Trusts And Wills in St. Clairsville, Ohio
Do thoughts of estate planning unsettle you? You’re not the only one. It’s tough to accept our mortality, especially when estate planning brings it into sharp focus. But aging without a comprehensive plan is fraught with risks.
Without an estate plan, you’re essentially leaving the fate of your estate in the hands of the state of Ohio once you pass away. The state will be responsible for deciding who gets your assets, who will look after your underage children, and who will manage your finances and care for you if you become incapable of making decisions.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A St. Clairsville, 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 St. Clairsville, Ohio-based trust and will attorney will likely suggest that you draft a will.
The will typically serves as the cornerstone of a comprehensive estate plan, letting you determine who inherits your property and takes care of your minor children. The will only comes into effect after your death, meaning you retain legal control and can alter or rescind it anytime while you’re mentally sound.
After your death, the will must go through probate court. Once it clears probate, the estate executor will distribute your property as per your instructions. Your estate planning lawyer can assist with every step of the process, from crafting the will to representing your family during probate, ensuring peace of mind for you and your family regarding your estate. However, most people aim to evade probate.
Given that the will is essentially a roadmap for probate, it might not serve your purpose if you wish to dictate the distribution of your assets posthumously. Probate can be circumvented, and a living trust is an excellent tool for achieving this, providing guidance both during your lifetime and after your passing.
What is a Trust?
A trust acts as another way to control your belongings, providing directions for various potential scenarios, making it more versatile than a will.
A trust is a legal device established by an individual, known as the grantor, to protect their assets and guide their distribution after death. It can help simplify the often lengthy, public, and potentially expensive probate process for families and beneficiaries.
The trust is defined in a legal document that lays out the terms and allocated assets. The grantor appoints 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 St. Clairsville trust and will lawyer may suggest a trust.
Despite the many options, all trusts have three main components: the creator of the trust, the trustee, and the beneficiary or beneficiaries. When you create a trust, you transfer assets into it. Depending on the trust type, it might 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 St. Clairsville, 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 hold the power to form a revocable or irrevocable trust. If you select a revocable trust, you can act as the trustee and have the liberty to revoke it anytime. Even irrevocable trusts, commonly used for asset protection and Medicaid benefits eligibility planning, can be dismantled if they cater to your needs.
Contrary to common belief, amendments can be made to certain types of irrevocable trusts. This adaptability serves as a reason to consider partnering with an experienced elder law attorney. Sadly, many attorneys and other professionals fail to comprehend the flexibility and adaptability that can be integrated into certain types of irrevocable trusts.
An irrevocable trust can confer tax benefits. Additionally, it can contribute to planning for long-term care by insulating assets from creditors and unrestricted long-term care spend-down.
Seek advice from your attorney to identify which type of trust would be advantageous for you in the future.
When Do I Need a Trust and/or Will?
When it comes to estate planning, the earlier you begin, the better. There’s no need to feel ashamed if you haven’t started yet. It’s the right time to draft a will or trust, whether you’re a young adult or in your golden years. After the will or trust is set up, it’s advisable to review your estate plan regularly to see if updates are needed. Your lawyer can support you in this endeavor. The most significant step is making a start!
