No one wants to think about their mortality, but estate planning is not something you can put off forever. An experienced estate lawyer, like Lance S. Cox Attorney at Law in Cincinnati, can break down the complexities of estate planning and send you down the right path—so you and your loved ones are taken care of in the future. The staff at Lance S. Cox has over 100 years of combined experience. They’re well-versed in drawing up everything from simple wills to highly-complex living trusts.

You’re probably familiar with what a will is, but do you know about living trusts? With a living trust, you can put all of your assets into one document. This can make it easier when it’s time to divide your property, after your death.

Here are three significant benefits of having a living trust:

• Avoid Probate: Probate is the court process where your estate is divided up after your death. Depending on the situation, this can be an expensive, lengthy, and stressful and process. Unlike a will, a living trust does not mean your family has to go through probate. Your wishes have clearly been defined, and it’s difficult to contest.
• Privacy: Unlike a will, which is public record, a living trust is not made public. Depending on your circumstances, this may be desirable.
• May Save You Money: The upfront costs of a living trust are more than a will, but you can potentially save money down the road by avoiding expensive court costs if the probate is complicated and drags on.  You may also benefit from estate tax savings.

A living trust is not for everyone. If you’re young and don’t have many assets, it’s probably not worth your while.  But it’s helpful to understand what a living trust is and the benefits of having one. You never know when your circumstances might change.

If you’d like to set up a consultation with an experienced Cincinnati estate lawyer, give Lance S. Cox Attorney at Law a call at (513) 327-7958, or get more information online.