Imagine a scenario where your partner passes away. His portion of the business is inherited by his spouse. Now you are business partners with the spouse.
How does that make you feel?
If you have even the least amount of hesitation or concern, then you may want to plan for that contingency. There are tools designed to help protect you and the business from this type of scenario. For example, a “buy-sell agreement” or “business succession planning.”
An Estate Plan is a cheap insurance policy against this type of worst case scenario.