If you pass away without a will or living trust, your assets will be distributed through the court in an “intestate” manner. This means your surviving family members will be given a portion of your estate in accordance with state law. Generally, your surviving spouse will receive all the property you and your spouse acquired during marriage. Your children and spouse will split the remaining property. Some individuals don’t have any heirs to distribute their estate to when they die. If you would like to choose who should receive your money after you pass away, you need to meet with an estate planning attorney to create a will or trust. Otherwise, you lose control over your assets when you die and the government will claim the money. Intestate distribution can get very complex, it is important that you speak with an experienced estate planning attorney to assist you with specific questions.
As a business owner, there are two professionals you want on your side early: an accountant and a business lawyer. Both are infinitely useful in the overall success of your business. The right legal counsel