You have two primary choices for transferring assets upon your death: a will, which is the traditional method, and a living trust. If you die without either a will or a living trust, the state controls how your property is dispersed. In addition, settling your estate will probably be more difficult and costly. The main difference between a will and a living trust is that a living trust allows your estate to avoid probate at your death. It is also an excellent tool to plan for the administration of assets in the event of disability. Neither a will nor living trust in and of itself reduces estate taxes. However, both can be designed to accomplish this goal.
Many individuals and families wonder if they really need a living trust. Our St. Louis trust lawyers can determine whether a living trust is right for you, and design it to meet all of your needs and goals.
This article was originally published by Steve Spewak on EstatePlanMO.com. It is republished here with permission.