Trusts And Wills in Westerville, Ohio
If contemplating the intricacies of your estate plan makes you feel apprehensive, you’re not alone. Estate planning forces us to face our mortality, which is a task that’s difficult for everyone. However, it’s risky to advance in age without a well-rounded plan.
If you don’t have an estate plan, you’re basically giving the state of Ohio the right to dictate what happens to your estate after your death. They will choose the recipients of your assets, the guardians for your minor children, and those who will manage your money and care if you’re unable to make decisions.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Westerville, 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 lay the groundwork for a comprehensive estate plan, your experienced Westerville trusts and wills lawyer will recommend that you create a will.
The will allows you to determine who receives your assets and cares for your underage kids. Also, the will only becomes effective after your demise, meaning you maintain legal control and can alter or rescind it anytime while you’re of sound mind. After your passing, your will has to pass through probate court. Once it clears probate, the executor of your estate 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 guide 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 is another reliable means of holding your assets. It provides instructions to handle multiple eventualities and can sometimes prove more flexible 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 costly 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 degrees of flexibility.
Your Westerville trust and will lawyer might recommend a trust after examining your estate. Although there are many options, all trusts consist of three main elements: the trust’s creator, the trustee, and the beneficiary or beneficiaries. When you establish a trust, you transfer assets into it. Depending on the type of trust, 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 Westerville, 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 can establish a revocable or irrevocable trust as per your needs.
If you choose a revocable trust, you can act as the trustee and have the authority to revoke it at any moment. Even irrevocable trusts, typically used for asset protection and Medicaid benefits eligibility planning, can be annulled to meet your requirements.
Interestingly, certain types of irrevocable trusts can be altered. This adaptability is a strong reason for engaging with a competent elder law attorney. Unfortunately, many attorneys and other professionals overlook the flexibility and versatility that can be built into specific types of irrevocable trusts.
An irrevocable trust can yield tax benefits and assist in planning long-term care by protecting assets from creditors and preventing unrestricted long-term care spending.
Discuss with your attorney to understand which type of trust would best serve your interests moving 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 today!
