When a law firm has over 100 years of service to its credit, you can expect excellent results. Pater, Pater & Halverson Co. is just such a practice. Long respected for their expertise with wills, trusts, and estate planning, they’ve helped generations of clients take care of their loved ones and achieve lifelong peace of mind.

What is the difference between a will and a living trust? There are many, but let’s start with the similarities. Both wills and trusts allow you to designate beneficiaries who will inherit your property and assets after your death. You can also revise wills and trusts as you see fit, as long as you’re of sound mind. Reasons for revision include life changes, such as the birth of a child, a change in marital status, or the acquisition of additional property.

A living trust is overseen by a trustee you appoint. If you wish to leave property to your children, for example—and they’re under the age of 18—you must have a trustee effectively “stand-in” for that property until said child reaches legal age. Moreover, if you have a living trust, your property does not pass through probate, which is a court system that’s designed to consolidate the details of your estate after your death. By having everything already spelled out, you can avoid this generally unnecessary—and often costly—procedure.

In a will, you can stipulate exactly how you’d like your final taxes and debts to be paid—something that you can’t do through a living trust. In order be finalized, wills must be witnessed by two people who are not, themselves, named in the will; trusts must be signed by a notary public.

The firm Pater, Pater & Halverson Co. is happy to answer any questions about living trusts and wills. They can also advise about power-of-attorney and other estate-related concerns. Call Pater, Pater & Halverson Co. today at (513) 867-1411 and find out why they’re one of Hamilton’s most respected institutions.