One of the most common mistakes people make when estate planning is thinking a will is the only document they need. A comprehensive estate plan will include several different documents addressing your various needs. According to the professionals at Woodlawn Law Services, a living trust is one of the best estate planning tools to consider, as it will allow you to remain in control of your affairs throughout your lifetime and provide the flexibility to manage your assets as needed. For years, the firm’s legal team has helped the residents of O’Fallon, MO, prepare solid estate plans that stand up in court. 

3 Reasons to Consider Drafting a Living Trust 

1. Avoid Probate 

Avoiding probate is the biggest advantage of having a living trust. Probate is a court process, which is required to determine the validity of a will after someone has passed away. Through this process, the court will oversee the deceased’s estate administration. Living trusts are not required to go through probate. Instead, these documents are designed to allow the estate’s trustee to distribute assets without court intervention. Thus, the distribution of property through a living trust tends to be quicker and cost-effective. This can end up saving your beneficiaries a lot of time and money. 

2. Minimize Estate Taxes 

When done properly, establishing a living trust can help minimize and sometimes eliminate estate taxes. Normal taxation can be quite costly for an estate, but provisions can often be included in a trust that strategically transfers wealth to other avenues. This can prevent a large portion of the estate from going to taxes, which will leave more inheritance for your beneficiaries.                                                                                        

3. Preserve Privacy 

Another benefit of creating a living trust is that it will preserve your privacy and keep your final instructions confidential. Your assets will be distributed without anyone knowing what you owned and whom you left it to. This can help prevent tension and conflict among family members. In contrast, wills become a matter of public record when going through probate, which means anyone can gain access to its contents just by simply visiting the courthouse.

Whether you decide to choose a living trust over a will or use them both together will depend on your specific situation and what you hope to accomplish with your estate plan. A lawyer from Woodlawn Law Services can help you decide which components will be most suitable for your estate planning needs. They will also walk you through the process of setting up a trust you can count on to clearly define your final wishes. You can call them at (636) 240-6667, or visit the website to learn more.