In a living trust, the grantor—the person the trust is for—names a trustee to manage the assets for the grantor’s beneficiaries. Once the grantor passes away, the assets will transfer to the recipients depending on the guidelines of the trust agreement. A living trust takes effect while the grantor is alive and doesn’t involve a lengthy legal process. If you’re working with your attorney to plan for the future, below are a few advantages of a living trust.

How Can a Living Trust Help When Estate Planning?

1. Avoid Probate & Save Money

Often, before a will takes effect, it must go through probate. This is the process of proving the validity of a will and then distributing assets to beneficiaries. It involves paying the deceased’s debts and taking inventory of their property. The probate process can take a year or more and accumulate considerable legal expenses.

Conversely, with a living trust, the grantor will avoid court intervention. Instead, the trustee follows the grantor’s instructions for distributing assets. Sometimes, the process can be complete in weeks, without putting a financial strain on the estate.

2. Providing Support for Children

With a living trust, not only can the grantor ensure their children’s financial security, but also that their children spend responsibly. For minor children, the grantor can keep money in the living trust until they reach an age where it’s appropriate to provide for them. The grantor can also provide beneficiaries certain sums at a predetermined age. 

3. Ensure Privacy & Peace of Mind

Because a living trust is a private document and allows the grantor to avoid probate, it keeps the specific details of their estate out of the public record. Even when the grantor passes, they can continue protecting their family’s privacy.

It also enables grantors to defend themselves and their families from unforeseeable events. With a living trust, even if the grantor is unable to make financial decisions, they can ensure the trustee will manage their assets and continue providing for loved ones.

Plan for the future of your estate and loved ones with the attorneys at Rutherford Law Office in Chillicothe, OH. They provide residents of Rose County and the surrounding areas with estate planning, wills, and Medicaid planning. Sherri K. Rutherford is an experienced and attentive attorney that serves each customer based on their particular needs. She will work with you every step of the way to ensure future security when planning your estate. To schedule an appointment, call (740) 775-7434. Learn more about their attorneys online.