By Hampton & Hampton LLP – Estate Planning Attorneys Serving Chicago and the Surrounding Suburbs
Running a successful business in Chicago takes years of effort, resources, and risk. It’s more than your livelihood—it’s part of your identity. But without a well-designed succession and estate plan, the business you’ve built can quickly face uncertainty if you pass away or become incapacitated.
We help business owners in Chicago, Naperville, Oak Brook, Evanston, Schaumburg, and surrounding communities develop legal and operational strategies to keep their companies stable, protect their families, and preserve client confidence when the unexpected happens.
Why Illinois Business Owners Need an Integrated Succession & Estate Plan
In Illinois, if you’re the only authorized signer on your business accounts and no plan is in place:
- Your ownership interest may become part of your estate and enter probate under the Illinois Probate Act—a process that can last 6–12 months or longer
- No one may have immediate authority to approve payroll, sign contracts, or access funds
- Vendors and customers may cancel or delay agreements due to uncertainty
- Family members or business partners may disagree about control
Aligning your will, trust, powers of attorney, and business succession plan ensures there’s no leadership vacuum and that authority passes to the right hands without disruption.
The First 30 Days After a Business Owner’s Death in Illinois
Day 1–3: Immediate Response
- Interim successor is contacted and assumes authority under the operating agreement or trust.
- Bank and merchant accounts are accessed using pre-authorized credentials.
- Employees, clients, and vendors receive pre-drafted communications.
- All business and legal documents are located and reviewed.
Example: If your Elk Grove Village manufacturing business loses its owner unexpectedly, your successor must immediately confirm pending orders with suppliers to prevent production delays.
Days 8–30: Stabilization Phase
- Short-term operational plan is executed.
- Ownership is transferred in accordance with your trust or buy-sell agreement under the Illinois Business Corporation Act.
- Leadership transitions to long-term management.
- Public communications or rebranding are completed if necessary.
Serving Chicago and the Collar Counties: Cook, DuPage, Lake, Will, Kane, and McHenry Counties
Call: 470-567-1529
Schedule Your Consultation: hamptonandhamptonlaw.com