Business owners often think about passing along the business itself, but some of the most valuable assets are easier to overlook. A complete estate plan should account for more than ownership alone. Here are three assets you should not leave out when reviewing your estate plan.
Digital business accounts
Your family or the person taking over your business may struggle to manage day-to-day operations if they do not know how to open important online accounts or where key information is stored.
Make sure you include details about your:
- Business email
- Website
- Cloud storage
- Customer management platform
While you should never include passwords in your will, you can store instructions with your estate planning materials so the right person knows where to find them when the time comes.
Intellectual property documents
If your business owns trademarks, copyrights or patents, keep the paperwork that establishes your ownership with the rest of your estate planning materials. This can make it easier for your loved ones or successors to identify valuable business assets and understand who should receive them.
Taking time to organize everything now may also help prevent confusion if those assets continue producing income in the future.
Business ownership documents
The paperwork that establishes your ownership in a business should work alongside your estate plan. Depending on your business structure, this may include:
- Operating agreements
- Partnership agreements
- Stock certificates
- Membership certificates
In Colorado, your business documents may limit how ownership can transfer after your death. For example, an operating agreement or buy-sell agreement may require ownership to pass in a specific way, even if your will says something different. Reviewing them as part of your estate plan can help your wishes and your business arrangements work together instead of creating unnecessary complications.
Keep your estate plan updated
Your estate plan should grow and change as your business does. As you add new assets, update ownership records or make major business decisions, take time to review your plan with your attorney so it still reflects your goals. Small updates over time can help keep your planning aligned with your business and the legacy you want to leave behind.