Well there are many different documents and tools that we use to assist clients in helping to prepare for what happens to a business someday when they pass away or they become incapacitated.
For example, we may recommend the use of a buy/sell agreement. Certainly we’d want to take a look at a durable power of attorney in case of incapacity. We’d want to take a look at a will and/or perhaps a revocable living trust.
We might also want to think about some sort of a plan if the idea is to keep the business within the family or to pass it along to a close loved one; we want to think about exactly how that transition is going to go and how that next generation is going to be able to step up into your shoes and now run the business.