Planning A Will And Trust

There are methods and ways to protect your property and have it go to the people you want to have it. While everyone needs a Will, there are ways to avoid Probate Court which everyone is afraid of and wants to avoid.  Probate Court simply is designed as an administrative proceeding to see that your property is distributed to your heirs according to law.  If you don’t have a Will your property will go to those designated by the State of Ohio.
This subject also involves Regular Durable Powers of Attorney where the person signing authorizes another person to sign that person’s name and to transact business and personal affairs for the person.  This is often used when an elderly or sick person is unable to conduct their own affairs.  Also, there are Healthcare Powers of Attorney which are essentially legal documents authorizing another person to permit physicians, if a person is brain dead with no hope of recovering to remove feeding tubes, and breathing apparatuses.  Everyone should have these documents.

Trusts are another way to avoid Probate Court but can be an expensive way when there are less expensive ways to do the same thing for an average estate.

The difference between a living will and a trust

Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan.

One main difference between a will and a trust is that a will goes into effect only after you die, while a trust takes effect as soon as you create it. A will is a document that directs who will receive your property at your death and it appoints a legal representative to carry out your wishes. By contrast, a trust can be used to begin distributing property before death, at death, or afterwards. A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." A trust usually has two types of beneficiaries -- one set that receives income from the trust during their lives and another set that receives whatever is left over after the first set of beneficiaries dies.

A will covers any property that is only in your name when you die. It does not cover property held in joint tenancy or in a trust. A trust, on the other hand, covers only property that has been transferred to the trust. In order for property to be included in a trust, it must be put in the name of the trust.

Another difference between a will and a trust is that a will passes through probate. That means a court oversees the administration of the will and ensures the will is valid and the property gets distributed the way the deceased wanted. A trust passes outside of probate, so a court does not need to oversee the process, which can save time and money. Unlike a will, which becomes part of the public record, a trust can remain private.

Wills and trusts each have their advantages and disadvantages. For example, a will allows you to name a guardian for children and to specify funeral arrangements, while a trust does not. On the other hand, a trust can be used to plan for disability or to provide savings on taxes. Your attorney can tell you how best to use a will and a trust in your estate plan.

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