A living will or a living trust is one of the best options for your business. This can keep you from leaving heartache for your children and family if something were to happen to you. It can also protect your business if there is a devastating accident, injury, or illness.
When a Trust or Will Are Most Helpful
There are certain things that predict when a will or trust will be most useful. In general your family should be worth at least $100,000 and you should have at least one of the following situations as well.
Your Own Business
If you have a lot of money invested in a business, real estate, or other venture then it is a good idea to make sure that you have a living will or a living trust to help care for your assets.
You Want Someone Else to Have Your Estate
If you do not want your immediate family to have your estate then you will want to make sure that you have a living will or a living trust.
You Want Your Children to Receive Most of Your Estate
There are even ways that you can set up your estate so that your children receive the majority of your estate while your surviving spouse is still able to live off of your assets for the rest of their life.
Reasons to Consider Using a Living Will or Living Trust
There are a lot of advantages to having a living will or a living trust. These are the main reasons that you will want to consider this for your estate.
- No Probate – You can save a lot of money over time with legal fees and a lot of time with paperwork.
- Charity – If you have a family that is set or family that is not involved with you, you can choose to donate your estate or parts of your estate to charity.
- Protection from Others – The trust will give you protection from those who might not be happy with the decisions that you have made.
- Reduce Taxes – You will be able to reduce your estate taxes by having your business in a living will or a living trust.
- Flexibility – You can be flexible with how things are distributed. People can get the share of your business that you want them to have rather than fighting over it.
- Privacy – You will also find that having a trust guarantees your privacy in a number of situations including a divorce.
- Division of Property – You can outline the division of property that you would like for your heirs to have.
- Eliminate Problems – It is possible to stop your family from fighting over your assets.
If you want more information you can check out what CNN Money offers as their suggestions.
Transferring Your Business to a Living Will or Living Trust
There are many different things that you should consider about the time-line for when you should transfer your business. Many people find it beneficial to do this early on but some have a fear of what might happen with feuding families or issues. Instead of worrying about these things talk to your legal professional and share your thoughts and concerns. They should be able to help you with understanding the right time frame and all of the information that you need to know. Even a simple LinkedIn Search can provide legal solutions during the decision making process.