If you are thinking ahead about your future estate planning in Pasadena, our buy/sell agreement attorneys can help you to structure this important document that will outline what happens to this property if you are no longer part of the business.
Buy/sell agreements are particularly useful if you intend to leave real estate or businesses to more than one person in your trust and will. These are also useful when any real estate is co-owned by two or more individuals.
Another common reason for people to establish a buy/sell agreement as part of their estate plan is concerns about co-owners who face a disgruntled heir who expected to be included in the passing on of the business or the assets. If you are unable to continue managing your properties and have a living trust that leaves a property to your children, some people might end up co-owning the buildings in conflict with one another if you don’t have the right terms outlined in your buy/sell agreement.
Co-ownership of real estate generates many different conflicts and potential problems, and this can be compounded by existing family rivalries and problematic dynamics. Keep in mind that one child might have not the skills, willingness or time to manage a property either.
A buy/sell agreement is also critical if you own a building with someone else outside of the family, since the share of that partner would likely pass to their loved ones if something happen to that person. Speak to our Pasadena estate planning lawyers today to learn more about how to protect your business with a buy/sell agreement.
With your business being part of the bigger picture, it cannot be neglected in your personal estate plan. Make sure you’ve considered all of the details by setting aside time to speak with an attorney who can give you the plan recommendations for your individual estate and your company.