If you own property, have minor children, or are a guardian for a relative with special needs, you may need a will, a trust, or both. Making those decisions wisely starts with obtaining some legal knowledge. Before meeting with an estate planning attorney, here are a few facts you should know.

Understanding Wills & Trusts Basics Before Consulting an Estate Planning Attorney

What Is a Trust?

A trust is a legal vehicle that holds all types of property and shields it legally from public view. Trusts make it easier to pass assets to others. The two basic categories are living trusts, which take effect during the creator’s life, and testamentary trusts, which take effect at the creator’s death. Estate planning attorneys ensure trusts are drafted and funded properly.

How Is a Last Will & Testament Different?

A last will is a legal document that allows its makers to provide instructions on distributing their property after they pass away. Wills have no effect until then, and makers can change or revoke them at any time. Parents use wills to appoint guardians for their minor children and adults with special needs.

What Should I Consider Before Deciding?

Creating a revocable living trust allows the property to pass to the beneficiaries without probate when the creator passes away, which saves time and money. However, Ohio law provides a simplified version of probate that is completed within two to four months if the value of the deceased’s estate is less than $35,000 or if an estate under $100,000 goes to the surviving spouse by will or law.

Grandparents, parents caring for their minor children or children with special needs, or aging or disabled parents may want to establish special needs trusts. They can name individuals as trustees to manage and distribute the assets. An estate planning attorney will explain the various options to you, and they will help you decide how to protect all of your assets and loved ones.

Ross County residents who want to know whether to prepare wills or trusts consult the estate planning attorneys at Rutherford Law Office in Chillicothe, OH, for help. These lawyers offer wise counsel and draft the documents necessary to carry out your wishes. Their attention to detail, professionalism, and compassion will give you peace of mind. Visit their website to learn more about how they can help you, call (740) 775-7434 to schedule a consultation, and visit them on Facebook for updates.