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Consider creating a will for your business assets if you are in a partnership or have shareholders. Leaving shares or partnership to family members who are not familiar with the business could lead to complications. It may be challenging for inexperienced family members to run the business effectively. Losing a loved one, caring for children, and running a business simultaneously can be overwhelming. It is essential to consider whether your family would prefer to work in the business or receive a lump sum as inheritance to replace the income. The business could suffer if appropriate planning is not done.
