Q: Can my dad will me his business or is there some other step he has to take beyond that to ensure his business transfers
to me when he dies?
A:
Yes, there are other steps you need to take. I DO NOT recommend the use of a will to transfer a business because it may take to long to complete the necessary steps.
There are several methods that can be used to transfer your Dad's property interest in his business to you.
However, it is not possible to make a recommendation without knowing the type of property your Dad owns. Common types of property include real estate, stock, personal property, partnership interests, etc.
This is something that should be taken and care of and you should seek out a lawyer that is familiar with estate planning, business law and tax law to help you make the most appropriate plan.
A:
I agree with Mr. Morrel:
A trust might be more appropriate in this situation.
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