Many business owners have a lot on their plates these days, with the economy struggling and consumers barely beginning to spend again.
However, one thing that owners of family businesses should keep in mind is how to ensure that the company is passed on to one's children and ultimately stays in the family, reports the Naperville Sun.
According to the news source, living trusts are among the most common documents that business owners look to in order to successfully transfer the company to their family members. Such living trusts are created during the business owner's lifetime and can continue to remain in place after the person's death.
The advantages of living trusts do not end there, however, as they can also prevent one's assets from having to go through probate after the person passes away. This can be critical, especially as the probate process can take a significant period of time.
Thus, for those looking to make sure their business has a bright future in good and bad economic times, a living trust can be one important step in the process.