Preparing to transfer assets and wealth to family members and loved ones during life is a very important consideration that demands thorough, efficient, and personalized planning. This process will involve determining the right amount and type of personal assets that will be transferred to beneficiaries. It will also involve determining the adequate method by which these assets should be transferred. The primary goal of estate planning is to not only safeguard the assets in question but to also protect the overall well-being of every party involved.
Speak to a Trusted Estate Planning Attorney in Ohio
Estate planning is not a one-size-fits-all venture. This process requires meticulous planning and thorough review. Once a tailored plan has been established, it is important to review the plan periodically, especially after key life moments such as the birth of a child, a new marriage, divorce, or even the passing of a loved one.
Alex Carr Law, LLC takes great pride in guiding clients through the vital process of protecting their loved ones and assets. The firm understands that every estate plan is and should be unique to each individual client, situation, and family dynamic. Alex Carr Law, LLC offers the highest level of professional proficiency in helping clients tailor a plan that meets their unique needs and desires. To schedule a complimentary consultation with Alex Carr Law, LLC and learn more about how the firm can help you create a plan that is right for you, call (330) 562-5951 today.
Why You Need a Plan
When a person does not have a Trust, Will, or any other form of estate plan set, it is easy to believe that no plan exists at all. Contrary to common belief, those who do not have an estate plan have a plan set for them by the state. A person who passes away without leaving his or her own plan behind will pass in what is known as intestate. Ultimately, this can leave loved ones at the mercy of the state. This can cost the decedent’s loved ones thousands in court fees or even in the unwanted distribution of property and assets.
What is the Difference Between a Will and Trust?
While Wills and Trusts are both used for purposes of estate planning and can be used simultaneously, these are two very different approaches to transferring property. Wills and Trusts can be used at different times in a person’s life and they set out to accomplish different objectives.
- Wills – Wills establish what party will receive the probate property upon the asset owner’s death, also known as the testator. Unlike Trusts, Wills will continue to pass through probate, which is a process that involves the court to oversee the administration of the Will and ensure its validity. In addition, the court will administer the assets, ensuring they get distributed how the testator intended.
- Trusts – A Trust can be seen as an agreement between two people: the owner of the assets, known as the trustee, and those who will receive assets, known as beneficiaries. Assets can include property, interest, and dividends from investments or bank accounts. The individual who creates the Trust is referred to as settlor, but this person can also be the trustee.
In the State of Ohio, the Trust must be created before the testator/settlor’s death, but it is not obliged to have a property in it. Trusts can be funded with property testators have designated as Trust assets in their Will. This is referred to as a pour-over Will. Ultimately, this means that settlors will need to decide if they want certain assets in the Trust during their lifetime and this could reduce the amount of control the settlor has over the assets. Settlors can also wait and fund the Trust through a pour-over Will.
Collaborate With an Experienced and Professional Ohio Estate Planning Attorney
A majority of Americans have a general concept of what estate planning is and reasons for its importance. This is great news, but people should also be aware of the various options they may have when it comes to estate planning. Each plan can address unique life situations and it can also remove certain burdens and worries. All the better, estate planning can protect loved ones and their interests when we are no longer here to oversee that.
If you are planning for your estate in the State of Ohio, we welcome you to contact Alex Carr Law, LCC, a firm exceptionally experienced in many areas of estate planning. You can discuss your options with a proficient attorney who will help you make an informed decision on what plan is best for you. Consider calling (330) 562-5951 or complete the contact form here for a complimentary consultation today.
