People often ask if both wills and trusts here in Ohio are necessary. My immediate answer is usually, “It depends”. But once I understand an individual’s situation and goals, the answer often shifts to “Yes – will and trusts are both a good idea to have”. At its most basic, having both makes sure you’ve covered your “bases” and have taken the right steps to have your affairs in order. Your loved ones will appreciate your efforts.
The Importance Of Wills
First, let’s talk about the “will” part of “wills and trusts”. You probably know that a will only takes effect when an individual dies. And, you also probably know that if you die without a will, it means the state, in this case, the State of Ohio, steps in and makes the decisions related to the distribution of your assets. And those distributions may not be how you would have done it but you forfeited that option (to make all those decisions) when you chose to die without a will. Your heirs will NOT thank you for dying without a will because they may not receive assets as expected (and perhaps as you intended) and the whole process is longer and more complicated than when a will is in place. To summarize … I always recommend my clients here in Cincinnati, Ohio have a will and keep it up to date.
What is Probate?
Now, what about the trust part of the “wills and trusts”? Again, here in Cincinnati, Ohio, and elsewhere, of course, having a trust delivers one very important benefit — it keeps many or most of your assets out of probate. What does that mean? First, as I explain on my website, probate is the legal process that takes place in the court system after someone dies under which all debts, taxes, and other financial affairs of people who die are lawfully resolved, and assets left after debts are paid, are distributed to the persons entitled to receive them. As mentioned above, if you die without a will, this legal process can be complicated and time- consuming. Even if you did have a will, without a trust, the process is complex.
What Are Trusts & What are Their Purposes?
So, considering wills and trusts … what is a trust exactly and how does it benefit you and your heirs? A trust is established to provide administration and distribution for your assets, so they are distributed as you would have wanted and more importantly spare your loved ones the hassles of all your assets going thru probate. Without a doubt, a trust will save your heirs time and effort and sometimes money in the form of taxes. So when it comes to wills and trusts here in Ohio, I recommend them both when the circumstances warrant and to demonstrate how much you care for your loved ones … that you understand your passing will be a difficult time and you don’t want to make it worse by not having your affairs in order.
Final Thoughts
In conclusion, wills and trusts offer the opportunity to protect your hard-earned assets and your loved ones. It is best to consult with an experienced estate planning attorney in Cincinnati to ensure you have what you need for the expected, and the unexpected.
For more information about wills and trusts and estate planning in general, view my range of services or call me directly to schedule a consultation at 513-399-7526.