Drafting Tips For Wills That Include An Option To Purchase Clause

When assisting clients who own a business, it is important for estate planning documents to address how that business will be handled after the client dies. In an ideal world, the client will have an opportunity to retire; however, in case the client dies unexpectedly, before a succession plan has been created for the business, let alone executed, it is advisable to include the client's instructions for their business in their will.

An option to purchase is a type of will clause that a client can use to provide a specific beneficiary or beneficiaries an option to purchase the client's business or business assets. In addition to specifying who may purchase the deceased's business, an option to purchase clause may also include terms for the sale, including the sale price.