Conventional wisdom says that everyone needs a Last Will and Testament, but many families have found out that a Will may not be good enough anymore. Recent trends show that many families and experienced estate planning attorneys are choosing to set up a revocable living trust instead.
Wills do not allow people to have full control over what happens to their estate when they die. Wills are required to be administered through the probate process, where everything is public record, court costs and attorney's fees are high, and administration of the estate can take years to complete.
When creating a Will, people can designate who will receive what after death. However, a Will cannot be used to set up conditions, restrictions, or timing requirements for an inheritance. For example, if you wouldn't want your child or grandchild to receive all of his or her inheritance at one time, a Will cannot help you. Furthermore, if you want to leave money to someone but only for a specific purpose (college, down payment on a house, etc.), your Will cannot successfully carry out your wishes.
For these reasons and more, many people are ditching the old, traditional Wills for a revocable living trust. While they have often been thought of as only for extremely wealthy people, they have now become common place for many middle and upper class families who want to protect their assets when they pass away. A properly prepared living trust can not only avoid the probate process, but it can also allow people to "write the play book" for how their life savings are handled when they pass away.
If you would like more information on how a living trust may protect your family, please contact The Rosenbauer Law Office at 513-463-6789 today!