How A Will Or Trust Can Help You Secure Your Future

Wills and trusts are essential parts of a comprehensive estate plan. Both are tools that can distribute your assets to heirs and determine who administers your estate and controls your estate, but they differ in key ways.

While many estate plans include a will, it is not required. However, without a will, Ohio inheritance laws will step in and decide how your estate is divided. At MDSLaw Ohio, we will carefully review your assets, goals and needs to help determine how best to set up your estate plan in order to achieve your objectives.

Protecting Your Estate And Loved Ones Through A Will

Through a will, you can decide who will inherit your assets after your passing and name an executor to represent you in the administration of your estate. With a will, you can also identify guardians for your minor children.

However, wills must go through the probate process, which can be lengthy and involves settling your estate and fulfilling wishes you made in your will. Without a will, the court will step in during probate to decide who inherits your assets. The court’s decision may not be what you wished for, so it is vital to leave the appropriate instructions and designations to meet your wishes. Although wills primarily take effect after an individual passes away, they can also be utilized if the person cannot make independent decisions.

Managing Assets During Your Lifetime Through Trusts

A trust holds and manages your assets and other important decisions during your lifetime. While a will is only effective upon your death, a trust is effective when you sign it. This means that a trust can govern your assets immediately. In creating your trust, you appoint a trustee to be legally responsible for managing and protecting the trust property on behalf of your named beneficiaries. Unlike a will, trusts offer the opportunity to avoid the probate process entirely.

There are various types of trusts that we can help you establish, including revocable and irrevocable trusts, living trusts, testamentary trusts, charitable trusts and special needs trusts. We will carefully consider your best interests and discuss the best trust option for you and your estate.

Finding The Best Solution For You

Wills and trusts are essential aspects of every estate plan that you should not overlook. It is never too early or too late to think about your future and the future of your loved ones. We can help you make decisions today that will take the pressure off of your loved ones in the future. Contact us today to schedule a free consultation by calling 740-923-4235 or completing our online contact form.