A will offers the power to decide how property should be distributed after your death, but they usually require loved ones to navigate a complex legal process, which can consume a significant portion of your estate. Depending on the assets and other circumstances, an attorney may suggest establishing a living trust to protect your family and final wishes. Understanding what the document is and the additional protection they provide can help you create the most effective estate plan possible.

What Is a Living Trust?

A living trust is essentially a separate legal entity which takes ownership of your assets and manages them for your benefit. When establishing one, you have the opportunity to name another beneficiary to take control of the trust upon your death, bypassing the probate process. Because they offer additional protections, the document can reduce the amount of work for your loved ones and limit the opportunity for legal challenges.

How Do They Protect Your Family Members?

Going through probate often requires the executor to close bank accounts, liquidate assets, and take an inventory of your estate. After a death, many families find this process emotionally stressful and overwhelming, making a difficult situation even more challenging. Transferring a trust is a more streamlined process, sparing loved ones the time and pressure of going through your belongings and appearing in court.

A living trust is more difficult to challenge than a simple will. Establishing these vehicles typically requires an attorney, who will help avoid technical issues that often leave these documents vulnerable to a lawsuit. The fact that you were continuously involved with the trust after it was established is also evidence of competence to manage your own affairs, forestalling a common legal complaint.

The principal attorney at The Law Office of Steven Privette has been practicing law since 1984, building a sound reputation throughout Willow Springs, MO, for excellent service in a wide range of practice areas, including estate planning. No matter how complex the legal situation might be, the accomplished team will provide the quality guidance you need to make the best choices possible. To schedule a consultation with a respected attorney, call the offices at (417) 469-3535 or visit the website today.