I am sad for Broncos owner Pat Bowlen and his family as they cope with his Alzheimer’s diseases progression. I am glad to see that he had the time and foresight to set up a trust to keep the Team in the family as was his wish. The trust has also enabled the Team to smoothly transition from his leadership by naming trustees to take over while he is incapacitated.
All business owners should follow his lead and develop a succession plan so your family, employees and customers are able to continue running the business, earning a living and relying on your product or service with little interruption. Developing a succession plan will also give you, as a business owner, and your loved ones peace of mind.
Non-business owner’s can benefit from advance planning as well. Everyone should have a durable power of attorney naming a trusted family member, friend or advisor to take care of their affairs in case you become incapacitated and unable to take care of your affairs. You can top it off with a trust containing incapacity provisions naming a trustee to take care of your trust assets. A health care power of attorney naming an agent to make your health care decisions during incapacity is critical as well.
Without advance planning, a conservatorship and guardianship will have to be obtained through the probate court.
Here’s a link to the story on Pat Bowlen: