Here is advice from lawyer Lynne Butler, a senior will and estate planner with Scotia Private Client Group, a part of Bank of Nova Scotia:
Executor choice: Entrepreneurs need an executor who can handle both the business side and the personal side, or have a separate executor for each one.
Executor power: Ensure executors have the necessary power to carry out their duties. This is a hidden part of wills and generally not founding in will kits. When a company owner dies, someone needs to have the power to go to the corporate registry and stand in, sell or trade shares. A lot of litigation over wills comes from a lack of executor power, when others challenge unclear instructions.
Power of attorney: This is not part of a will, but should be treated with equal importance. This will allow a designated person to legally run a business until an incapacitated owner returns or the business is transferred or sold upon an owner's demise. Being able to sign cheques is not enough; a power of attorney allows the designated person to deal with payroll, contract and other issues.
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