Entrepreneurs are mostly concerned with how to improve on their businesses and hardly ever find the time to think about what would happen to this business should they suddenly get involved in a ghastly accident, become incapacitated or pass away. Even when you have an estate plan in place for your family, it is not enough if estate planning is not done for your business as well. Without estate planning, your hard-earned assets over the course of your lifetime may be reduced to rubbles in the twinkle of an eye. As an entrepreneur, it is time to sit down and reflect on what possible actions that could be taken — as regards your business — to protect your interest and that of your family, and then know what estate planning documents to establish that would serve that purpose.
Just as with family estate planning, a will is a very important document applicable to businesses as well. As an entrepreneur, you should choose a highly trusted and competent individual or financial organization as your executor, and this personality would be in charge of managing and disbursing your assets at your death or incapacitation. This person would have access to your bank accounts, email accounts and other digital assets of yours.