Some people in Ohio may have complex estates that include a business and other assets. They may think of the business and assets as their legacy and want to make sure their spouses and children benefit from that legacy. However, people often do not take into account the fact that their loved ones may be ill-prepared to take over their businesses or manage assets. It is possible to create an estate plan that still allows loved ones to benefit financially without giving them control of the legacy.
One man who did not consider this possibility sold the business his father had started and that he had built up into a valuable enterprise. Fraught family situations made him concerned that running the business would create additional stress for his loved ones. Although he got more than $50 million for his business, his decision meant that he had nothing left of his legacy.
What he could have done instead was identify employees who could run the business or bring in individuals who could do so. Professionals can also be hired to manage other assets if necessary. People may want to consider whether they want a different person to be in charge of distributing assets to loved ones.
An attorney may be able to help a person create an estate plan in complicated situations like this. For example, a blended family could mean tensions that would make it difficult or impossible for them to run a business. A person might have children from a previous marriage and children from a present marriage and may want to make sure they all benefit financially. An individual may also want to make sure that his or her spouse does as well but that the business or other assets not pass to that person’s children from a previous relationship after his or her death.