The Legally Legit Estate Planning Cheat Sheet: Ways to Protect Your Business, Life, and Wealth

Photo by Neosha Garner for CreateHer Stock

No matter whether you are a newbie entrepreneur or a seasoned businesswoman, protecting your assets is a very important part of staying out of trouble. The same goes for estate planning to personally protect yourself and your assets. Use this checklist to legally protect your business and personal life.

Here are some ways I go about protecting both.

For My Business

1.) I created an LLC with an operating agreement.

A limited liability company, or LLC, is a type of business that is popular among small business owners. An LLC protects you from being personally liable for business debts and liabilities.

Filing a single-member LLC is not complicated. Usually, two documents are needed: a certificate of formation or articles of organization (depending on where you live); and an operating agreement.

2.) I have a contract in place for vendors and clients.

“Get it in writing” is the broken record I find myself repeating to clients when they want to enter into a deal or provide a service. Contracts are helpful at the beginning of an agreement, but are MOST helpful when deals go South and you need to check the receipts! If you are working without a contract, even on periodic jobs, you may be setting yourself up for failure.

3.) I registered my trademark(s).

The federal registration of a mark is not required. However, it is recommended because it lets the public know that you legally claim ownership to a brand (name, slogan, image, etc.). The worst situation is when you find out that someone else has the same name as your business or worse yet, is copying your unprotected brand!

4.) I have website terms and conditions, privacy policy, and disclosures.

The law requires you to have certain disclosures and policies on your site—especially if you collect info from visitors (e.g. selling a course or maintaining a mailing list)

5.) I purchased business insurance.

Even though you may have set up an LLC, you also need to talk to an insurance agent about getting appropriate insurance for your business of choice.

6.) I protect the copyright for my created works.

7.) I have permission to use photos, video, and other content

It’s very tempting to use cool videos or photos for your business, but make sure you have permission to do so or that you use things that are licensed under creative commons or royalty-free.

For My Personal Life

1.) I have a last will and testament.

A will is a document that explains how you want your personal assets (house, car, wig collection, etc.) distributed after you die. A will names an executor to carry out your last wishes. It is paramount that you choose someone you trust, who is healthy and able to do the work.

2.) I have a financial power of attorney.

This document authorizes someone to act on your behalf for financial decisions. The powers may be effective immediately or only if you become incapacitated.

3.) I have a medical power of attorney.

A medical power gives an individual you select the ability to make specific healthcare decisions should you become incapacitated as certified by a doctor.

4.) I have a living will.

This document communicates your wishes about medical treatment if you are unable to make your wishes known because of a terminal illness or serious injury.

5.) I have designated beneficiaries for all of my accounts (retirement, investment, life insurance, etc.)

Don’t find yourself in a situation where your hard-earned money is left in limbo because you have failed to designate beneficiaries to your financial accounts. A good rule of thumb is to review your beneficiaries annually or when you have a major life change (marriage, divorce, new child, etc.).

Have questions about any of this? Contact Attorney Iffy Ibekwe at www.ibekwelaw.com.