I own a small business. Should I have a will or a living trust?

Question

I own a small business. Should I have a will or a living trust?

Answer

Regardless of whether you have a business or not, everyone should have a will, especially if you have children under 18. Whether you need a living trust or not depends on your business and assets overall. A special type of will is used with a revocable living trust called a pourover will.

Living trusts are overrated in NC; beware of trust mills that have seminars in hotel ballrooms or which offer to sell you trust packages costing thousands of dollars. These companies are not interested in your estate plan but in your money and possibly in selling you high-priced insurance products.

Is your business incorporated or an LLC or a sole proprietorship? What is the process for continuing your business after your death? Or would it have to be sold? What else do you own? Are you married? Do you have children? Are they minors? These are just some of the things you need to think about in deciding what needs to be done in transferring your assets.

I prepare wills and trusts for NC clients for a reasonable fee. If you are interested, please contact me at [email protected]/* */ Or sit down with a local estate planning lawyer to review your situation and help you decide on whether a will or trust is right for you.