5 Reasons Why Small Business Owners Need a Trust

Due to Recent Developments, If You Own a Single Member LLC Your Business Could Go To Probate

1. Avoid Probate

If you own a small business or real estate and you pass away without a revocable living trust, your assets could get tied up in probate. Probate can take years to resolve, and your business will suffer or even die with no one at the top. If you have a will, that’s a good start! But with a trust, the business can be transferred to heirs more quickly and without the costs and delays associated with probate. You can have both a will and a trust.

2. Keep Your Business Running

A revocable living trust makes sure that your business will operate smoothly in case of your death. Just think, if you pass away and the business goes into probate, who’s going to lead day-to-day operations? And if it’s in contested probate, that adds another layer of complexity and risk. A revocable living trust allows you to specify exactly how the business should be managed, providing clear instructions to successors and reducing the likelihood of disputes.

3. Asset Protection

A trust doesn’t help with protection from creditors while you’re alive, but it does protect your business from potential claims against your estate (and your business!) if you pass away. If your partner is dealing with your death, the last thing you want them to deal with are creditors as well. Revocable living trusts can help.

4. Flexibility

A revocable living trust is flexible and can be amended or revoked at any time by the business owner. This allows for adjustments to be made as the business grows and circumstances change.

5. Peace of Mind

Knowing that there is a plan in place for the continuation and management of the business will provide you peace of mind. It allows you to focus on growing your business without worrying about complex legal situations if you pass away or are incapacitated.

Here’s How You Can Take Action:

Step 1: Simply click below to visit Trust & Will
Step 2: Fill out your address and basic info to get started on your Trust today