In this second edition of our series on the risks that a business owner may face, we focus on a buy and sell arrangement as an exit strategy where there…
Upon your death, an executor is faced with gathering all your possessions and distributing them according to the provisions of your last will and testament. Settling a simple estate seems a relatively easy task and in many cases executors are nominated without careful consideration of the consequences.
Many business owners work a lifetime to build up a business of value. The success of the business attests to the hours of hard work, sacrifice and personal commitment it requires to make it work. So that’s enough,right? What risks are lurking beneath the surface that can threaten a business that has been set up by an owner who has taken responsibility for every part of the process of a successful operation?
We all know the basics on wills –why they are important, who should draft them and what can happen when you don’t have one….but what really happens when the estate has to be administered?The role ofan ExecutorOne of the most important decisions you have to make when drafting your will is who to appoint as executor.