- April 15, 2024
Trust and Will Lawyer Upper Arlington, Ohio
Your Upper Arlington Estate Planning Lawyer for Trusts and Wills
Jarvis Law Office helps Upper Arlington, Ohio, residents plan for the future with wills and trusts.
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Trusts And Wills in Upper Arlington, Ohio
Do you feel a bit uneasy when you think of estate planning? Don’t worry. It’s natural to feel that way.
The estate planning process compels us to confront our mortality, which is a difficult task for anyone. However, aging without a robust plan is fraught with risks.
In the absence of an estate plan, you’re essentially ceding control of your estate to the state of Ohio once you’re gone. They will decide who inherits your assets, who takes care of your minor children, and who manages your affairs if you become incapable of making decisions.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. An Upper Arlington, Ohio, estate planning lawyer with Jarvis Law can also help with special needs trusts and a full range of legal issues related to your estate plan.
What is a Will?
An Upper Arlington estate planning lawyer with experience in trusts and wills will likely recommend that you have a will drafted.
This document is typically the foundation of a comprehensive estate plan and empowers you to decide who inherits your assets and who becomes the guardian of your minor children.
The will takes effect only upon your death, which means you have the authority to modify or revoke it as long as you’re mentally fit. After your passing, your will has to be processed through probate court. Once it’s approved, the executor of your estate will distribute your property based on your directives.
Your estate planning attorney can aid with the entire procedure, from writing the will to representing your family during probate, relieving you and your family of any concerns about your estate.
However, most people seek to avoid probate. As the will essentially provides the blueprint for probate, it may not be your preferred choice for directing your asset distribution after death.
Probate can be avoided, and a living trust is an effective instrument to do so, offering direction during your lifetime and after your death.
What is a Trust?
A trust serves as 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 Upper Arlington 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 Upper Arlington, 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 create either a revocable or an irrevocable trust.
If you decide on a revocable trust, you can act as the trustee and have the liberty to revoke it whenever you choose. Even an irrevocable trust, often employed for asset protection and Medicaid benefits eligibility planning, can be undone if it suits your needs.
Contrary to common belief, amendments can be made to certain types of irrevocable trusts. This flexibility serves as a compelling reason to consider partnering with an experienced elder law attorney. Sadly, many attorneys and other professionals fail to comprehend the versatility and adaptability that can be integrated into certain types of irrevocable trusts.
An irrevocable trust can confer tax benefits, and it can contribute to planning for long-term care by insulating assets from creditors and unrestricted long-term care spending. Seek advice from your Upper Arlington trusts and wills attorney to identify which type of trust would be advantageous for you in the future.
When Do I Need a Trust and/or Will?
You can’t start estate planning too early. Don’t be disheartened if you haven’t started yet. Whether you’re a young adult or in your retirement phase, it’s the perfect time to create a will or trust. After setting up the will or trust, you should regularly reassess your estate plan to see if any changes are needed. Your Upper Arlington trusts and wills lawyer can guide you through this process. The most important thing 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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I have worked with Emily at the Jarvis Upper Arlington location, and she is very personable and friendly and has “Great” customer service. I would recommend the Jarvis Upper Arlington location to anyone who needs assistance with elder care planning!
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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 an Upper Arlington, 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 Upper Arlington, 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 Upper Arlington, 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 Upper Arlington, 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 Upper Arlington, 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 Upper Arlington, 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 Upper Arlington, 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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