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Home Previous articles on the AHI Contact Our Vision About the AHI Membership Benefits Application Information Corporate pos Business Members Business Members Silver Members Business Chambers Kwazulu-Natal Eastern Cape Free State Northern Cape North West Mpumalanga Western Cape Limpopo Gauteng Events E-Brochures pos search
As a personal succession plan is a last will (testament) is an important legal document that details what to kill to happen with the assets you have over the years built up. The purpose pos of this legal document to your wishes to give. It enables those who stay behind, able to advance your hard work and find the real value of experience.
Since a will is a legal document, it is extremely important that it is structured correctly and regularly pos reviewed as circumstances change. It must be dated and signed, and - more importantly - a safe place to be. If this important missing elements will be difficult to meet your specific wishes and intentions to give.
The reality is that many people today die intestate - ie without a (valid) will. This can cause family strife and means that the left behind the mop-up to do and need to cover unexpected costs. For an executor in such circumstances the estate to complete, it can be a lengthy, time-consuming and at times uncomfortable process becomes.
The reality of this seems even clearer when we call business owners. According to Sanlam's internal pos research, two-thirds of business owners do not have a "business will" (buy-and-sell agreement), neither of which have the third one, only 10% reviewed their "business will" regularly.
The question is ... do you as a business owner is a testament as a personal pos succession, and you also have a "business will"? If so, is it structured right? When was it last reviewed? Is it valid? pos Is it signed? Do you know where they live? This is extremely important because pos your business or your share in the business to know your own blood and tears built up, and you would still like to have your loved ones or dependents to your hard work to benefit.
The lack of a "business will" and the accompanying insurance could be the next potential challenges result: Your co-owners may not have the necessary funds for your interest in the business from your estate for sale. Your spouse pos will or might not be in the business pos to get involved, which means that he / she is at the mercy of your business partners are left. Your family might not be the real value of your interest pos in the business realized because the valuation of your interest in your absence may be disputed. Disputes are usually expensive, over long periods of protracted and disruptive - especially in tough economic times when money is usually trouble. The executor may want the owner's interest in the business to the highest pos bidder sold the business to people outside exposure. The survival of the business may be jeopardized due to the lack of focus and ongoing controversy with the remaining owners. Your interest in the business may ultimately pos be far less than the fair market value sale. Your business partners all new contracts to a new business channel, and the value of your interest in the old business over time almost no value drop.
If there is not a "business will" is, you end up not influence or say in what your interest in the business happen. It may not meet your intentions not acted. All this happens while your family is struggling to make ends meet and to reduce the sudden loss.
A valid, pos updated and signed "business will" (buy-and-sell agreement) and related insurance coverage is the ideal solution to the above risks decrease. This allows you as a business owner is able to make the necessary provisions to make - not just for your untimely death, but also for an unplanned pos event such as permanent disability.
The main purpose of the "business will" to the surviving joint owner (s) the necessary funds to give your interest in the business to buy, and with their interests and yours to protect, while your family the real value of your hard work experience. This solution is an easy way out in the event of your death or permanent disability. The legal agreement and the funding mechanism it ensures not only the continuity of business should you die or become permanently disabled, but also strengthen the business structure.
About the AHI AHI About Vision Benefits Application
Copyright 2011-2012 African Trade Institute. All rights reserved.
Home Previous articles on the AHI Contact Our Vision About the AHI Membership Benefits Application Information Corporate pos Business Members Business Members Silver Members Business Chambers Kwazulu-Natal Eastern Cape Free State Northern Cape North West Mpumalanga Western Cape Limpopo Gauteng Events E-Brochures pos search
As a personal succession plan is a last will (testament) is an important legal document that details what to kill to happen with the assets you have over the years built up. The purpose pos of this legal document to your wishes to give. It enables those who stay behind, able to advance your hard work and find the real value of experience.
Since a will is a legal document, it is extremely important that it is structured correctly and regularly pos reviewed as circumstances change. It must be dated and signed, and - more importantly - a safe place to be. If this important missing elements will be difficult to meet your specific wishes and intentions to give.
The reality is that many people today die intestate - ie without a (valid) will. This can cause family strife and means that the left behind the mop-up to do and need to cover unexpected costs. For an executor in such circumstances the estate to complete, it can be a lengthy, time-consuming and at times uncomfortable process becomes.
The reality of this seems even clearer when we call business owners. According to Sanlam's internal pos research, two-thirds of business owners do not have a "business will" (buy-and-sell agreement), neither of which have the third one, only 10% reviewed their "business will" regularly.
The question is ... do you as a business owner is a testament as a personal pos succession, and you also have a "business will"? If so, is it structured right? When was it last reviewed? Is it valid? pos Is it signed? Do you know where they live? This is extremely important because pos your business or your share in the business to know your own blood and tears built up, and you would still like to have your loved ones or dependents to your hard work to benefit.
The lack of a "business will" and the accompanying insurance could be the next potential challenges result: Your co-owners may not have the necessary funds for your interest in the business from your estate for sale. Your spouse pos will or might not be in the business pos to get involved, which means that he / she is at the mercy of your business partners are left. Your family might not be the real value of your interest pos in the business realized because the valuation of your interest in your absence may be disputed. Disputes are usually expensive, over long periods of protracted and disruptive - especially in tough economic times when money is usually trouble. The executor may want the owner's interest in the business to the highest pos bidder sold the business to people outside exposure. The survival of the business may be jeopardized due to the lack of focus and ongoing controversy with the remaining owners. Your interest in the business may ultimately pos be far less than the fair market value sale. Your business partners all new contracts to a new business channel, and the value of your interest in the old business over time almost no value drop.
If there is not a "business will" is, you end up not influence or say in what your interest in the business happen. It may not meet your intentions not acted. All this happens while your family is struggling to make ends meet and to reduce the sudden loss.
A valid, pos updated and signed "business will" (buy-and-sell agreement) and related insurance coverage is the ideal solution to the above risks decrease. This allows you as a business owner is able to make the necessary provisions to make - not just for your untimely death, but also for an unplanned pos event such as permanent disability.
The main purpose of the "business will" to the surviving joint owner (s) the necessary funds to give your interest in the business to buy, and with their interests and yours to protect, while your family the real value of your hard work experience. This solution is an easy way out in the event of your death or permanent disability. The legal agreement and the funding mechanism it ensures not only the continuity of business should you die or become permanently disabled, but also strengthen the business structure.
About the AHI AHI About Vision Benefits Application
Copyright 2011-2012 African Trade Institute. All rights reserved.
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