It is important to consider what would happen to your business if you died suddenly or suffered an injury or illness that kept you out of the business. This is doubly important if you are in business with others. Your family needs certainty that they will receive fair value for your business assets and the other owners needs certainty that they can achieve a clean break with your family and not left carrying silent partners.
You may have heard the term “Buy Sell Insurance Arrangements” where a life insurance policy funds the purchase of a person’s business by the continuing owners. What you might not know is that the legal documents that you need will vary depending upon how the life insurance is structured. At Your LegalHQ, we have extensive experience in preparing the legal documents for Buy Sell Insurance Arrangements tailored to suit almost every life insurance structure.