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Well estate administration is important for any business owner to have. I know a lot of small businesses out there aren’t going to have shareholder agreements or some document that says, “This is where my business is going to go.” So it’s important to have a will, or trust agreement, or some other state administration document that’s going to set down the business owners desires if they pass away. Where is my business going to go? Because if they don’t do that, and they don’t have a will, which lets people know what they want to do, the state is going to dictate through statute on where you’re assets are going to go upon your death. So a state administration and preparation is very important.
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Minneapolis Estate Planning Attorney Ned Ostenso, talks about giving clients advice regarding estate administration.