What happens to my small business if I die without a succession plan?

For this legal issue, business succession should address both ownership and day to day control. For this legal issue, buy sell agreements, operating agreements, insurance funding, powers of attorney, and trust planning can be coordinated so the business has authority to continue while the family receives fair value. Rules affecting estates, trusts, title, and family interests are state specific, so before anyone takes a step that could be difficult to unwind, a local lawyer should review the controlling documents and current court or title record.