Wills and trusts are powerful estate planning instruments, giving you the power to decide who should receive your assets after you’re gone. Although a will is suitable for most situations, establishing a trust offers additional powers and may simplify the after-death distribution of property for those with complex estates. Below are some of the most significant benefits of setting up a living trust.

3 Benefits of Establishing a Trust

1. Bypassing Probate

Under normal circumstances, your estate has to go through probate court before your beneficiaries can receive their share of your estate, a process that typically takes 6 months to a year. Estates distributed through a trust, however, don’t have to pass through probate, making them a popular choice for those with complex assets or property in multiple states. In the trust documents, you can decide whether a new beneficiary should be named and how the assets held in the trust should be divided.

2. More Control Over Your Assets

Wills and trusts both give you the power to decide how assets should be divided, but only trusts allow you to set conditions on an inheritance. For instance, you may decide that your children should not receive their inheritances until they graduate from college or that a family member complete a drug rehabilitation program first.

3. Privacy

Once entered into probate, wills become matters of public record, which means anyone can learn what your loved ones inherited. Because it does not go through probate, a trust allows you to maintain your family’s privacy, although your estate may still be subject to state and federal taxation if certain conditions are met.

Since 1926, the legal team at Nichols, Speidel & Nichols has offered a diverse range of legal services to clients throughout Ohio’s Clermont County, from wills and trusts to criminal defense. They believe everyone should have access to high-quality legal advice, which is why they’re committed to delivering effective counsel at affordable rates. Visit their website for more information about their wills and trusts services, or call (513) 732-1420 to schedule an initial consultation today.