Glossary · People and paperwork
In short
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.
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.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
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