What can a small business trusts lawyer do for you?
We see a lot of clients that are small business owners who ask what the necessity of a trust is if they already have the benefits of a corporation or a limited liability company. A small business trusts lawyer can provide a couple of benefits for these clients.
The main benefit of placing the small business in a trust is to avoid the business going through probate in the event of the owner’s passing. By placing the business in the trust, it is no longer part of the owner’s estate. Running a business through the probate court process can be very expensive and time-consuming, as most decisions would require court approval. The length of time in getting a hearing could potentially affect key decisions and have harmful effects. The attorney’s fees and court costs could quickly drain the business resources. By having a small business trusts lawyer place the small business in the trust, it will no longer be part of the owner’s estate and will avoid these potential complications.
Another benefit is the assurance that the business will continue to operate. The trustee chosen by the owner to operate the trust upon his or her passing. Can be granted business decision making and voting rights within the trust document. A trust can continue in operation for a long period of time after the passing of the owner. Because the trustee is granted these rights, he or she can operate the business for just as long. This allows for the continuity of the business for the benefit of the owner’s family as well as their employees.
Business owners should use a small business trusts lawyer to set up revocable trust structures because they are best. This way they can have control over the shares since they are the sole holder. Also, while they remain alive and can sell or gift shares if that becomes an option available to them.