Trusts Attorney in Springfield, Ohio

Benefits of a Living Trust Over a Will

As noted, a living trust can allow your beneficiaries to avoid probate, which can be both lengthy and expensive. If you have a living trust, you will have a successor trustee who will distribute your assets according to your instructions, with no court intervention. This allows your heirs to receive their inheritance quicker—potentially in weeks, rath

er than months or years. If you happen to own property in another state, having a living trust is especially beneficial, as it avoids the need to go through probate in each state where you own property.

Although a living trust is usually more expensive in the beginning than a will, a living trust actually saves money by avoiding probate expenses when you die. Living trusts typically hold up better than a will if someone should contest the distribution, so if you have any inkling that someone might try to contest your estate plan, a living trust is a better option. If a married couple chooses to have a joint living trust, then there may be savings in estate and income taxes as well.

For some, the privacy benefits of a living trust are enough to convince them to include a living trust in their estate plan. The pleadings of a probate administration are public record.  The living trust is a private document and does not require a probate administration.  This means no one can search public records to determine how you chose to distribute your estate if you have a living trust.

Should you become incapacitated, a living trust is definitely the best choice to have in your estate plan. When you have your living trust prepared, you choose a successor trustee—someone you trust to handle your affairs in the manner you choose. If you become ill or incapacitated, this successor trustee will step in and handle your affairs—with no court intervention. Because living trusts are revocable, you will never find yourself in the position of someone claiming you are incapacitated when you are not—in other words, you always retain control of your own affairs.

Finally, a living trust gives you serious peace of mind, as a clear plan which will deal with all your assets in the manner you choose. Perhaps you need to ensure a loved one with special needs is properly cared for in the event of your death or incapacitation—a living trust will do that. Or perhaps you are worried that your wishes will not be carried out as you would like after your death—a living trust is much more likely to ensure your wishes will be carried out properly than a will. When you have a living trust added to your estate plan, you are, in essence, providing certainty and comfort to those you leave behind after your death.