Estate planning is crucial for business owners, as it ensures the smooth transition of your business in case of your incapacity or death. Without a proper plan, your team, clients, and family could face dire consequences. A will alone is not sufficient, as it requires probate, which can be a lengthy and expensive process. A trust, on the other hand, allows for the immediate transfer of assets, avoiding probate and potential disputes. It’s also important to have a durable power of attorney in place to manage your business affairs if you become incapacitated. By taking these steps, you can secure your business, your legacy, and your family’s future.