Trust and Will Lawyer Westerville, Ohio

Your Westerville Estate Planning Lawyer for Trusts and Wills

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

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Trusts And Wills in Westerville, Ohio

If contemplating the intricacies of your estate plan makes you feel apprehensive, you’re not alone. Estate planning forces us to face our mortality, which is a task that’s difficult for everyone. However, it’s risky to advance in age without a well-rounded plan.

If you don’t have an estate plan, you’re basically giving the state of Ohio the right to dictate what happens to your estate after your death. They will choose the recipients of your assets, the guardians for your minor children, and those who will manage your money and care if you’re unable to make decisions.

Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Westerville, 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?

To lay the groundwork for a comprehensive estate plan, your experienced Westerville trusts and wills lawyer will recommend that you create a will.

The will allows you to determine who receives your assets and cares for your underage kids. Also, the will only becomes effective after your demise, meaning you maintain legal control and can alter or rescind it anytime while you’re of sound mind. After your passing, your will has to pass through probate court. Once it clears probate, the executor of your estate 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 guide 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 is another reliable means of holding your assets. It provides instructions to handle multiple eventualities and can sometimes prove more flexible than a will.

A trust is a legal arrangement initiated by an individual, known as the grantor, to safeguard their assets and dictate their distribution after death. It can make the often long, public, and potentially costly probate process easier for families and beneficiaries.

The trust is spelled out in a legal document that details the terms and designated assets. The grantor assigns a trustee to oversee these assets for the beneficiaries’ benefit. Living trusts can be either revocable or irrevocable, each carrying different tax implications and degrees of flexibility.

Your Westerville trust and will lawyer might recommend a trust after examining your estate. Although there are many options, all trusts consist of three main elements: the trust’s creator, the trustee, and the beneficiary or beneficiaries. When you establish a trust, you transfer assets into it. Depending on the type of trust, it may protect 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 Westerville, 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 establish a revocable or irrevocable trust as per your needs.

If you choose a revocable trust, you can act as the trustee and have the authority to revoke it at any moment. Even irrevocable trusts, typically used for asset protection and Medicaid benefits eligibility planning, can be annulled to meet your requirements.

Interestingly, certain types of irrevocable trusts can be altered. This adaptability is a strong reason for engaging with a competent elder law attorney. Unfortunately, many attorneys and other professionals overlook the flexibility and versatility that can be built into specific types of irrevocable trusts.

An irrevocable trust can yield tax benefits and assist in planning long-term care by protecting assets from creditors and preventing unrestricted long-term care spending.

Discuss with your attorney to understand which type of trust would best serve your interests moving forward.

When Do I Need a Trust and/or Will?

Estate planning is something that can’t be initiated too soon. If you’ve not begun yet, there’s no cause for embarrassment. No matter if you’re a young adult or relishing your retirement, it’s an optimal time to construct a will or trust. Upon setting up the will or trust, it’s essential to frequently scrutinize your estate plan to see if modifications are necessary. Your legal advisor can be of assistance with this. Most importantly, you need to get started today!

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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 Westerville location, and she is very personable and friendly and has “Great” customer service. I would recommend the Jarvis Westerville location to anyone who needs assistance with elder care planning!

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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 Westerville, 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 Westerville, 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 Westerville, 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 Westerville, 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 Westerville, 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 Westerville, 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 Westerville, 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 Westerville, 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.