Carlos owned a successful HVAC company. Forty employees. Trucks on the road. Strong cash flow. A business that supported his entire family.
But he had no estate plan, no succession instructions, and no backup signer for his corporate accounts.
He told me, “I’ve been so focused on growing the business, I never stopped to think what happens if I’m not here.”
I explained something he never knew:
If he died, probate could freeze:
- The business bank account
- Payroll
- Vendor payments
- Contracts
- Ownership rights
- Operating authority
The company could collapse within 48 hours.
Carlos went silent.
“Dave… that would destroy everything we built.”
THE PLAN
We crafted a comprehensive plan:
- A Revocable Trust that owned his company shares
- A Business Succession Section naming who steps in immediately
- Banking authority for a successor trustee
- A Buy-Sell Agreement funded by life insurance
- Beneficiary alignment across personal and business policies
- Durable POA so bills, payroll, and taxes could be handled instantly
THE OUTCOME
Now:
- The company never stops operating
- His wife receives income without running the business
- His chosen successor takes over without court delay
- Probate is completely avoided
Carlos later said,
“This is the first time I’m not worried about what would happen to my family or my business.”