Trusts And Wills in Worthington, Ohio
Estate planning might be a daunting thought for you, and you’re not alone in feeling that way. It forces us to confront our mortality, which is never easy. However, it’s risky to age without a detailed plan in place. Without an estate plan, you’re effectively relinquishing control of your estate to the state of Ohio upon your death. The state then decides who gets your assets, who will take care of your underage children, and who will be in charge of your money and care should you become incapable of making those decisions yourself.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Worthington, 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 Worthington, Ohio, trust and will attorney will likely urge you to have a will created.
A will is typically the backbone of a complete estate plan, allowing you to designate the recipients of your property and the caregivers for your minor children. The will only becomes operative after your death, implying that you can legally modify or revoke it as long as you’re of sound mind.
Upon your death, your will must undergo probate court. Once it passes probate, the executor of your estate will distribute your property according to your stipulations. Your estate planning attorney can support you throughout the process, from drafting the will to representing your family during probate, ensuring you and your family don’t have to stress about your estate’s future.
However, many people aim to dodge probate. Since the will essentially serves as the guidelines for probate, it might not be the ideal choice if you want to oversee the distribution of your assets after death.
Probate can be sidestepped, and a living trust is a suitable tool for doing so while also providing guidance during your lifetime and after you pass away.
What is a Trust?
A trust is another method of managing your possessions.
It provides guidelines for numerous possibilities or scenarios and, thus, is somewhat more adaptable 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 Worthington 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 Worthington, 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 choose to create either a revocable or irrevocable trust. If you opt for a revocable trust, you can act as the trustee and have the power to revoke it at any time. Even irrevocable trusts, which are commonly used for asset protection and Medicaid benefits eligibility planning, can be reversed if it suits your situation.
Interestingly, certain types of irrevocable trusts can be revised. This is one reason why it’s beneficial to work with a knowledgeable elder law attorney. Unfortunately, many attorneys and other professionals don’t fully understand the flexibility and adaptability that can be included in certain types of irrevocable trusts.
An irrevocable trust can offer tax benefits, and it can help you plan for long-term care by protecting assets from creditors and unrestricted long-term care spend-down.
Discuss with your Worthington will and trust attorney to determine which type of trust would be most beneficial for you in the future.
When Do I Need a Trust and/or Will?
There’s no such thing as starting too early when it comes to your estate planning. But don’t feel awkward if you haven’t taken any action just yet. Whether you’re a young adult or in your retirement phase, now is the best time to formulate a will or trust. After the will or trust is in place, make it a point to review your estate plan on a regular basis to see if any changes are needed. Your legal counsel can assist you with this. Remember, the most important part of your estate planning journey is getting started.
