While I wrote earlier about ways that writers can look after and provide for their written work–both published and unpublished–in their Wills, I thought it might be useful to offer some suggestions for those who have other types of home businesses. Owning and operating your own home business can mean that you need to make some changes to your will or provide for some specifics when you do draw up a Will.
Without a Will, a person is said to die “intestate.” Depending on the state in which you live, different laws will determine what happens to your estate. By having a legal Will, you can make sure that your children are provided for and your estate is distributed the way you would like it to be. It is a good idea to get help from a lawyer to make sure that your Will is legal and binding.
If your business has been incorporated, then it can and will have a “life” that is separate from you. If you are operating as an independent contractor or a sole proprietor then your business may not have a separate entity. This means that when you die, the business ceases to exist. You can still stipulate what you want done with your inventory or the residual value of your business–if you have royalties our outstanding accounts payable and receivable, you can make a plan in your Will for how these should be handled.
Unless you choose an executor specifically to handle the remains, assets, and liabilities of your business, the executor named in your Will is also the one who will handle your business issues. If you think there is someone who would do a better job of focusing on your business, then you can name this person in the Will.
Keep in mind that as your business changes and evolves over time, you should revisit your Will and make changes as well. If you dissolve your business, it is not absolutely necessary that you change your Will, but it will make things more current and less confusing.
See Also: When Your Goals and Priorities Change and Providing For Your Writing Work in Your Will