Estate planning often starts with a simple question: Should you have a will or a trust? In Ohio, the answer is not always one or the other. A will and a trust can serve different purposes, and many families use both as part of a broader estate plan. The right approach depends on what you own, who you want to provide for, whether you want to avoid probate, and how you want your property managed if you become unable to manage it yourself. Understanding those differences can make estate planning feel less confusing.
At Jarvis Law Office PC, we understand that estate planning is not just about deciding who receives your property after you die. It also involves preparing for situations that may come up while you are still alive, including incapacity. Understanding how trusts and wills work can help you make informed decisions and create a plan that reflects your family’s needs, circumstances, and your long-term goals.
What is a Will in Ohio?
A will is essentially a written legal document that outlines how your property will be handed out once you’ve passed. Ohio Revised Code Section 2107.03 lays down the rules for what makes a will valid. Basically, it needs to be written and signed according to legal standards, in front of at least two capable witnesses who are present when you do so.
Wills only become active after you die, meaning they do not control anything during your lifetime. Most property that goes through a will ends up in probate, which is a court-managed process for handling your estate.
And, if you are a parent, a will allows you to name someone to be your minor children’s guardian if needed.
What a Living Trust Does
A living trust is different from a will in that it can operate even when the person who made it (the grantor) is still alive. You transfer property to the trust and name a trustee to manage it for the beneficiaries you choose. With a revocable trust, the grantor can generally continue managing the property themselves. A revocable trust can generally be changed or revoked during your lifetime, offering flexibility as your circumstances change.
A revocable trust can also help with incapacity planning. If you become unable to manage your affairs, someone else (specified in the document) can take over management of trust property according to your instructions. In case of death, this successor can distribute the trust property to your beneficiaries without putting those assets through Ohio probate, provided the property was properly transferred into the trust.
An irrevocable trust works differently. Once properly created and funded, you generally give up some ability to change or revoke it. The trustee then manages the property according to the trust’s terms. Because irrevocable trusts can have significant legal and financial consequences, understanding the terms and limits of your control is important.
So, which trust is right for you? The right trust depends on your goals, property, and beneficiaries.
Will vs Trust: What are the Main Differences?
One of the biggest differences between a will and a trust is probate. A will generally directs the distribution of property through probate. On the other hand, a funded trust can allow property under it to pass according to the trust document without going through probate.
There is also a difference when it comes to privacy. Once a will goes through probate, it becomes part of the public court record. A trust generally is not filed with the probate court, so its administration can remain more private.
Another important difference involves incapacity. A will only takes effect after death, so it does not provide a way to manage your property while you are still alive but unable to do so yourself.
When Might a Will Be Enough?
A will may make sense for someone with a relatively straightforward estate and uncomplicated beneficiary needs. For example, some people may have a smaller estate, primarily adult beneficiaries, and no particular need to keep the estate administration private or avoid probate for most of their property.
A will can also be important for parents of minor children because it allows them to nominate a guardian.
When Might a Trust Make Sense?
A trust may be worth considering when avoiding probate is an important goal or when you want greater continuity in property management. It may also be useful for families who value privacy, own property in multiple states, have minor children, or want property managed for a beneficiary who may need continuing support.
However, simply signing a trust does not automatically place all of your property under the document. Funding the trust is an important part of the process. Assets that should be held by the trust generally need to be properly transferred or retitled.
Why Do Some Families Use Both?
Many estate plans use both documents because they serve different functions. In such a case, the will is usually called a “pour-over-will.”
A living trust may hold much of the family’s property, while a pour-over will can address property that was not transferred to the trust during the person’s lifetime. The property covered by the pour-over will may still need to go through probate before being transferred according to the trust’s terms.
Avoid Common Trust and Will Mistakes
One common mistake people make is creating a trust but failing to fund it properly. If important assets remain in your individual name, those assets may not receive the probate-avoidance benefits you expected from the trust.
Another problem is failing to review beneficiary designations after major life changes. Marriage, divorce, the birth or adoption of a child, a beneficiary’s death, or significant changes in your property can all be reasons to review your estate plan. Your estate plan should reflect your current circumstances rather than simply relying on documents created years ago.
Let Us Help You Create the Right Estate Plan
There is no single estate planning document that works the same way for every Ohio family. A trust, a will, and other planning documents can serve different purposes. Understanding how those pieces fit together into your estate plan can help you create a plan that addresses both your property and your family’s needs. At Jarvis Law Office PC, we can help you understand your estate planning options and determine how different documents may work together as part of your overall plan. Contact us today to discuss your estate planning needs and take the next step toward putting an appropriate plan in place.
