Adams Law Office Logo

(301) 805-5892

4 Reasons Estate Planning is so Essential for Business Owners – Part 2

#2 | Secure Your Business Assets: Why Naming a Legal Representative is Vital in Case of Illness or Injury

Relying solely on a will for business protection can pose significant challenges, especially if you face incapacitation due to accident or illness. Wills only take effect after death, offering no safeguard for your business during periods of incapacity. Without a comprehensive estate plan, the court may appoint a financial guardian or conservator to take control of your business until you recover.

The court process associated with guardianship can be lengthy and costly, creating further complications for your business. Additionally, the appointed guardian may not manage your company exactly as you would, leading to disruptions and potential conflicts within your team and family, especially if your absence is prolonged.

Estate Planning Solution

Fortunately, there's a proactive estate planning solution – the durable financial power of attorney. By creating a durable financial power of attorney, you can designate a trusted individual to handle your business and financial affairs if you become unable to do so yourself. In case of illness or injury, this authorized person will have the legal power to manage payroll, sign documents, and make financial decisions on your behalf.

Embracing the durable financial power of attorney not only expedites the expense and delays linked to the guardianship process but also ensures that someone you trust will be managing your company and financial interests during your incapacitation, rather than leaving the decision in the hands of the court. Protect your business's future by taking control of your estate plan today.

Call today for a consultation with one of our caring and experienced Attorneys!

4201 Northview Drive, Suite 401 • Bowie, MD 20716 Serving the Maryland and DC areas

Office Hours

Monday 8:30AM - 5:30PM
Tuesday 8:30AM - 5:30PM
Wednesday 8:30AM - 5:30PM
Thursday 8:30AM - 5:30PM
Friday 8:30AM - 5:30PM
Saturday by appointment
Sunday closed
Adams Law Office Better Business BureauAdams Law Office LinkedIn ProfileAdams Law Office Facebook ProfileAdams Law Office Twitter ProfileSuren Adams Attorney

Copyright © 2023 Adams Law Office, LLC All Rights Reserved

DISCLAIMER: No information you obtain from this website or its content is legal advice, nor is it intended to be. You should consult an attorney for individualized advice regarding your own situation. No attorney-client relationship is intended or formed by your viewing this website or downloading and using the content, forms, tips or information kits found on this website. No attorney-client relationship is intended or formed without a fully-executed, written agreement to enter into such a relationship. Client testimonials or endorsements do not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter.