Trusts And Wills in Dublin, Ohio
Does planning for your estate make you feel uncomfortable? This is a common feeling. Facing your mortality when contemplating an estate plan is challenging for everyone. Still, it’s scary to age without a thorough plan. If you don’t have an estate plan, you’re effectively giving the state of Ohio the authority to manage your estate after you’ve passed away. The state will decide who inherits your assets and who takes care of your minor children. Additionally, the state will determine who will look after you and manage your finances if you’re unable to make decisions.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Dublin, Ohio, estate planning lawyer can also help with special needs trusts and a full range of legal issues related to your estate plan.
What is a Will?
Your legal counsel experienced in trusts and wills will probably advocate for drafting a will.
This document is typically the groundwork of a detailed estate plan and empowers you to decide who gets your assets and becomes the guardian of your minor children.
The will takes effect only posthumously, which means you have legal authority to modify or revoke it as long as you’re mentally capable. After your death, your will has to be processed through probate court. Once it’s approved, the executor of your estate will distribute your property based on your directives. Your estate planning lawyer can aid with the entire procedure, from writing the will to representing your family during probate, relieving you and your family of concerns about your estate.
However, most people seek to sidestep probate. As the will essentially provides the blueprint for probate, it may not be your preferred choice for directing your asset distribution after death. Probate can be bypassed, and a living trust is an effective instrument to do so, offering direction during your lifetime and upon your passing.
What is a Trust?
A trust is simply another means of holding your assets, capable of providing instructions to handle multiple eventualities, thus being more flexible than a will.
A trust is a legal arrangement initiated by an individual, known as the grantor, to safeguard their assets and dictate their distribution after death. It can make the often long, public, and potentially costly probate process easier for families and beneficiaries.
The trust is spelled out in a legal document that details the terms and designated assets. The grantor assigns a trustee to oversee these assets for the beneficiaries’ benefit. Living trusts can be either revocable or irrevocable, each carrying different tax implications and degrees of flexibility.
Your Dublin trust and will lawyer might recommend a trust after examining your estate. Although there are many options, all trusts consist of three main elements: the trust’s creator, the trustee, and the beneficiary or beneficiaries.
When you establish a trust, you transfer assets into it. Depending on the type of trust, it may protect the assets from creditors and taxes.
Your lawyer will explain your options, including revocable trusts, irrevocable trusts, special needs trusts, asset protection, and Medicaid planning trusts. Then, you can decide which option makes the most sense for you and your family.
Top Benefits of Trusts and Wills in Dublin, Ohio
- Designate beneficiaries
- Name a guardian for minor children
- Avoid a conservatorship or guardianship
- Protect assets
- Avoid Probate
- Saves time and money
Is It Possible to Cancel a Trust?
You possess the ability to establish either a revocable or an irrevocable trust. If you decide on a revocable trust, you can serve as the trustee and revoke it whenever you deem fit.
Even an irrevocable trust, often employed for asset protection and Medicaid benefits eligibility planning, can be undone if it aligns with your objectives. Surprisingly, changes can be made to certain types of irrevocable trusts.
This flexibility is a compelling reason to consider consulting a proficient elder law attorney. Regrettably, a significant number of attorneys and other professionals don’t fully appreciate the adaptability and flexibility that can be incorporated into specific types of irrevocable trusts.
An irrevocable trust can provide tax advantages. It can also help in planning for long-term care by shielding assets from creditors and preventing unrestricted long-term care spend-down. Consult with your Dublin trust and will attorney to discern which type of trust would best benefit you going forward.
When Do I Need a Trust and/or Will?
You can’t be too early when it comes to estate planning. If you haven’t taken the first step yet, there’s no need for embarrassment. Whether you’re in your early adulthood or enjoying retirement, now is the ideal time to put together a will or trust. Once you’ve done that, ensure to regularly revisit your estate plan to check if revisions are required. Your Dublin estate planning lawyer for trusts and wills can aid in this process. The most crucial thing is to get started!
