An attorney should definitely draft a buy/sell agreement for you. Most people do not even know this, but a buy/sell agreement is a document that sets forth what will happen if the main breadwinner or business owner in a marriage or partnership dies or becomes unable to continue their role in the business. It sets out what is going to be done so that the wife and/or the children and/or partner(s) will be taken care of and so that the business can continue to run. It is similar to drafting a will in that it is very confrontational. You have to include what you think the business is worth now and approximately what it will be worth when you die. This is hard to do without a crystal ball. A buy/sell agreement is a very important document in estate planning, and it is important that you have it drafted by an attorney.
It is my job to review all of the documents prior to the signing of an agreement.
Once the contract has been signed and both parties have accepted the agreement, each party takes a fully executed original for his/her records. There is nothing more to do with the original until the death of one of the parties. The Buy/Sell agreement can be amended if all parties agree.
If all of the documents are ready, then I will review them with you before they are signed. If there is another attorney, he or she will also review the documents. If either attorney is not satisfied, then the execution of the Buy/Sell may have to be postponed. All parties must execute the document(s) to have a valid agreement.
For more information on Drafting A Buy/Sell Agreement, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (281) 845-9330 today.
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