Family Law Matters

An entrepreneur’s daily life is full of responsibilities and challenges. In addition to running a business, it is important to also take care of your own future and that of your loved ones. Carefully drafted and regularly updated legal documents can provide entrepreneurs and their families with security, clarity, and protection in a variety of situations. They also help ensure business continuity and minimize potential legal and financial risks.

Taking care of the following matters helps ensure that everything proceeds smoothly and fairly, even if life changes or something happens to the entrepreneur: a will, a power of attorney, a prenuptial agreement, and a property division agreement. If necessary, we also handle generational transitions, estate inventories, and the distribution of estates.

Drafting a Will

An entrepreneur’s life is full of unforeseen challenges, and drafting a will is of the utmost importance to ensure business continuity in unexpected situations. With a will, an entrepreneur can plan the distribution of their estate as they wish and ensure that the business is transferred as intended, for example, in the event of their passing. This not only provides financial security for the family but also helps prevent potential inheritance disputes and ensures that the entrepreneur’s wishes are carried out.

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Power of Attorney

Have you ever wondered what would happen to your business if something were to happen to you? Life can bring unexpected changes—such as a sudden illness or accident—that might prevent you, as a business owner, from managing your business affairs. If you do not have a power of attorney, the government will appoint a guardian for your business. This can lead to unnecessary delays in managing affairs and making decisions.

A power of attorney allows the business owner to designate a trusted person to handle business decisions if they are unable to make them themselves. For the continuity of the business, it is essential that operational decision-making can continue seamlessly even during the entrepreneur’s temporary or permanent incapacity. A power of attorney for business affairs thus provides security and clarity to ensure business continuity.

Prenuptial Agreement

A prenuptial agreement is an important legal tool, especially when an entrepreneur’s personal and business assets may be intertwined. A prenuptial agreement provides protection for the entrepreneur’s personal assets in the event of a divorce or the death of a spouse. This ensures that business operations can continue uninterrupted and that the entrepreneur’s investment in the company is not jeopardized by potential inheritance disputes.

Estate Inventory and Distribution of the Estate

The estate inventory and distribution of the estate are important steps from the perspective of the entrepreneur’s surviving heirs. A will guides these processes and ensures that the entrepreneur’s wishes are taken into account during the distribution of the estate. Clear instructions regarding the estate inventory and distribution of the estate can reduce conflicts among heirs and ensure that ownership and management of the business are transferred to the next generation as planned.

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Property Division Matters

A property division agreement is a key document when considering the division of an entrepreneur’s business and personal assets, for example, in the context of a divorce. A division of assets agreement clearly defines how assets are divided between spouses, which is particularly important when business assets are part of the property to be divided. A clear, pre-drafted division of assets agreement reduces legal disputes and ensures that business operations can continue as smoothly as possible.

Gifts and Advance Inheritance

In the life of an entrepreneur, there may be situations where they wish to provide financial support to their loved ones while they are still alive. Gifts and advance inheritance are two useful tools for this purpose.

A gift is a benefit given by an entrepreneur to another person without expecting anything in return. A gift can be money, objects, or other assets.

An advance inheritance is a gift that an entrepreneur gives to a direct descendant (child, grandchild, etc.) during their lifetime. An advance inheritance is taken into account in the distribution of the estate, so it may affect the shares received by the testator’s other heirs.

Family Law Matters

Drafting a Will

Power of Attorney

Prenuptial Agreement

Estate Inventory and Distribution of the Estate

Property Division Matters

Gifts and Advance Inheritance

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Rauli Viippola

Tuomas Asplund

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