As a business owner, you make decisions every day to protect your family and your future. But one important document often gets overlooked: your will. If it has been a few years since you last reviewed it, your will might not match your current situation. When a will is outdated, it can cause confusion, delays or even conflict during an already stressful time.
Events that can outdate your estate plan
When your life changes, your will should change too. Your situation today may look very different from when you last updated your estate plan. That alone is a good reason to take another look. Common changes that may call for an update include:
- Getting married, divorced or remarried: Update your will to reflect your current relationship status. Make sure your spouse, or former spouse, is included or removed based on your wishes.
- Welcoming a child through birth or adoption: Add a legal guardian for your child and include financial support in your plan. Update your beneficiary designations if needed.
- Losing a spouse, child or named beneficiary: Remove anyone who has passed away and decide how you want to redistribute your assets.
- Moving to or out of Tennessee: Make sure your will follows Tennessee law or the law of your new state, so your wishes are carried out correctly.
- Changing your financial goals or family relationships: Revisit your will if your priorities shift. This includes changes like estrangement, reconciliation or new financial plans.
Keeping your will and other estate documents up to date ensures your wishes are honored and your loved ones are provided for.
Business growth brings new legal needs
As your business grows, your will should grow with it. Make sure it reflects your current business setup and long-term goals.
If you have started a new business, changed its structure, or added partners or investors, it is time to update your will. You will want to clearly state what happens to your share of the business if you pass away or can no longer run it.
Buying or selling major business assets, like property, equipment or intellectual property, can also affect your estate. Be sure your will reflects these changes so everything is handled how you want.
Protecting the family business in your will
If your business supports your family or involves relatives, failing to clearly outline who should inherit or manage it can lead to conflict. A will aligned with your succession plan ensures the business remains stable and that your intentions are honored. Without clear direction, the future of your company could be left to probate or divided in ways you never intended.
A smart step for your business and family matters
You have worked hard to build something meaningful. Make sure your will protects it. If your personal or business life has changed, consider reviewing your estate plan with a Tennessee attorney who understands the needs of entrepreneurs like you.