Estate Planning: Wills & Trusts
Every small business owner owes it to their family and their colleagues to take the time and trouble to plan for both personal emergencies and for those crises that may affect the larger community. At minimum, it is recommended that a business owner have a will, a power of attorney, some form of business succession plan and a protocol for emergencies. Landback Law offers a basic package (will, power of attorney and advance healthcare directive) for a set fee. Please contact me if you would like more information.
I am a sole proprietor and I only have one employee. Do I have to give the power of attorney to that employee?
You can grant a power of attorney to any individual that you feel would be trustworthy and able to run your business if something should incapacitate you. That person does not have to be an employee of yours.
I don’t want to give a broad power of attorney to anyone. Is there any way to limit the powers I would be giving?
A power of attorney can be drafted very narrowly – to only grant authority over certain aspects of your business (and not over any of your personal assets). A power of attorney can also be drafted to only come into effect upon the occurrence of a specific occurrence. This is called a springing power of attorney.
My power of attorney and will are now over ten years old. Do I need to do new ones?
It is advisable to review your power of attorney and will every five years or upon the occurrence of a significant event such as a birth of a child, death, divorce, or substantial growth or other change in your business.