Estate planning is an important element to consider for entrepreneurs. As an entrepreneur, you have blazed your own trail and created everything you’ve attained from scratch. In order to ensure that your business and other assets thrive for years to come, it is important to have your legal documents and a business continuation plan in case anything ever happened to you.
Similar to a last will and testament, a revocable living trust (inter vivos) is a legally binding document that’s used to distribute property and assets to the grantor’s beneficiaries when certain conditions are met. For instance, a parent may choose to give his or her children their home when they pass. Rather than placing this decision in the hands of the probate court – which may or may not transfer the property to the children – the parent can create a revocable living trust, indicating exactly who gets what and when.