Trust and Will Lawyer St. Clairsville, Ohio

Your St. Clairsville Estate Planning Lawyer for Trusts and Wills

Jarvis Law Office helps residents of St. Clairsville, Ohio, plan for the future with wills and trusts.

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Trusts And Wills in St. Clairsville, Ohio

Do thoughts of estate planning unsettle you? You’re not the only one. It’s tough to accept our mortality, especially when estate planning brings it into sharp focus. But aging without a comprehensive plan is fraught with risks.

Without an estate plan, you’re essentially leaving the fate of your estate in the hands of the state of Ohio once you pass away. The state will be responsible for deciding who gets your assets, who will look after your underage children, and who will manage your finances and care for you if you become incapable of making decisions.

Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A St. Clairsville, 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 St. Clairsville, Ohio-based trust and will attorney will likely suggest that you draft a will.

The will typically serves as the cornerstone of a comprehensive estate plan, letting you determine who inherits your property and takes care of your minor children. The will only comes into effect after your death, meaning you retain legal control and can alter or rescind it anytime while you’re mentally sound.

After your death, the will must go through probate court. Once it clears probate, the estate executor 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 roadmap 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 acts as another way to control your belongings, providing directions for various potential scenarios, making it more versatile than a will.

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

The trust is defined in a legal document that lays out the terms and allocated assets. The grantor appoints 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 St. Clairsville trust and will lawyer may suggest a trust.

Despite the many options, all trusts have three main components: the creator of the trust, the trustee, and the beneficiary or beneficiaries. When you create a trust, you transfer assets into it. Depending on the trust type, it might 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 St. Clairsville, 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 hold the power to form a revocable or irrevocable trust. If you select a revocable trust, you can act as the trustee and have the liberty to revoke it anytime. Even irrevocable trusts, commonly used for asset protection and Medicaid benefits eligibility planning, can be dismantled if they cater to your needs.

Contrary to common belief, amendments can be made to certain types of irrevocable trusts. This adaptability serves as a reason to consider partnering with an experienced elder law attorney. Sadly, many attorneys and other professionals fail to comprehend the flexibility and adaptability that can be integrated into certain types of irrevocable trusts.

An irrevocable trust can confer tax benefits. Additionally, it can contribute to planning for long-term care by insulating assets from creditors and unrestricted long-term care spend-down.

Seek advice from your attorney to identify which type of trust would be advantageous for you in the future.

When Do I Need a Trust and/or Will?

When it comes to estate planning, the earlier you begin, the better. There’s no need to feel ashamed if you haven’t started yet. It’s the right time to draft a will or trust, whether you’re a young adult or in your golden years. After the will or trust is set up, it’s advisable to review your estate plan regularly to see if updates are needed. Your lawyer can support you in this endeavor. The most significant step is making a start!

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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.
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Frequently Asked Questions

What is the difference between a will and a trust?

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 St. Clairsville, Ohio, estate planning lawyer, we can help you understand these differences and choose the best option for your situation.

What is the advantage of having a comprehensive estate plan?

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 St. Clairsville, Ohio, estate planning services at Jarvis Law are designed to understand your needs and provide a fully tailored solution.

What are revocable and irrevocable trusts, and how do they work under Ohio law?

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 St. Clairsville, 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.

How can a St. Clairsville, Ohio estate planning attorney help with probate avoidance?

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 St. Clairsville, Ohio, estate planning, and probate laws helps us provide effective probate avoidance strategies.

What is a special needs trust, and why might I need one?

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 St. Clairsville, 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.

What is the role of an executor or trustee in an estate plan?

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 St. Clairsville, Ohio, we can help you choose the right individuals for these pivotal roles.

Why should I hire an elder law attorney for my estate planning needs?

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 St. Clairsville, Ohio, elder law attorneys offer comprehensive estate planning services, ensuring 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.