Estate planning allows you to determine what will happen to your assets after you pass on. This isn’t just a process reserved for the wealthy. If you have any assets, from a 401K plan to a car, you should see a lawyer about creating an estate plan. One option is to establish a living trust. Below, find out how this legal document can help you take control of the future.

How a Living Trust Works

A living trust specifies what your assets are and who will receive them when you die—much like a will. A will only takes effect after your death, however, when it must be submitted to the probate courts for authentication. The courts also determine what debts or taxes are due on the estate, and ensure these are paid before beneficiaries receive anything.

With a living trust, this costly and time-consuming process is bypassed. Any property in the trust is not subject to probate. Instead, you—the so-called successor—designate a trustee. Upon your death, the trustee carries out your wishes as described in the trust paperwork. You can change the person named as the trustee at any time, provided you are in good mental standing.

What Benefits a Trust Offers

This raises another benefit of living trusts: You can include instructions related to your death or potential incapacity while alive. Say you are in a coma due to accident or illness: Who makes your financial, healthcare and legal decisions? You can include these details in your paperwork to ensure your wishes are carried out. 

Your trust can be updated regularly to add assets or name a new trustee. Given the gravity of the issues a living trust addresses, you want the documentation to be airtight legally. Hiring a local lawyer with experience in estate planning is the best way to ensure this. They will know the ins and outs of your state legislation and can guide you through the process.

For help with estate planning and living trusts in O’Fallon, MO, trust Woodlawn Law Offices. With more than 25 years of experience, Attorney David Schmidt is known for his competent and honest legal counsel. He will give you the truthful answers you need when it comes to tough legal matters, whether it’s a question of real estate disputes or disability claims. Find out more about his experience online. For an appointment, call (636) 240-6667.