Make sure your will is up to date

The following is an small example from my new book 33 Essential Insights for Families in Business. I am lead to putting this chapter up as I came across another successful business last week and the two key partners ( Wife and husband ) do have a will.

The chapter is headed:

"Make sure that your will is relevant to the current situation"

I have seen many examples of business owners dying and then the remaining members fo the family finding out that there is no will or a will that was made many years ago that is no longer relevant to the size or complexities of the business at the time of death. Over the years families change, marriages fail, family memebrs run off the rails, some work in the business, others don't.

If you run a successful business then the next generation and the key management should alreday know what happens on the death of the founder. Seek legal advice to ensure that all angles are covered and that the business issues are lined up with the family issues.

The last posting I did is an expample of this.

Bill Winter