Probate Lawyer Lafayette, LA
When you would like to learn more about succession planning and law, you should speak with a probate lawyer Lafayette, LA has trusted for years, like Theus Law Offices. We understand that succession planning can be complicated, especially as you are considering other aspects of estate planning. When you create a succession plan, you are deciding what will happen when you transfer your business ownership to another party. We can help lay the groundwork for you to make a decision that you are comfortable with and that allows you to know that your business will be in the right hands. Want to learn more about what we can do for you? Contact our office now.
Is it important to have a succession plan?
If someone has created an estate plan and wants to leave their business to a family member or a business partner they can trust, they may think it is as simple as mentioning this in a will or a trust. However, our Lafayette, Louisiana succession law firm attorneys know that creating a succession plan will lay out the details necessary for keeping the business successful.
What kinds of things will I expect to have in my succession plan?
It is important to remember that no one succession plan is going to have the same details that another will. Even businesses that sell similar products or serve the public in similar ways can vary greatly in what they have in their succession plans. When we work with clients, we want to discuss what you expect and hope to happen in various stages of succession:
- Your short-term plan
- Your long-term plan
- Your in-between or intermediate plan
You may be wondering why you wouldn’t just create a long-term plan. In the event that you want to name someone as key personnel but they will be out for a short period of time, a short-term plan will be helpful. On the other hand, an intermediate plan is advisable for the longer-term absence of key personnel (if someone you choose goes on maternity leave, for example). One of the main priorities of a succession plan is that it will name who the parties are who will be taking care of your clients and their accounts.
Want to learn more about creating a business succession plan?
If you are interested in learning more about creating a succession plan that is right for you and your business, do not hesitate any further. Contact our office to speak with a probate lawyer in Lafayette, LA now.