Law Office of Macklin K Everly

Estate planning is a crucial step to ensure that your wishes are honored, your family is protected, and your assets are distributed according to your preferences. Without a comprehensive estate plan in place, your loved ones may face uncertainty, financial strain, or long legal processes in the event of your passing.

Why You Need an Estate Plan

An estate plan is more than just a document that directs where your assets will go after you’re gone. It can encompass many things, such as naming guardians for minor children, minimizing estate taxes, and appointing individuals to make healthcare or financial decisions on your behalf if you become incapacitated.

In Ohio, the probate process (which oversees the distribution of assets) can be lengthy and costly if you don’t have a well-organized estate plan in place. Without one, Ohio’s intestacy laws determine who inherits your estate, which may not align with your wishes. A properly structured plan can help reduce probate court involvement, saving your family time, money, and stress.

Will vs. Trust: Key Differences

A common question is whether to choose a will or a trust as the primary tool in your estate plan. Understanding the difference between these two is crucial in deciding what’s best for you.

The Will

A will is a legal document that outlines how your assets will be distributed upon your death. It can also designate guardians for minor children and specify final arrangements like funeral instructions. As with most things, it comes with pros and cons.

Pros:

– Simple and cost-effective to create.

– It allows you to name guardians for minor children.

– You can update your will as circumstances change.

Cons:

– All assets must go through probate, which can be time-consuming and costly.

– Probate is a public process, meaning your estate details become public record.

– A will has no effect until you pass away, so it doesn’t provide for incapacitation during your lifetime.

The Trust

A trust is a more complex estate planning tool that allows you to transfer your assets into a legal entity for the benefit of your heirs. There are many types of trusts, but the most common for estate planning in Ohio is the revocable living trust.

Pros:

– Assets in a trust can avoid probate, ensuring a faster and more private transfer of wealth.

– You can use a trust to manage your assets during your lifetime, even if you become incapacitated.

– More control over how and when your assets are distributed, especially useful for beneficiaries who may need guidance in receiving their inheritance.

Cons:

– More expensive and complex to set up than a will.

– Requires ongoing management to ensure assets are properly titled in the trust.

Which Is Right for You?

The decision between a will and a trust depends on your individual circumstances and preferences. A will may be suitable for those with smaller estates or those who want a straightforward, lower-cost option. However, if you own significant assets, have privacy concerns, or want to avoid probate, a trust may be a better fit.

The Law Office of Macklin K Everly specializes in guiding clients through the estate planning process to create personalized solutions that meet their unique needs. Whether you’re considering a will, a trust, or both, I can help you navigate the complexities and ensure your wishes are carried out.

Reach out today to schedule a free virtual consultation and begin planning for your future!