- April 15, 2024
Trust and Will Lawyer Lancaster, Ohio
Your Lancaster Estate Planning Lawyer for Trusts and Wills
Jarvis Law Office helps Lancaster, Ohio, residents plan for the future with wills and trusts.
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Trusts And Wills in Lancaster, Ohio
Does the thought of making an estate plan make you uneasy? You’re not the only one with such feelings. The process inevitably makes you face your mortality, a difficult task for anyone. Nonetheless, getting older without having a well-thought-out plan is risky. Not having an estate plan essentially means giving the state of Ohio the power to decide the fate of your estate after your demise. They will determine who inherits your assets, who takes care of your underage kids, and who manages your affairs if you become incapacitated.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Lancaster, 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 Lancaster, Ohio, trust and wills attorney will likely advise you to create a will.
This legal document often forms the bedrock of a thorough estate plan, enabling you to decide who gets your assets and takes care of your underage children. The will becomes effective only after your death, allowing you to maintain control over it as long as you are mentally fit and make changes or revoke it at your discretion.
After your death, your will must pass through probate court. Once approved, the executor of your estate will distribute your assets following your directives. Your estate planning lawyer can guide you throughout this process, from drafting the will to representing your family during probate, easing your worries about the fate of your estate. However, many people prefer to bypass probate. Since a will lays out the guidelines for probate, it might not be the best option to manage 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 guiding you during your lifetime and after your death.
What is a Trust?
A trust is essentially 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 Lancaster 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 Lancaster, 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 set up a revocable or irrevocable trust as per your preference. If you opt for a revocable trust, you can serve as the trustee and have the authority to revoke it at will.
Even irrevocable trusts, typically used for asset protection and Medicaid benefits eligibility planning, can be annulled if they meet your requirements. Interestingly, you can alter certain types of irrevocable trusts. This is a strong argument for engaging a competent elder law attorney.
Many attorneys and other professionals fail to fully grasp the versatility and adaptability that can be built into specific types of irrevocable trusts. An irrevocable trust can yield tax benefits. Moreover, it can assist in planning for long-term care by protecting assets from creditors and preventing unrestricted long-term care spend-down.
Discuss with your Lancaster trust and will attorney to understand which type of trust would best serve your interests moving forward.
When Do I Need a Trust and/or Will?
It’s never too early to begin estate planning. Don’t feel uncomfortable if you haven’t initiated the process yet. Whether you’re a young adult or in your retirement years, it’s the perfect moment to establish a will or trust. After setting up the will or trust, make sure to frequently review your estate plan to check if any changes are required. Your lawyer can assist with this. Remember, the key is to take the first step!
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Why Choose Jarvis Law Office?
- Free Consultation – Discuss your needs during a complimentary consultation with Jarvis Law Office. We can consult virtually, so you don’t have to visit the office.
- High Satisfaction Rate – Our clients have left reviews praising our knowledge, experience, and helpfulness. We have a track record for high-level service and customized solutions.
- Focused Practice Areas – We focus exclusively on the area of elder law.
- Three Convenient Locations – We have offices in Lancaster, St. Clairsville, and Dublin, making it easy to reach clients throughout Central and Southeast Ohio.
- Free Events – Our firm offers free events for Ohio residents. These events cover essential estate planning issues, such as how to pay for long-term care while protecting your assets.
- Family First – We’re focused on family. Our family (yes, we employ several family members in the firm) is protecting yours.
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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 Lancaster, 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 Lancaster, 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 Lancaster, 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 Lancaster, Ohio, estate planning, and probate laws helps us provide effective probate avoidance strategies.
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 Lancaster, 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 Lancaster, 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 Lancaster, 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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