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An important estate planning step for those who own a business

Running your own business can be rewarding and offer you the kind of freedom most people can only dream of having. However, assuming the role of creator and operator for a company also comes with a lot of responsibility. You will have to consider things that most people never do and learn skills that you never would need if you were just an employee somewhere.

One important planning consideration that too many business owners overlook is the need to have some kind of plan in place in the event that you fall ill or are otherwise unable to take care of the business temporarily. Someone needs the authority to act on your expectations.

If you have created a last will or an estate plan, you may already have decided how you want to transfer ownership of the company when you die. However, have you taken steps to protect the business at a time when you are alive but unable to run it?

Power of attorney documents could help

People wind up medically unable to perform their jobs for a wide range of reasons. Maybe you end up in a car crash and have to stay in a rehabilitation facility for several weeks. There are many other issues, from sudden medical event like heart attacks to illnesses like cancer, that could leave you unable to care for the business for some time.

In fact, in some scenarios, you may not even be able to authorize someone else to take care of the business for you. That is why having power of attorney documents in place in your estate plan for the management of your business can be a good decision.

The exact kind of document you will need to execute will vary depending on the nature of your business and the role that you play within it. In some cases, you may need to give someone access to an account. Talking to an attorney who is familiar with business law and estate law in Florida could help ensure that you have the proper protections in place for the company you have spent so long building.

Power of attorney documents don't mean handing over control or ownership

It's important to understand that power of attorney documents will not permanently impact your role in the company or override the wishes you have set in place in your last will. The documents you create can be explicit with careful limitations placed on the person acting on your behalf. You can also take time to select the right individual to fill that important role.

The sooner you sit down with an experienced attorney, the sooner you will have the peace of mind that comes from knowing your business will have proper leadership regardless of what happens.

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