Like a will, a living trust is a legal document that details how your property and assets will be distributed to friends or family members at the time of your death. Unlike a will, a living trust places all of your assets into a trust. This trust maintains your assets for your benefit during your life and then distributes them to your beneficiaries after your death. The estate planning lawyers of Woodlawn Law Offices in O’Fallon, MO, explain three reasons why you might consider a living trust instead of a will.

1. Avoiding Probate

Since all of your assets will be housed in the trust, there will be no need to write a will or appoint an executor to guarantee your wishes are followed. Instead, at the time of your death, the trustee will pay your debts and distribute your assets according to your wishes outside of probate court. While probate normally takes months or even years, most living trusts will complete their work in mere weeks.  

2. Preserving Your Privacy

Wills are a public record, which means your friends, family, and even strangers will know how you distributed your property and money. Living trusts, on the other hand, are not public record. By choosing a living trust, your estate can be distributed privately.  

3. Preventing Arguments Among Beneficiaries

Since the gifts you leave to your beneficiaries will be private, it is less likely your beneficiaries will argue among themselves. Additionally, wills are regularly contested while living trusts are rarely contested by beneficiaries since there are more formalities involved in their creation.

If you would like to speak with an estate planning lawyer about whether a living trust is right for you, contact Woodlawn Law Offices by calling (636) 240-6667 or visit them online.