Coronavirus has opened a lot of people’s eyes who are in business. The fact that you can have consistent income from customers one day and it can be gone the next. As a business owner there are a few things that need to be in order now. You never know what can happen within the blink of an eye.
Establishing a power of attorney is important. You should always have someone in place, that you trust, who can take over the business if something were to happen to you. Having an advance healthcare directive is also necessary. This document will explain how you want medical decisions made on your behalf. You should also have a journal that keeps all your passwords, bills, financial institutions, etc. Have a family meeting discussing these things so everyone can be on one accord. You never know what may happen. It also better to be proactive.
If you are an individual that is considering legal advice for your business and estate, Martin Law Group can you help. We are offer a free business consultation for the month of April.