Personal Business Questions

Your business interest should be owned by your living trust so that it is not subject to probate upon your death.

List business that you own or have an interest in, such as an LLC or Corporation. You do not have to list sole proprietorships. If you own a business with other people, you should verify in your operating agreement or bylaws that your living trust may own your interest in the business. 

Think of your trust as bucket. Once you sign your trust, you have an empty bucket. You have to fill that bucket with your assets by changing title to your property and your financial accounts. If you don’t change title to your assets, then a Probate may be necessary to transfer your assets to your trust depending on the value of assets outside of your trust.

Listing your property here will include it on the “Schedule of Assets” for your trust which states what you are putting into your trust.