{"ok":true,"canonical_url":"https://dealroom.so/glossary/will-trust","api_url":"https://dealroom.so/api/public/glossary/will-trust","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"will-trust","term":"Will/trust","group":"People and paperwork","definition":"Legal documents that dictate how a person's assets will be managed and distributed after their death. A will takes effect upon death, while a trust can manage assets during life and after.","what_it_means":"As a business owner, a will or trust is crucial for your personal estate planning. While not directly part of the business acquisition, ensuring your personal affairs are in order is smart, especially given the personal guarantees and life insurance requirements of an SBA loan.","url":"https://dealroom.so/glossary/will-trust","official_sources":[],"related":[{"slug":"personal-guarantee","term":"Personal guarantee","url":"https://dealroom.so/glossary/personal-guarantee"},{"slug":"life-insurance","term":"Life insurance","url":"https://dealroom.so/glossary/life-insurance"},{"slug":"key-man-insurance","term":"Key man insurance","url":"https://dealroom.so/glossary/key-man-insurance"},{"slug":"beneficiary","term":"Beneficiary","url":"https://dealroom.so/glossary/beneficiary"}],"related_questions":[{"question":"For a business owned by a trust, what citizenship and residency requirements apply to the trustee for 7(a) eligibility?","url":"https://dealroom.so/for-lenders/questions/for-a-business-owned-by-a-trust-what-citizenship-and-residency-requirements-apply-to-the-t"},{"question":"Can a business owned by a trust be eligible for a 7(a) loan if the trustee is a foreign national?","url":"https://dealroom.so/for-lenders/questions/can-a-business-owned-by-a-trust-be-eligible-for-a-7-a-loan-if-the-trustee-is-a-foreign-nat"},{"question":"How does the SBA determine affiliation between businesses controlled by a common trust?","url":"https://dealroom.so/for-lenders/questions/how-does-the-sba-determine-affiliation-between-businesses-controlled-by-a-common-trust"},{"question":"When does common ownership through a trust or estate create affiliation for size purposes?","url":"https://dealroom.so/for-lenders/questions/when-does-common-ownership-through-a-trust-or-estate-create-affiliation-for-size-purposes"},{"question":"Can I use inherited money that is currently in a trust to fund my equity injection?","url":"https://dealroom.so/sba-7a/questions/can-i-use-inherited-money-that-is-currently-in-a-trust-to-fund-my-equity-injection"},{"question":"Can a trust or an estate be an eligible borrower for an SBA 7(a) loan?","url":"https://dealroom.so/for-lenders/questions/can-a-trust-or-an-estate-be-an-eligible-borrower-for-an-sba-7-a-loan"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Will/trust","url":"https://dealroom.so/glossary/will-trust","source_type":"DealRoom Data"}}