Estate planning, when done properly, doesnât just plan for death, but also for the possibility of incapacity. As the owner of a small business or family farm/ranch, planning for the possibility of your own incapacity is crucial. A small business, farm, or ranch cannot function for long without someone at the helm â and that person must have the proper legal authority to operate the business. Imagine if you were injured in an accident tomorrow and became incapacitated. Without an incapacity plan in place, no one would have the legal authority to negotiate contracts for the purchase of supplies nor for the sale of products. Banks, suppliers, customers, government agencies would all be unwilling to continue working with your business without plans in place that contemplate just such a scenario.
/ / Why do I need to worry about incapacity planning?