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Trusts And Wills in Hilliard, Ohio

The prospect of estate planning might make you feel slightly unsettled, but rest assured, this is not unusual. The inevitability of death becomes more evident when considering an estate plan, which can be challenging for anyone. However, it’s risky to grow older without a comprehensive plan. Without one, you’re essentially passing control of your estate to the state of Ohio after your departure. The state will then decide who benefits from your assets, who cares for your minor children, and who will handle your money and care if you’re unable to make those decisions.

Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Hilliard, 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 Hilliard-based trusts and wills attorney will likely counsel you to draft a will.

 

This document often forms the basis of an exhaustive estate plan, enabling you to decide who inherits your property and who takes care of your minor children. The will only comes into effect posthumously, meaning that as long as you’re mentally competent, you retain control and can amend or revoke it at any time.

 

After your death, your will has to undergo probate court. Once approved, the executor of your estate will distribute your assets following your directives.

 

Your Hilliard estate planning lawyer can assist you throughout this process, from drafting the will to representing your family during probate, relieving your worries about the fate of your estate. However, many people prefer to avoid probate.

 

Since a will is essentially the instructions for probate, it might not be the best option if you wish to direct the distribution of your assets after death. Probate can be avoided, and a living trust serves as an effective tool for doing so while also providing direction during your lifetime and after your passing.

What is a Trust?

A trust serves as an alternative means of holding your assets, capable of providing instructions to address multiple potential scenarios, making it a more flexible tool compared to a will.

 

A trust is a legal device created by an individual, known as the grantor, to protect their assets and guide their distribution after their demise. It can help streamline the often lengthy, public, and potentially expensive probate process for families and beneficiaries.

 

The trust is spelled out in a legal document that outlines the terms and allocated assets. The grantor designates a trustee to manage these assets for the benefit of the beneficiaries. Living trusts can be either revocable or irrevocable, each with different tax implications and levels of flexibility.

 

After reviewing your estate, your Hilliard trust and will lawyer may suggest setting up a trust. Despite the many options, all trusts have three main components: the trust’s creator, the trustee, and the beneficiary or beneficiaries. When you create a trust, you transfer assets into it. Depending on the type of trust, it may offer protection to 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 Hilliard, 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 have the option to form either a revocable or an irrevocable trust.


With a revocable trust, you can serve as the trustee and dissolve it whenever you see fit. Even an irrevocable trust, often used for asset protection and Medicaid benefits eligibility planning, can be dismantled if it aligns with your circumstances.


Surprisingly, you can make modifications to certain types of irrevocable trusts. This flexibility is a compelling reason to consider working with an experienced elder law attorney.


It’s unfortunate that many attorneys and other professionals don’t fully grasp the adaptability and flexibility that can be integrated into certain types of irrevocable trusts. An irrevocable trust can provide tax advantages, and it can assist in planning for long-term care by safeguarding assets from creditors and unrestricted long-term care spending.


Consult your Hilliard estate planning attorney to help you decide which type of trust will be most advantageous for your future.

When Do I Need a Trust and/or Will?

It’s never premature to kickstart estate planning. There’s no reason to feel embarrassed if you haven’t made any strides yet. Whether you’re a young adult or entering your golden years, now is the perfect opportunity to devise a will or trust. Once you’ve set up the will or trust, it’s recommended that you review your estate plan on a regular basis to make any necessary adjustments. Your Hilliard trusts and wills lawyer can provide help with this. The key is to take the initial step!
Your Hilliard Estate Planning Lawyer for Trusts and Wills
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Frequently Asked Questions

A will is a legal document that outlines how your property and assets should be distributed after your death. On the other hand, a trust can be used to transfer property and assets during your lifetime or after death. The main difference between the two lies in the legal process involved. Wills must go through probate court, a process that can be time-consuming and costly, whereas trusts can avoid probate court, allowing for a more seamless transition of assets. As a Hilliard, Ohio, estate planning lawyer, we can help you understand these differences and choose the best option for your situation.
A comprehensive estate plan goes beyond just drafting a last will or setting up a trust. It includes other important legal documents such as a power of attorney and a living will. It also considers the needs of minor children, tax benefits, long-term care, and asset protection strategies. Having a comprehensive plan ensures that all legal issues are addressed and your family’s future is secured. Our Hilliard, Ohio, estate planning services at Jarvis Law are designed to understand your needs and provide a fully tailored solution.
Revocable trusts, also known as living trusts, can be altered or canceled by the trust maker during their lifetime. Irrevocable trusts, on the other hand, cannot be changed once they are created. Both types of trusts have different tax implications and asset protection features and should be considered in the estate planning process. Under Hilliard, Ohio law, the assets in an irrevocable trust are not considered part of your estate for tax purposes and are protected from creditors. Revocable trusts allow for more control over assets but offer less protection. As experienced elder law attorneys, we can guide you in creating the right type of trust for your estate.
Probate is a legal process that verifies the validity of a will and distributes assets according to the last will. However, it can be lengthy and expensive. An estate planning attorney can help you set up legal structures such as trusts and joint ownership that can bypass the probate process, ensuring your assets are transferred to your loved ones efficiently. At Jarvis Law, our extensive knowledge of Hilliard, Ohio, estate planning, and probate laws helps us provide effective probate avoidance strategies.
A special needs trust is designed to benefit individuals with disabilities who qualify for government assistance. The assets in this type of trust do not count towards the individual’s asset limit for these programs, thus preserving their eligibility. If you have a loved one with special needs, setting up a special needs trust can be an important step in securing their future without jeopardizing their benefits. Our Hilliard, Ohio, estate planning lawyers can guide you through this complex legal process to ensure your estate plans encompass all of your loved ones’ unique needs.
An executor, named in a will, is responsible for managing the estate through the probate process, including paying debts and distributing assets to loved ones and other beneficiaries. A trustee, on the other hand, is appointed in a trust document and is responsible for managing the trust property according to the terms of the trust. Both roles require a high level of responsibility and legal authority. As your trust and will attorneys in Hilliard, Ohio, we can help you choose the right individuals for these pivotal roles.
Estate planning involves many complex legal issues that require specialized knowledge. An elder law attorney understands these complexities and deeply understands issues specific to older adults, such as long-term care and retirement planning. At Jarvis Law, our Hilliard, Ohio, elder law attorneys offer comprehensive estate planning services, providing you with peace of mind that your family’s future is in good hands.

Please note that the information provided here is general in nature and should not be considered legal advice. It is recommended to consult with an attorney from Jarvis Law Office to obtain personalized advice based on your specific circumstances.

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