You Have a Personal Will?
A separate will is not required for your business assets. If you own a business, those assets would be treated like any other asset you possess. However, if you would like to separate your business assets from your personal assets you can create a “dual will”, to separate the two. While this is not a requirement, it may be beneficial for business owners in reducing probate fees.
Building a Comprehensive Approach to Investment Management with Bloom Investment Counsel, Inc.
Established in 1985, Bloom Investment Counsel has close to 40 years of providing personalized investment management services for wealthy individuals, family offices, foundations, corporations, institutions and trusts. We greatly value the partnerships that other trusted professionals provide to our clients and are pleased to work with other professionals to provide a coordinated approach to protecting, preserving and building wealth for our clients.
This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.