Oftentimes business owners will try to fit their busy complex lives into a simple word-processed Will. This article discusses how a simple will can often lead to complex problems for family owned businesses. Business owners should consider using a living trust to transfer the business assets to the beneficiary. The trust should be carefully worded and should include clear instructions about how the business should be handled. Whenever something significant happens to the business the trust instrument should be updated. Business owners that are creating an estate plan should speak with a competent estate planner to learn more about how they can use a living trust to transfer a family business to an heir. Careful and cautious estate planning is important for people that want to avoid having their loved ones involved in expensive probate disputes after they pass away.
See Idaho Estate Planning, Simple Will Creates Complex Problems for Family Business, Wealth Management, December 22, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
