Plan Who Carries Your Business Forward

If a Doral business owner dies without a written succession plan, the business interest generally goes through probate. Under Fla. Stat. § 733.805, funds or property designated by the will are used first to pay debts, family allowance, exempt property, elective share charges, expenses of administration, and devises, to the extent they are sufficient. If no provision is made or the designated fund or property is insufficient, the estate’s funds and property are used for these purposes in this order: property passing by intestacy, property devised to the residuary devisee or devisees, property not specifically or demonstratively devised, and then property specifically or demonstratively devised. A business succession planning attorney can help you decide that outcome now, while you still control the decisions.

Why Doral Business Owners Need a Succession Plan Before It Is Urgent

A business does not pass to a chosen successor unless the owner has planned for it in writing. For many owners, the company is the largest asset they hold, so the gap matters.

Under Florida law, property a person owns at death, except the protected homestead, is an asset in the hands of the personal representative. That property pays gifts under a will (called devises), claims, taxes and administration expenses (§ 733.608). Fla. Stat. § 733.608 reads: “(1) All real and personal property of the decedent, except the protected homestead, within this state and the rents, income, issues, and profits from it shall be assets in the hands of the personal representative: (a) For the payment of devises, family allowance, elective share, estate and inheritance taxes, claims, charges, and expenses of the administration and obligations of the decedent’s estate.”

If the company is an LLC, the rules work differently. An individual member is dissociated when that person dies (§ 605.0602). The member’s legal representative may then exercise the member’s rights to settle the estate (§ 605.0504). Fla. Stat. § 605.0504 reads: “If a member who is an individual dies or a court of competent jurisdiction adjudges the member to be incompetent to manage the member’s person or property.”

The company keeps operating while the estate is settled. Co-owners and family members who are not in the business need written transfer terms. Without them, the estate and the remaining owners can end up with different ideas about who owns what.

We serve clients in Doral from our office in Coral Gables.

Business Succession Planning Services at Trust Counsel

Trust Counsel’s business succession planning work covers ownership transfer plans, buy-sell agreements among owners, and transfers of company shares or LLC membership interests. Each plan starts with the owner’s goals and the company’s current ownership.

A buy-sell agreement sets the terms for how an owner’s share can be bought or transferred. The American College of Trust and Estate Counsel says business owners should use succession plans and buy-sell agreements to designate successors, address ownership and asset distribution, and plan for continuity (ACTEC business owners guidance).

Company documents and personal estate documents need to match. If the operating agreement names one successor and the will names another, the two can conflict. Trust Counsel coordinates the business documents with the personal plan so they point to the same person.

That work draws on several practice areas: estate planning attorney, estate tax planning attorney, asset protection attorney and trust administration attorney. The right mix depends on the company and the family.

How a Business Interest Moves Through Probate and Trust Administration

In probate, the personal representative collects the business interest, holds it while the estate is open, and settles claims before distribution.

Creditors have deadlines too. A claim is not binding on the estate unless it is filed in the probate case by the later of 3 months after first publication of the notice to creditors or, for a creditor who must be served, 30 days after service (§ 733.702).

When the interest sits in a trust, the successor trustee steps in under the trust terms. If a required trusteeship of a noncharitable trust is empty, Florida fills it in order: first the person the trust names, then a person chosen by unanimous agreement of the qualified beneficiaries, then a person the court appoints (§ 736.0704).

Disputes often start over value or control. Heirs and co-owners may disagree about what the company is worth or who runs it. The firm’s probate litigation attorney and trust litigation attorney services cover those disputes.

The firm advises and represents trustees, personal representatives and beneficiaries. Trust Counsel’s attorneys can serve individually as trustee or personal representative.

Choosing Who Runs the Business: Fiduciaries, Managers and Guardians

A plan can separate who owns the business interest from who runs the company day to day. Owning shares or a membership interest does not automatically give an heir a manager’s role.

Settle the hard questions before you name anyone. Ask who has the skills to run the company, whether family members agree, and what the governing documents say about a manager’s authority.

Incapacity is a separate risk. A guardian of an incapacitated person is a fiduciary who may exercise only the rights removed from the ward and delegated to the guardian (§ 744.361).

The Florida Department of Elder Affairs explains that a durable power of attorney survives the principal’s incapacity and may avoid the appointment of a guardian (guardianship versus power of attorney). The National Academy of Elder Law Attorneys advises signing one before incapacity, using specific language (NAELA durable power of attorney guidance).

In a member-managed LLC, a member is dissociated when a guardian or general conservator is appointed for that individual (§ 605.0602).

Estate Tax and Asset Protection Considerations for Business Owners

Owners whose estates approach that figure need tax planning as part of succession.

Lifetime gifts of company interests also matter. For 2026, the annual gift tax exclusion is $19,000 per donee (IRS gift tax FAQ).

Forming a company does not shield an owner on its own. Asset protection planning has to fit how the company actually operates.

Frequently Asked Questions About Business Succession in Doral

Here are short answers to common succession questions for Doral owners.

Talk With a Coral Gables Business Succession Attorney About Your Company

If you own a company in Doral and have not decided who takes over, now is the time to plan. Co-owners who have no agreed transfer terms, or an owner who has not named a successor, face the most uncertainty when something happens.

The first consultation is free, confidential, and carries no obligation to continue. Call (305) 707-7126 or schedule online to talk with a business succession planning attorney about your company. Trust Counsel’s Coral Gables office serves Doral owners and their families.