While numerous tools can be used as part of the estate planning process, two stand out above the rest: wills and trusts. The last will and testament is an extremely valuable tool, but trusts offer additional flexibility, like the power to avoid probate court.
If you intend on relying on a will or trust as part of your estate plan, the Law Offices of Christopher R. Orr can help. The proper legal counsel can help you draft a plan that relies on the ideal set of tools and documents to meet your needs. Reach out today to learn more.
The Role of a Will
A last will and testament is a legal document that expresses your final wishes. It can cover a wide range of things, including the distribution of your assets, the appointment of guardians for minor children, and the selection of an executor to manage your estate. In Ohio, if you die without a valid will, your estate will be divided according to something called intestate succession. This law distributes property based on specific family relationships, which can lead to your estate being distributed in a way that does not meet your vision.
Having a will gives you the ability to decide who should inherit your property, including personal possessions, real estate, and financial accounts. It also allows you to leave assets to non-family members, such as friends or charitable organizations, which would not happen under default state rules. Additionally, by naming a guardian for your children, you provide stability and direction for their future care.
Understanding Trusts
Trusts are different in that they offer a flexible way to manage and distribute assets, often without the need for probate. A trust is a legal entity that holds and manages property for the benefit of another, called the beneficiary. Trusts can be created during your lifetime or through your will, and can be either revocable or irrevocable depending on your goals.
One of the key advantages of a trust is that it can help your estate avoid probate. This saves time, reduces legal expenses, and keeps your affairs private. Trusts are also useful for individuals with specific concerns, such as caring for a loved one with special needs or ensuring that beneficiaries do not receive their inheritance all at once.
A trust can also provide greater control over how and when your assets are distributed. For example, you can structure a trust to release funds gradually, based on a beneficiary’s age, education, or life milestones.
Talk to a Wills & Trusts Attorney Today
Wills and trusts are a vital part of most estate plans. We can help you evaluate your options and determine which tools are right for your situation. Reach out to the Law Offices of Christopher R. Orr as soon as possible for a private consultation.