WHAT IS A RESTRICTED WILL

A restricted will, as known as a corporate will, is an estate-planning tool used alongside a general will to deal with specific assets that may not require probate commonly used for private-company shares, unsecured debts, and certain personal assets.

The restricted will may also have a separate executor, one who is more qualified to administer the activities of a director and officer.

The shares in a privately held company are not subject to probate so there are reduced probate fees, ability to maintain confidentiality and efficient transfer of corporate assets.

It’s a sad day when a business is shuttered because there is no succession plan in place.

Take the time to protect the asset that you’ve worked so hard to build.