Trusts And Wills in Hilliard, Ohio
The prospect of estate planning might make you feel slightly unsettled, but rest assured, this is not unusual. The inevitability of death becomes more evident when considering an estate plan, which can be challenging for anyone. However, itโs risky to grow older without a comprehensive plan. Without one, youโre essentially passing control of your estate to the state of Ohio after your departure. The state will then decide who benefits from your assets, who cares for your minor children, and who will handle your money and care if youโre unable to make those decisions.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Hilliard, 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 Hilliard-based trusts and wills attorney will likely counsel you to draft a will.
This document often forms the basis of an exhaustive estate plan, enabling you to decide who inherits your property and who takes care of your minor children. The will only comes into effect posthumously, meaning that as long as youโre mentally competent, you retain control and can amend or revoke it at any time.
After your death, your will has to undergo probate court. Once approved, the executor of your estate will distribute your assets following your directives.
Your Hilliard estate planning lawyer can assist you throughout this process, from drafting the will to representing your family during probate, relieving your worries about the fate of your estate. However, many people prefer to avoid probate.
Since a will is essentially the instructions for probate, it might not be the best option if you wish to direct the distribution of your assets after death. Probate can be avoided, and a living trust serves as an effective tool for doing so while also providing direction during your lifetime and after your passing.
What is a Trust?
A trust serves as an alternative means of holding your assets, capable of providing instructions to address multiple potential scenarios, making it a more flexible tool compared to a will.
A trust is a legal device created by an individual, known as the grantor, to protect their assets and guide their distribution after their demise. It can help streamline the often lengthy, public, and potentially expensive probate process for families and beneficiaries.
The trust is spelled out in a legal document that outlines the terms and allocated assets. The grantor designates a trustee to manage these assets for the benefit of the beneficiaries. Living trusts can be either revocable or irrevocable, each with different tax implications and levels of flexibility.
After reviewing your estate, your Hilliard trust and will lawyer may suggest setting up a trust. Despite the many options, all trusts have three main components: the trustโs creator, the trustee, and the beneficiary or beneficiaries. When you create a trust, you transfer assets into it. Depending on the type of trust, it may offer protection to 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 Hilliard, 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 have the option to form either a revocable or an irrevocable trust.
With a revocable trust, you can serve as the trustee and dissolve it whenever you see fit. Even an irrevocable trust, often used for asset protection and Medicaid benefits eligibility planning, can be dismantled if it aligns with your circumstances.
Surprisingly, you can make modifications to certain types of irrevocable trusts. This flexibility is a compelling reason to consider working with an experienced elder law attorney.
Itโs unfortunate that many attorneys and other professionals donโt fully grasp the adaptability and flexibility that can be integrated into certain types of irrevocable trusts. An irrevocable trust can provide tax advantages, and it can assist in planning for long-term care by safeguarding assets from creditors and unrestricted long-term care spending.
Consult your Hilliard estate planning attorney to help you decide which type of trust will be most advantageous for your future.
When Do I Need a Trust and/or Will?
Itโs never premature to kickstart estate planning. Thereโs no reason to feel embarrassed if you havenโt made any strides yet. Whether youโre a young adult or entering your golden years, now is the perfect opportunity to devise a will or trust. Once youโve set up the will or trust, itโs recommended that you review your estate plan on a regular basis to make any necessary adjustments. Your Hilliard trusts and wills lawyer can provide help with this. The key is to take the initial step!