The Key Legal Document Even Young Entrepreneurs Should Have: The Living Will
Documents play essential roles in creating and sustaining a business: its nature and identity, its culture and trajectory, its purpose and protections. For business owners, including our young (bubbling with palpable ingenuity) entrepreneurs, a Last Will and Testament (or Living Will) should not be overlooked. The youthful condition, though often gives way to the benefit of vibrantly electric imagination as to the horizon, is also often inextricably linked to an unspoken invincibility which does not allow for sufficient business planning. Here are 3 reasons even young entrepreneurs should have a Living Will.
1. Decide now or let the government make your boss moves later.
Making a Last Will and Testament is a great way to exercise your right to decide what happens to your coins, company or assets if you are no longer of capacity. Although state laws differ in their approach, what is universally true is if you do not “boss-up” and make a decision, the government will distribute your stuff for you. The imminent risk is standard statutory rules do not contemplate your #BFF or business co-laborers when making a distribution of assets you worked tirelessly to amass. Whether it’s a family heirloom or your moderately-growing savings account, boss-up and don’t let the government make your decisions.
2. Be at peace now so you can rest at peace later.
Whether someone has lost partial or complete capacity to act for themselves, it is always an incredibly difficult time for friends and family. Unfortunately, those tough times are often compounded with the hiring of lawyers, the fighting of business partners and contention within the family all about your coins, company or assets and how to distribute the same. Having a sufficiently robust Living Will, despite your age and experience, can keep the peace and let you sufficiently rest at peace.
3. You may be changing lives now, but you can continue your impact later.
In addition to not simply letting the government make your decisions, and ensuring your loved ones have a clear path for moving forward, a Living Will also provides you an opportunity to speak in the midst of your incapacity. A Living Will does not limit the distribution of your company and assets to your bestie or partner. You can also include provisions for altruism and continue to give back. Whether it’s to a meaningful non-profit, your local church, a human rights initiative or any other cause you are inclined to support, a Living Will gives you options that are not contemplated by generic intestacy laws.
Entrepreneurs, even our youngsters, have a vested interest in ensuring a Living Will and Testament is a part of any sustainable business strategy.
Disclaimer: This blog is written and published by The Law Office of Keven Leveille, PL for educational purposes only, not to provide specific legal advice. The information provided by this blog should not be used as a substitute for legal advice. The information in this blog should not be used to determine how your legal case would be resolved and it does not establish an attorney-client relationship between you and The Law Office of Keven Leveille, PL. Such an attorney-client relationship can only be established by execution of a contract for legal services between our firm and a prospective client.
Latest posts by K. Leveille (see all)
- When Family Goes Too Far: A Pathway To Reunification - November 19, 2015
- The Key Legal Document Even Young Entrepreneurs Should Have: The Living Will - November 17, 2015
- Don’t Hate, Don’t Overstate, Don’t Procrastinate ~ 3 Basic Principle Tips for Business Marketing - October 13, 2015