A will and a living trust are two beneficial legal tools many people use in their estate planning. Both serve a variety of purposes. Use the information below to understand their differences and discuss them with an estate lawyer.

What Separates a Will From a Living Trust?

A Will

This is a legal document that allows you to control the distribution of your property after you pass away. If you do not leave a will and your estate planning doesn’t cover all of your assets, the state gives your remaining property to family members according to Ohio probate law. Creating a will allows you to designate a guardian for your minor children or children with special needs, name managers for the property you leave them, and name an executor to carry out the will’s terms.

A Living Trust

A living trust protects your assets and allows you to manage them while you are still alive. This involves transferring the assets to a trust; you will no longer be the owner, but you can name yourself or someone else as trustee — the person responsible for managing the trust. If you name a spouse or children as beneficiaries, the assets are protected from court challenges or your creditors. Property in a living trust does not pass through probate or a will, and the trust terms are private.

Creating a will and a living trust can give you peace of mind and help you secure a loved one’s financial future. Lance S. Cox, Attorney at Law, offers residents throughout Greater Cincinnati, OH, the advice and representation they need for their individual financial circumstances. Take advantage of his more than 30 years of experience as an estate lawyer and tax attorney to help you make wise decisions and protect your interests now. Learn more about the firm’s services at their website and call (513) 528-6000 to schedule a consultation.