When it comes to estate planning and trusts in Cincinnati, I am sometimes asked, “Isn’t a will enough”? It is a great question, one that, as usual, I answer by saying, “It depends.” So this post will be devoted to when it is and when it isn’t enough. I’ll keep it short and sweet; this doesn’t need to be complicated.
In my practice, I focus on estate planning including, wills, trusts, and more. It is definitely not a “one-size-fits-all” or, in fact, a “one and done.” Whether a will is enough, or not depends on your unique situation combined with your goals related to how you want your hard-earned assets distributed after you die.
In estate planning, a will might be “almost” enough for some individuals who don’t own much in the way of assets such as real estate, antiques, boats, investment accounts etc. AND have only one or no heirs. In that case, the estate plan might just include a will and a few additional legal documents I always recommend, like a Medical Power of Attorney, a Living Will, and a Financial Power of Attorney. In this kind of situation, everything will likely proceed smoothly.
That said, when I work with my clients on their estate planning needs, I often recommend they create a trust as part of their plan. Assets that can be included in a trust and therefore avoid going through probate can include but are not limited to real estate, investment accounts, savings and checking accounts and more. Even when these individuals have only one or no heirs, sometimes I still recommend they create a trust depending upon their circumstances.
What will a trust do that a will can’t? Another great question!
As an estate planning tool, the trust is, in my opinion, the BEST way to demonstrate to your loved ones how much you care about them. By having a will AND a trust you will have made the process of distributing your assets as easy and stress-free as possible for your heirs. It’s part of having your “ducks in a row.” Sure, having a will is a significant first step, and if you have taken that step, congratulations! But when it comes to a thoughtful estate plan, having a trust, along with the various documents I mentioned above, is hands down the best way to go for most folks.
In summary, estate planning, in Cincinnati, Ohio, whether it includes a trust or not, will depend on your unique situation, but most clients will benefit from having a trust as well. I would be happy to review your particular situation with you regarding whether a will is enough for you or if having a trust would be beneficial. Please call me at 513-399-7526 to book a consultation or visit my website for more information https://davidlefton.com/services/estate-planning-basics/.