Plan for ownership and daily decisions
Your family may need income from the company while someone else handles its daily work. Write down your wishes for both roles, then ask which documents would support them.
Match your wishes to your company records
For an Arizona LLC, receiving an ownership interest doesn’t by itself give someone the right to manage the company under A.R.S. § 29-3502. The company’s management structure also matters under A.R.S. § 29-3407. Ask your attorney to review your estate plan alongside your operating agreement, the document that sets out rules for the LLC.
You might want one child to receive income and someone else to run the business. Put that goal into words before naming people in your will or trust. Ask where company rules and family wishes need closer review.
Prepare for a time when you can’t work
During a hospital stay, someone may need to handle your personal finances while a manager runs the company. List those jobs separately. Ask who would have the right to do each one.
Arizona law allows a durable financial power of attorney to name an agent whose authority can continue through incapacity. The document’s wording and scope matter. Review it with your estate plan and company records instead of assuming one signed form covers every business decision.
Bring both advisors into the conversation
Your financial advisor may help you understand the wealth you’ve built. Your estate planning attorney can discuss the legal plan for your assets. Share your goals with both so each understands the other’s work.
Work through a business owner example
Imagine you own a small Scottsdale service company and hope your daughter will keep it running. She knows the work, but your company papers name you as the only manager. Use that hypothetical to ask what would happen during a long illness and after you pass away.
Ask how your family would find the plan and which separate business or tax advice you may need. The aim is a clear set of next steps for your situation.
Bring records that show today’s picture
Gather your company agreement, ownership records, and signed transfer arrangements. Add your will, trust, financial power of attorney, and a list of possible successors. You can start even if some records are missing.
Review the plan when ownership changes or a chosen successor becomes unavailable. Tell your family where to find the final documents and whom to call.
Your questions, answered plainly.
Can my will name who will run my LLC?
You can state wishes in your estate plan, but the company’s rules and management structure need review too. In Arizona, a transfer of an LLC interest doesn’t by itself give the recipient management rights. Ask how your will or trust fits those rules.
Do I need a plan if I’m the only owner?
A sole owner still needs to consider who could act during an illness and what should happen to the ownership interest later. Start with your current records and the people you would want involved. Your attorney can discuss which steps fit your business.
Will a financial power of attorney cover the business?
That depends on its terms and the company’s rules. A durable power of attorney can address your financial affairs during incapacity, but you should review its scope before relying on it for company decisions. Bring the signed document to your planning meeting.
Can I involve my current financial advisor?
Yes. The video encourages you to coordinate your financial and estate plans. Share your advisor’s details and your questions, then discuss what each professional needs and any separate advice your plan may require.
Read the video transcript
Read the original spoken words
You have worked very hard to build your business, but have you thought what happens to that business if something happens to you? That’s why working closely with both your financial advisor and your estate planner can be so important. Your financial advisor may help you build and manage your wealth. An estate plan helps you create a plan for what happens to your assets, including your business, if you become unable to manage it, or when you pass away. For business owners, planning ahead can help answer very important questions. For example, who will take over your business? Who has authority to make decisions? And what happens to your ownership interest if something happens to you? Building the business is only part of the plan. Protecting what you built is part of your legacy. Because your financial plan and your estate plan, they shouldn’t live in separate worlds. They should work together. Call us today at Turquoise Law Group at 480-863-6303.
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