Wills and trusts go hand in hand as legal tools that help you achieve short-term and long-term estate planning goals. A living trust is a legal instrument for protecting and managing assets while you’re alive. Here’s what you should know about them. 

Why Make a Living Trust Part of Your Estate Plan?

1. Protect Assets for Minor Children

If you have minor children, grandchildren, nieces, or nephews, creating a living trust for them enables you or a trustee you designate to administer the trust property for their benefit. Assets, including cash, real estate, or a stock portfolio, can be assigned to the trust and managed until the children are mature enough to do it themselves. You can choose that time, such as when they are 25 or 30 years old, rather than age 18. 

2. Minimize Probate Expenses & Publicity

You can minimize probate expenses by transferring property and financial accounts into a living trust. A knowledgeable wills and trusts attorney can prepare these documents with the proper wording to accomplish your goals. When your assets transfer after death under the terms of your trust, your personal affairs remain private, unlike transfers by wills, which are available as public records. If you have questions about the differences between wills and trusts, consult with a reputable attorney. 

3. Ensure Self-Protection During Your Lifetime

Married or single, a parent or childless, you are at risk of suffering an accident or illness that incapacitates you. By placing your assets into a living trust and naming a successor trustee, you empower a trusted confidant to manage your property if you are unable to do so.

The attorneys at Nichols, Speidel & Nichols of Batavia, OH, provide individualized legal advice and representation regarding wills and trusts to residents of Clermont County. With a tradition of offering high-quality legal services at affordable rates since 1926, these skilled lawyers instill peace of mind while achieving each client’s goals. Visit their website for more information about their range of services, or call (513) 732-1420 to schedule a confidential consultation today.