We all know that life is riddled with uncertainties. Some like to state that the two surest things on earth are taxes and death. Whilst everyone acknowledges death as part of life’s timeline, most are sceptical about preparing for it. Often time people get so caught up in the bubble of present prosperity that they somehow turn a blind eye to death. This isn’t something that only ordinary people do; even some reputable and wealthy people have passed on in that manner. Surveys show that many people pass on without wills and that leaves a trail of tremendous chaos. Wills aren’t just for the ordinary person out there; they are equally as important for entrepreneurs as well. Let’s discuss why it’s important for entrepreneurs.
A Brief On Wills
A will is a legal document in which an individual outlines how they intend for their estate to be allocated in the event of their death. The key parties to note in a will are the executor, the beneficiaries, trustees, legal guardian and witnesses. The Wills Act (Chapter 6:06) offers comprehensive guidance on everything you need to know about wills. Though there is a possibility for authoring your own will, it’s advisable to seek professional services or assistance. Lawyers and some banks offer such services whilst some funeral service providers such as Nyaradzo can assist you in these regards.
The Case For Professionalism
In order to draft an all-inclusive will as an entrepreneur, there are certain precursors that must be upheld. Ideally, you can’t dictate on what you don’t formally own – so what does that imply? It means you must have proper ownership proof of what you own, preferably title deeds, written agreements and so on. Most people can’t even draft wills because they run shady business ventures with no semblance of professionalism.
The Case For Honesty, Transparency And Empathy
Most people keep some of the assets or money they own private, especially from their families. This dishonesty will catch up with the surviving family after you’re gone as opportunistic people will take advantage. Whilst you still run your business, alive, ensure you’re honest and transparent to your family about your business empire and what you own. Remember at the end children tend to be the most hard-hit casualties of cases where a will is absent or when there are secret belongings unknown to them.
The Advantages Of A Will
Avoidance Of Future Costs
The absence of a will culminates in protracted legal stand-offs within both the family and the business circles. This will result in either your surviving family or your business incurring huge amounts of legal costs. These stand-offs can be so bad that ultimately, even in the event of winning the court cases, the costs incurred can significantly erode whatever is won? Having a will more or less will entail the cost of having it drafted and some fringe costs in the actual will reading and bequeathing processes.
Getting Rid Of Delays
The points I highlighted earlier will lead to undesirable delays. These will have adverse effects on the surviving family and the business itself. Usually, when there is no will, bank accounts get frozen until there is a definitive way forward. So to get rid of such delays it’s wise to leave a will behind.
Conflict Aversion
Conflicts are one of the direst effects of not leaving a will behind. Globally and even locally there are many cases that ended up in murder over inheritance disputes. Family ties and even businesses ties or alliances can be damaged or eroded altogether. The presence of a will ensures everything is kept in check despite any personal differences that might be there. If a will isn’t left behind things can get quite messy. The love of money is the root of all evil, so plug any loopholes that might lead to conflicts by writing up a will.
Continuity
A business is much bigger than the person who started it and must, therefore, outlive him/her. Essentially when one passes on it’s expected that the business must still continue. The death of a business owner obviously brings to the fore issues of succession and continuity. Writing a will allows the business owner to detail how those succession aspects will be handled after his/her death. Even issues of debt assumption, handling and more can be comprehensively covered in a will. All these issues also apply to the surviving family to ensure the sustainable continuity of the family.
A Voice Beyond The Grave
The fact that someone is an entrepreneur means they wield power to stir their ship and to affect decisions. Writing a will affords one to maintain that power beyond the grave. The contents of the will are taken with unquestionable authority in their absence. This is critical because the entrepreneur tends to be the directional and sustaining force behind their businesses.
Avoiding Intestacy
When someone dies without a will, the distribution of their estate will be determined by existing laws. The courts will become the authority that oversees this process. The downside of the law is that it doesn’t always align with certain sentimental, moral, ethical, cultural or personal aspects. Often time undeserving people can end up benefiting from the estate at the expense of other more deserving parties. In order for your wishes to be fulfilled ensure you have a will in place to avoid other people or the law from determining who gets what.
Never be misguided into thinking having a will is a death wish. Never be misguided into thinking wills are a preserve for the rich and wealthy. No matter the size of your estate, writing a will has a lot of good that it comes with. You can aptly settle the life of your business and your family by leaving a will behind. Remember you pay for and secure your future today.
