Wills And Trusts: Understanding The Differences
Wills and trusts are among the most common types of estate planning documents individuals utilize to carry out their wishes in the event they die or cannot make decisions on their own.
But, opting for one or the other may not completely accomplish your ultimate goal.
Wills: What They Can And Cannot Accomplish
A will can outline how you wish to distribute your money or assets after you die, and to whom. However, a will needs to be validated and go through the probate process (which can often be complex and time-consuming) and is also subject to estate taxes.
Trusts: The Advantages And Disadvantages
Similar to a will, a trust can also outline how you wish to distribute certain assets after you die, and to whom. Property is placed in a trust and held for the benefit of another by an individual known as a trustee. However, unlike a will, you as the grantor can decide when and how much the grantor receives after you pass away. This is important for certain grantors who may not want to bestow assets to a beneficiary until he or she reaches a certain age. Assets in a trust are also not subject to estate taxes and fall outside the probate process.
Helping You Thoroughly Understand What Type Is Best For Your Circumstance
At Baker, Dublikar, Beck, Wiley & Mathews, our Stark County estate planning attorneys can help explain wills and trusts in more thorough detail, the different types available and which ones will be most beneficial for your circumstances.
Whether you own a business and wish to make plans for its operation in the event you die or need an estate planning document that stipulates the distribution of a large tract of land to certain family members, we can help.
With decades of combined legal experience, one of our Ohio estate planning lawyers is happy to sit down with you over a no-pressure consultation to talk about your needs.
Call 330-470-7780 today. We also offer flexible appointments.
As a renowned litigation firm, we also assist with will disputes and other probate litigation matters.