Writing a will is no problem at all compared to the time lost and the financial problems your business will face if you neglect this responsibility.
If you have a will, you ensure that if you die, your wishes concerning the continuity of your business will be respected. The person or persons you would like to replace you will be able to do so. The instructions you leave will guide them in the management of your business, and the business will be able to carry on its activities or be sold in accordance with your directives.
In addition, it is strongly recommended that you and your partners enter into agreements in this regard. If one of your partners dies, will you agree to share management of the business with his spouse and children? Without a will, the property of the deceased will devolve in accordance with the provisions of the Civil Code of Québec (in the province of Quebec) or common law (in the other provinces)—which may hinder your business operations.
A will is too important a document to be drawn up without seeking the advice of a lawyer or notary, who will be able to tell you what type of will best suits your needs. In addition, you can be assured that a will prepared by either of these experts will be valid. Legal advisers know the impact that agreements entered into with your partners or shareholders may have on your estate. They also know your rights and how to protect them.
This information is presented for information purposes only and should not be considered to be legal or financial advice. For further information, contact a legal or financial advisor.