When it comes to estate planning, you may have all sorts of considerations to think through. For example, you may be wondering how you should divvy out your assets to beneficiaries, or whether you should move forward with a trust or will. At Baker, Dublikar, Beck, Wiley & Mathews, our Ohio law firm knows how challenging it can be to confront these questions for people in North Canton, and across the state. However, carefully reviewing the ins and outs of each option may help. In fact, those who decide to set up a trust may enjoy numerous advantages.
With a trust, the grantor is able to determine a specific time when beneficiaries are able to receive assets. For example, if you do not want a beneficiary to receive assets until the age of 21, a trust may be ideal. Moreover, trusts allow grantors to lay out how their assets will be distributed after they pass away while avoiding probate as well as estate taxes. Clearly, trusts offer some significant benefits that should not be overlooked by those who are establishing an estate plan.
While trusts can be advantageous, it is important to move forward with an estate plan that best suits your individual circumstances. Also, you should set aside enough time to comprehensively assess your situation and create a plan that will protect your assets best.
If you head over to our wills & trusts sections, you will be able to access more information related to creating a trust and other estate planning topics.