Entrepreneurship is not the easiest path in life – it’s solely up to you to manage your business and ensure that it’s able to generate enough income to sustain your family and your employees. This fundamental aspect of entrepreneurship raises an important question – what happens if you find yourself unable to work?

Whether it’s due to an illness, injury, or recovery process, unforeseen events are almost certain to pop up at some point. Although you aren’t able to prepare for unfortunate events, you can prepare for them with estate planning services. Keep reading to discover how an estate planning lawyer can help you prepare your assets for any situation.

What is Estate Planning?

In short, estate planning is a process by which an individual assembles a detailed plan that dictates what happens to their assets in the event of death or debilitation. “Assets” in this sense can represent many things, such as properties, businesses, bank accounts, investments, personal property, and much more.

The individual who makes the estate plan decides who benefits from their assets and how much each beneficiary gets. The power of attorney is the one responsible for making financial and healthcare decisions on the incapacitated person’s behalf – they are trusted to ensure the integrity of finances and other matters related to the incapacitated person’s affairs.

An estate planning lawyer is the one responsible for drawing up the legal documents once the individual has decided who they want to represent them and who should benefit from their estate in the event of an accident.

Why Estate Planning Services are Important for Entrepreneurs

Hiring an estate planning service is important because it keeps your business running smoothly. Taking the time to detail a plan, such as who should be in charge of your business in the event of an accident, preserves the operation of your business and keeps your family provided for. There are a surprising number of people that don’t bother to hire an estate lawyer in Ottawa and their business and family suffer as a consequence – don’t fall victim to this!

Another important reason to hire an estate planning service is debt management. Part of estate planning involves detailing how you would like your debts to be repaid. Note that your personal assets can be used to repay business debts, however, your personal assets will need to be incorporated to do this.

What Happens if You Don’t Have an Estate Plan?

The government makes an estate plan for you if you suffer incapacitation or death without a plan already set in place. In Ottawa and the rest of Ontario, this is handled by the Office of the Public Guardian and Trustee (OPGT).

While the government has protocols on how to handle these situations, your assets will likely be handled in a way that differs from your wishes. Take control of your life and hire an estate planning service to avoid government interference!

Failing to create an estate plan also poses challenges for your heirs. You won’t have the opportunity to appoint a guardian who would care for your kids. This one is especially damaging if you don’t trust the person that the government is likely to appoint.

Expert Estate Planning Lawyers in Ottawa

Are you an entrepreneur in Ottawa that is interested in securing the future of your family and business? Contact Dabros Law, Ottawa’s trusted estate lawyers, to get started on planning your estate.

Dabros Law is passionate about providing hassle-free, knowledgeable, and trustworthy legal services to the Ottawa region. Our founder, Shane A. Dabros, was born and raised in Ottawa, so you can be sure that you are getting the personal, professional, and comfortable estate services that you deserve.