Understandably, death can be a difficult thing to talk about, so many Ohio residents procrastinate when it comes to estate planning. Wills are probably the most common way loved ones can detail what to do with their property and assets in the event of death. However, living trusts have many benefits that may make them more favorable when it comes to planning one’s estate. With a living trust, the creator can hold his or her assets in the trust while he or she is alive, then transfer these assets to beneficiaries upon death. There are some big benefits to creating a living trust.
Probate avoidance
In probate, the court determines what happens to a person’s estate after his or her death. The probate process is public and often takes several weeks. However, a living trust can allow individuals to avoid the probate process. This is because property and assets in a living trust are administered in accordance with instructions from the trust creator without court intervention.
Confidentiality
Living trusts are purely confidential. Conversely, if a person has a will, the contents of the will are public knowledge and still have to go through probate. A living trust is a private document between the people involved so it does not become part of public records. This means with a living trust no one can search public records to learn about how an estate was distributed.
Most people know that they need to have a plan in place to protect the future of their families. Those in Ohio who have questions or want to know more about creating trusts, wills or any aspect of estate planning may want to contact a legal representative. A seasoned attorney can provide legal guidance and help families secure the future of their loved ones.