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A living trust is a legal document you can create specifying how your assets should be distributed among your dependents or heirs when you pass away. The main difference between this and a will is that a living trust allows you to avoid probate—the court-led legal process of authenticating a last will and testament. Since probate tends to be time-consuming and costly, often eating into the value of assets, many individuals prefer to set up a trust. There are many reasons to choose this legal document over a will.

3 Advantages of a Living Trust

1. Protect Your Assets

living trust An irrevocable trust is an excellent way to protect your assets. Once this is established, you technically no longer “own” the assets named in the trust—meaning creditors can’t get to them. The ownership of these assets is transferred to the person you name as the trustee. Note that you can change the trustee later if desired. However, take caution because the court can undo an individual’s transfer to a trust if it’s deemed that this transfer was made with the intent to defraud creditors.

2. Depend on Legal Support

When creating a living trust, you want to make sure the document is legally valid to avoid any complications in its execution. The best way to do this is to hire a lawyer with experience in this field. They can advise you regarding the process and answer any questions you have along the way. They can also ensure any later changes are appropriately incorporated.

3. Gain Peace of Mind

With a living trust, you ensure your affairs are managed precisely the way that you desire. This can provide fantastic peace of mind. Additionally, it is useful in mitigating stress among family members and other beneficiaries, who will be made aware of your precise instructions and desires without causing any disputes. This can go a long way in creating harmony among relatives.

 

If you’re contemplating a living trust, the first step is to speak with a lawyer. For advice in the O'Fallon, MO, area, Woodlawn Law Offices can help. Attorney David Schmidt brings 25 years of experience to the table, offering honest and competent legal counsel you can count on. He and his team take the time to get to know each client’s individual needs and will handle your case accordingly. From personal injury to estate planning, find out more about his practice areas online. For a consultation, call (636) 240-6667.

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