Estate planning can be a difficult topic. No one wants to dwell on the fact that they will not be around forever. But taking the time to meet with an estate planning attorney today can save your family and business associates an extraordinary number of headaches after you are gone. It can also ensure that your wishes are followed both as to your personal assets and your business interests. However, a shockingly large number of Americans are not taking this important step.
Americans Are Not Creating Estate Plans
Fox Business reports that an estimated 120 million Americans lack an up-to-date estate plan. Forbes Magazine detailed how Americans often act like ostriches when it comes to estate planning. According to its report, 51 percent of Americans between the age of 55 and 64 do not have estate plans. Over 60 percent of people aged 45 to 54 lack an estate plan, and the numbers are even worse amongst women of that age, two-thirds of whom do not have estate plans.
Lack of Estate Plans Spells Disaster for Small Businesses
Some of these millions are business owners, which means that there is no set line of succession for their businesses. In the case of very large businesses with stockholders this may be fine, but for small business owners this could mean the death of the business. The time it takes to probate the estate without an updated estate plan in place could cause the business to collapse.
Contact the Law Office of John C. Grundy
Whether you are trying to deal with your company’s daily legal needs or you are planning for what will happen to your business when you are gone, you will need the help of an experienced attorney. That is why you should call an Aurora estate planning and business lawyer like John C. Grundy.
