Trusts And Wills in Upper Arlington, Ohio
Do you feel a bit uneasy when you think of estate planning? Don’t worry. It’s natural to feel that way.
The estate planning process compels us to confront our mortality, which is a difficult task for anyone. However, aging without a robust plan is fraught with risks.
In the absence of an estate plan, you’re essentially ceding control of your estate to the state of Ohio once you’re gone. They will decide who inherits your assets, who takes care of your minor children, and who manages your affairs if you become incapable of making decisions.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. An Upper Arlington, 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?
An Upper Arlington estate planning lawyer with experience in trusts and wills will likely recommend that you have a will drafted.
This document is typically the foundation of a comprehensive estate plan and empowers you to decide who inherits your assets and who becomes the guardian of your minor children.
The will takes effect only upon your death, which means you have the authority to modify or revoke it as long as you’re mentally fit. After your passing, 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 attorney can aid with the entire procedure, from writing the will to representing your family during probate, relieving you and your family of any concerns about your estate.
However, most people seek to avoid 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 avoided, and a living trust is an effective instrument to do so, offering direction during your lifetime and after your death.
What is a Trust?
A trust serves as another method of owning your assets, offering guidelines to handle multiple possibilities or scenarios, thus proving to be more flexible than a will.
A trust is a legal mechanism set up by an individual, referred to as the grantor, to secure their assets and direct their posthumous distribution. It can simplify the often protracted, public, and potentially costly probate process for heirs and beneficiaries.
The trust is outlined in a legal document detailing the terms and assigned assets, with the grantor appointing a trustee to manage these assets for the beneficiaries’ advantage. Living trusts can either be revocable or irrevocable, each having different tax consequences and degrees of flexibility.
Your Upper Arlington trust and will lawyer may recommend a trust after evaluating your estate. While there are numerous options, all trusts comprise three main parts: the trust’s creator, the trustee, and the beneficiary or beneficiaries.
When you form a trust, you transfer assets into it. Depending on the type of trust, it might shield these 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 Upper Arlington, 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 create either a revocable or an irrevocable trust.
If you decide on a revocable trust, you can act as the trustee and have the liberty to revoke it whenever you choose. Even an irrevocable trust, often employed for asset protection and Medicaid benefits eligibility planning, can be undone if it suits your needs.
Contrary to common belief, amendments can be made to certain types of irrevocable trusts. This flexibility serves as a compelling reason to consider partnering with an experienced elder law attorney. Sadly, many attorneys and other professionals fail to comprehend the versatility and adaptability that can be integrated into certain types of irrevocable trusts.
An irrevocable trust can confer tax benefits, and it can contribute to planning for long-term care by insulating assets from creditors and unrestricted long-term care spending. Seek advice from your Upper Arlington trusts and wills attorney to identify which type of trust would be advantageous for you in the future.
When Do I Need a Trust and/or Will?
You can’t start estate planning too early. Don’t be disheartened if you haven’t started yet. Whether you’re a young adult or in your retirement phase, it’s the perfect time to create a will or trust. After setting up the will or trust, you should regularly reassess your estate plan to see if any changes are needed. Your Upper Arlington trusts and wills lawyer can guide you through this process. The most important thing is to take the first step!
