The Basics Of Drafting A Will
A will is a legal document that outlines your wishes for property division and asset distribution after your passing. A legal will can ensure the quick transfer of property and may help your loved ones avoid certain estate taxes.
Drafting a will involves more than just writing down your wishes for the future. For your will to be legally enforceable, you must be of sound mind, and you must sign it in the presence of witnesses or a notary.
Who Needs A Trust?
Not everyone needs a trust, but this could be a beneficial way for you to set aside and manage assets during your lifetime. It can also allow you to set aside money for a specific reason such as charitable giving. The two most common types of trusts are:
- Testamentary trust: This type of trust is set up as part of a will, and probate court will have jurisdiction over it. The trustee appointed will distribute the assets in accordance with the terms set forth in the trust.
- Living trust: A grantor will create this trust while he or she is still living as a way to help beneficiaries avoid probate and keep certain financial information private.
In some cases, a simple will is sufficient. If there are substantial assets to consider or you want to accomplish a specific goal with your estate plan, a trust may be a beneficial addition to your estate plan.
Choosing The Right Estate Planning Tools For You
Estate planning is a beneficial and practical step for everyone, regardless of income level or the size of the estate. You do not have to be wealthy to benefit from taking steps to ensure that you control what happens to your assets and money after you pass away.
Every estate plan is different, and you can draft yours to suit your unique needs and objectives. Most plans start with a will, which can allow you to decide where your assets will go in the future, but you may need more than that. There are various tools, such as a trust, that can serve to complete your plan. We can help you draft the right plan for you.
Call the attorney at Honerlaw Law Office, LLC, in Ohio, at 513-342-1853 for the estate planning help you need.
Learn About Your Options
We believe it is important to learn about your legal options and take steps to fully understand how you can draft a complete and thorough estate plan. You can discover your options by reaching out to our West Chester office at 513-342-1853 or emailing. Whether you need a will or trust or have other estate planning needs, our experienced lawyer is ready to help you.