The word "trust" is often associated with the ultra-wealthy, but this episode clarifies why a basic revocable living trust is a critical piece of financial advice and planning, especially for any small business owner. Without a trust or at least a will, the unexpected death of an owner forces assets through the lengthy process of probate court, creating paralyzing uncertainty for employees and clients that quickly jeopardizes the business's continuity and value. We define a trust as a legal entity that actively owns and directs the handling of assets upon death, distinguishing it from a simple will, and advise listeners to consult with an estate planning attorney to ensure all accounting services and assets are properly retitled and funded into the trust for protection and immediate transfer of control.
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