A last will and testament is the cornerstone of most effective state plans, describing how your asset is to be divided after your death. However, this document must go through probate court, a process which can subject your descendants to significant delays and legal expenses. As David Schmidt, an estate planning attorneys at Woodlawn Law Offices in O'Fallon, MO, explains, in some situations, a living trust may be more appropriate.

Last Will & Testament

A will is simply a description of who should receive your property after you've passed on, an event which triggers a sometimes lengthy legal process. The executor of your must file the document with the probate court, which will then begin re-titling relevant property, so the new owners can take possession of them. Depending on the size and complexity of the estate, this process can take anywhere from a few months to several years and may cost a significant portion of the estate.

Living Trusts

A trust is a separate legal entity that controls your property for your benefit while you're alive. When you die, the person you've selected as trustee will take ownership of the trust and all of the property it contains, distributing it to your beneficiaries according to your wishes. Unlike typical estates, living trusts are not required to go through probate, and some offer significant tax advantages for certain types of property.

Determining whether you should write a will or establish a living trust requires the expertise of a skilled legal professional. The Woodlawn Law Offices' attorneys will thoroughly examine our estate, take stock of your needs, and recommend the best course of action for your specific case. Call David Schmidt at (636) 240-6667 to schedule a consultation, or visit the website to learn more about the array of estate planning services available.