Writing a will allows you to leave detailed instructions about how you want your belongings distributed after you’re gone. However, wills must go through the probate process, after which they become matters of public record, and only give you limited control over your assets. In some cases, your attorney may recommend establishing a living trust instead.

The Benefits of Establishing a Trust

1. Simplified Transfer of Assets

A trust is a separate legal entity, which takes legal ownership of your assets, with an attorney or another trustee who manages them on your behalf. When establishing a trust, you can name a new beneficiary, along with detailed instructions about how the trust should be managed. Because the assets don’t need to be retitled, a trust allows your estate to bypass the probate process, saving your heirs considerable time and money.

2. Privacy

Unlike wills, trust documents are not a matter of public record, providing you and your family members with more privacy. While the privacy provisions of living trusts can shield your affairs from the press, investors, and other relatives, your beneficiaries will still be subject to estate and income taxes.

3. Putting Conditions on Inheritance

Through a living trust, you can continue controlling your assets and investments even after you’re gone. For instance, instead of dividing your investments among your family members, you may establish a trust to continue managing those funds, so they continue to grow into the future. Many people also choose to distribute in monthly or annual installments instead of a lump sum or place conditions on your beneficiaries receiving their inheritance at all.

With offices in both Nashua and Charles City, IA, Cronin Skilton & Skilton, P.L.L.C provides high-quality estate planning guidance to clients throughout the area. They understand how important estate planning can be and provide focused attention to ensure your wishes are respected after you’re gone. To schedule a consultation with a skilled estate planning attorney, visit their website or call (641) 435-2462 to reach their Nashua location. To reach their location in Charles City, call (641) 228-3318, and follow their Facebook for more legal tips.