A living trust is an estate planning document that offers some unique benefits traditional wills do not. But how do you know if it is right for you? Below, the attorneys at Nichols, Speidel & Nichols in Batavia, OH, share three reasons to consider going this route as part of your estate plans.

Advantages of Creating a Living Trust

1. Avoid Probate

Probate is a legal judicial process which verifies and oversees the administration of an estate. Having a will makes the process easier, so everyone should have a will.  Some people want to avoid probate of the estate, especially in cases of a family business or because of the need for speedy distributions.    You can avoid probate by designing a living trust with your attorney. This way, you transfer ownership of specific assets to the trust itself, taking them out of your name and allowing them to bypass probate.

2. Maintain Confidentiality

Your estate is your business. That doesn't mean, however, that others don't have the legal right to look up your will and assets after you're gone. To prevent this from happening, choose a living will; upon your death, ownership of the items is transfered to the beneficiaries you name, and all the information remains confidential and protected from the public.

3. Blended Families and Minor Children

Trusts also make sense for married couples who have separate children.  A trust can provide for each spouse’s children with his or her separate assets.  A trust can also provide for the care and support of children until they reach an age specified in the trust, usually well beyond the child becoming an adult. 

Let the attorneys at Nichols, Speidel & Nichols help you design the ideal living trust for your needs. Serving the residents of Clermont County since 1926, they have the necessary expertise to help you create the trust you need. Call (513) 732-1420 or visit them online to arrange a consultation with an estate planning lawyer.