- April 15, 2024
Trust and Will Lawyer Worthington, Ohio
Your Worthington Estate Planning Lawyer for Trusts and Wills
Jarvis Law Office helps Worthington, Ohio, residents plan for the future with wills and trusts.
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Trusts And Wills in Worthington, Ohio
Estate planning might be a daunting thought for you, and you’re not alone in feeling that way. It forces us to confront our mortality, which is never easy. However, it’s risky to age without a detailed plan in place. Without an estate plan, you’re effectively relinquishing control of your estate to the state of Ohio upon your death. The state then decides who gets your assets, who will take care of your underage children, and who will be in charge of your money and care should you become incapable of making those decisions yourself.
Fortunately, an estate planning attorney can help you maintain control with irrevocable and revocable trusts and wills. A Worthington, 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 Worthington, Ohio, trust and will attorney will likely urge you to have a will created.
A will is typically the backbone of a complete estate plan, allowing you to designate the recipients of your property and the caregivers for your minor children. The will only becomes operative after your death, implying that you can legally modify or revoke it as long as you’re of sound mind.
Upon your death, your will must undergo probate court. Once it passes probate, the executor of your estate will distribute your property according to your stipulations. Your estate planning attorney can support you throughout the process, from drafting the will to representing your family during probate, ensuring you and your family don’t have to stress about your estate’s future.
However, many people aim to dodge probate. Since the will essentially serves as the guidelines for probate, it might not be the ideal choice if you want to oversee the distribution of your assets after death.
Probate can be sidestepped, and a living trust is a suitable tool for doing so while also providing guidance during your lifetime and after you pass away.
What is a Trust?
A trust is another method of managing your possessions.
It provides guidelines for numerous possibilities or scenarios and, thus, is somewhat more adaptable 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 Worthington 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 Worthington, 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 choose to create either a revocable or irrevocable trust. If you opt for a revocable trust, you can act as the trustee and have the power to revoke it at any time. Even irrevocable trusts, which are commonly used for asset protection and Medicaid benefits eligibility planning, can be reversed if it suits your situation.
Interestingly, certain types of irrevocable trusts can be revised. This is one reason why it’s beneficial to work with a knowledgeable elder law attorney. Unfortunately, many attorneys and other professionals don’t fully understand the flexibility and adaptability that can be included in certain types of irrevocable trusts.
An irrevocable trust can offer tax benefits, and it can help you plan for long-term care by protecting assets from creditors and unrestricted long-term care spend-down.
Discuss with your Worthington will and trust attorney to determine which type of trust would be most beneficial for you in the future.
When Do I Need a Trust and/or Will?
There’s no such thing as starting too early when it comes to your estate planning. But don’t feel awkward if you haven’t taken any action just yet. Whether you’re a young adult or in your retirement phase, now is the best time to formulate a will or trust. After the will or trust is in place, make it a point to review your estate plan on a regular basis to see if any changes are needed. Your legal counsel can assist you with this. Remember, the most important part of your estate planning journey is getting started.
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- 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.
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- Focused Practice Areas – We focus exclusively on the area of elder law.
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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 Worthington, 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 Worthington, 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 Worthington, 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 Worthington, 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 Worthington, 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 Worthington, 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 Worthington, 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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