Planning for the future raises complicated worries and even fears about the unknown. Often, emotions run high when people contemplate the distribution of their possessions after death. However, estate planning includes more than deciding “who gets what.” A good estate plan provides a sense of security and comfort that one’s desires about many future contingencies will be met. Estate planning not only defines a person’s wishes to be carried out after death regarding his or her estate (all the property owned), but also sets out the means for personal well being far into the future. To reach this goal, estate planning encompasses several connected legal areas and techniques.
A Will is a legal document that will tell the court how you want your property distributed when you die. It allows you to decide who receives your property and what share they will receive.
In Ohio, if you don’t have a will and you die, your property will be distributed by the state as follows:
A Trust is a legal arrangement where a person transfers legal ownership of property to someone else to hold and manage. There may be legal, tax and/or inheritance benefits to setting up a trust. It is best to discuss this with a trusted estate planner before making any decisions about trusts. You should know about the benefits and the caveats.
Sherrets Law Offices has attorneys to guide you through the process of establishing valid Wills & Trusts. Contact us today to schedule an appointment.