A Business Owner’s Perspective
Most entrepreneurs shield their businesses from market shifts, competition, even rising costs, yet often overlook the one threat that can shut your doors instantly: no will.
This August—National Make-a-Will Month—is your moment to act. Estate planning deserves a spot right next to your business plan.
Why “Someday” Isn’t Enough for Business Owners
We juggle payroll, growth, clients, and cash flow, but too often, a will waits until “someday.” We tell ourselves we have time. But without a will, both your personal and business assets can become entangled in probate. That stalled timeline can:
- Disrupt operations
- Freeze cash flow
- Force decisions that harm your business and inconvenience the people you love
The Will vs. Beneficiary Designations: What Every Owner Should Know
A common misconception: a will covers everything. It doesn’t.
- Beneficiary-designated assets—life insurance, retirement accounts, certain investments – pass directly to named beneficiaries, bypassing your will.
- A will—covers what’s not handled otherwise: real estate, business interests, personal items, and residual assets.
For a business owner, your will may determine:
- Who inherits your ownership interest
- How that share is valued and transferred
- Whether a buy-sell agreement is triggered
Beyond the Will: Healthcare Directives & Powers of Attorney
Estate planning isn’t only about what happens when you’re gone – it’s also about staying in control when you can’t speak for yourself.
Key tools to have in place:
- Healthcare Directive (Living Will): Your preferences for medical care.
- Durable Power of Attorney: Someone you trust to manage financial and legal affairs.
- Healthcare Power of Attorney: Someone empowered to make medical decisions on your behalf.
For entrepreneurs, these safeguards ensure your business and personal matters don’t grind to a halt in an emergency.
Five Steps to Shield Your Legacy and Your Business
- Inventory everything – personal, business, and digital.
- Clarify ownership structures – especially for your business entity.
- Update beneficiary designations, they must align with your overall plan.
- Draft or revise your will
- Add powers of attorney & healthcare directives – so others can act clearly if you can’t.
Why NOW Is Your Moment
National Make-a-Will Month is a reminder that time waits for no one. Being proactive means:
- Protecting your company’s future
- Safeguarding your employees’ livelihoods
- Preserving your family’s financial well-being
Final Thought
A will isn’t just a legal document, it’s a leadership decision that extends beyond your lifetime. Make August the month you act. Don’t postpone. This is too important to put off any longer.
About the Author
Craig E. Lytle, CFP®, is the founder and president of Income & Estate Planning Partners, PA, in Newark, Delaware, and a 2010 recipient of NAIFA’s Advisor Today Four Under Forty Award. He enjoys educating others and serving clients through personalized financial planning that helps them protect, grow, and transfer their wealth with confidence.
About Income & Estate Planning Partners
At Income and Estate Planning Partners, we help individuals and families take control of their financial futures through thoughtful, customized strategies. Our t
eam specializes in income planning for retirement, tax-efficient investment solutions, and estate planning designed to protect your legacy. With a planning-first approach, we work to simplify complex financial decisions so you can feel confident about the road ahead. Whether you’re preparing for retirement, navigating major life changes, or planning for future generations, we’re here to walk alongside you every step of the way.
Disclosure
The information provided in this article is based on sources believed to be reliable; however, accuracy and completeness cannot be guaranteed. This content is for general informational purposes only and is not intended to provide specific legal, tax, or investment advice. Please consult with a qualified legal or tax advisor regarding your individual circumstances. Nothing in this material should be interpreted as a recommendation or solicitation to buy or sell any security.