Ilya Lyubimskiy

Passing the Torch: Business Succession Strategies You Need to Know

For many business owners, their business is one of the most valuable and important things they own. When it is time to sit down and create an estate plan, it is critical that business owners plan for their business just as they would plan for their home or finances. Effective business succession planning ensures a seamless transition of ownership upon the potential occurrence of many different events, such as the business owner’s retirement, disability, or death.

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What Happens to My Will When I Die?

The main purpose of the probate process is to distribute the deceased’s money and property in accordance with the Will or state law. Not all Wills, and not all accounts and property, need to go through probate court. And just because a Will is filed with the probate court does not mean a probate needs to be opened. But whether or not probate is necessary, most state laws require that a Will be filed when the creator of the will passes away.

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What Is the Difference Between a Probate Attorney and an Estate Planning Attorney?

Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved ones with estate and trust administration when you pass away.

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