Trusts And Wills in Powell, Ohio
Does the notion of estate planning stir discomfort in you? Don’t worry; many people feel the same way.
It’s hard to face our own mortality, especially when making an estate plan. However, it’s risky to get older without having a comprehensive plan in place.
Should you pass away without an estate plan, you’re essentially giving the state of Ohio control over your estate. They will determine who receives your assets and looks after your minor children. Also, they will decide who will take care of you and manage your finances if you are unable to make decisions.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Powell, Ohio, estate planning lawyer with Jarvis Law can also help with special needs trusts and a full range of legal issues related to your estate plan.
What is a Will?
To protect your assets and your family, an attorney with extensive knowledge of trusts and wills 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 you’re 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 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 is simply another means of holding your belongings, capable of providing directions for various potential scenarios, thus being more versatile 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 expensive 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 levels of flexibility.
After reviewing your estate, your trust and will lawyer may suggest a trust. Although there are many options, all trusts consist of three main elements: the creator of the trust, the trustee, and the beneficiary or beneficiaries. When you establish a trust, you transfer assets into it. Depending on the trust type, 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 Powell, 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 a revocable or irrevocable trust. If you opt for a revocable trust, you can serve as the trustee and revoke it whenever you deem necessary. Even an irrevocable trust, often used for asset protection and Medicaid benefits eligibility planning, can be reversed if it aligns with your objectives.
Surprisingly, certain types of irrevocable trusts can be revised. This adaptability 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 flexibility and versatility that can be incorporated into specific types of irrevocable trusts.
An irrevocable trust can provide tax advantages, and 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 Powell trusts and wills attorney to discern which type of trust would best benefit you going forward.
When Do I Need a Trust and/or Will?
Estate planning is something that can’t be initiated too soon. If you’ve not begun yet, there’s no cause for embarrassment. No matter if you’re a young adult or relishing your retirement, it’s an optimal time to construct a will or trust. Upon setting up the will or trust, it’s essential to frequently scrutinize your estate plan to see if modifications are necessary. Your legal advisor can be of assistance with this. Most importantly, you need to get started!
