Whether you are single, married, own property, or have a child, wise estate planning gives you control of your assets and peace of mind. Creating a will, setting up a trust, and buying insurance will help your dependents feel secure. If you’re not sure how to begin the planning process, the questions and answers in this FAQ offer a starting point. 

Popular Estate Planning Questions & Answers

Why do I need a will?

If you have minor children or adult children with special needs, a will is the only way you can name a guardian for them. You also designate someone you trust to be the executor, who ensures your wishes are carried out. An executor’s duties include paying debts and distributing your estate assets to whomever you choose. 

Is a will the only way to distribute my property when I pass away?

No. Estate planning options that allow for property distributions include naming beneficiaries for life insurance policies, creating due-on-death clauses for financial accounts, holding real estate in co-ownership with one or more individuals named on the deed, and placing property in a trust. In these circumstances, your property passes automatically to beneficiaries and co-owners without probate, which saves time and money.  

What is a trust?

A trust is a legal arrangement that can protect assets from creditors, reduce tax burdens, and pass property to people you designate as beneficiaries. You choose a trustee to manage the trust. Think of a trust as a big safe for all kinds of property, including real estate, motor vehicles, money, collectibles, and patent, copyright, and trademark rights.  

What happens if I don’t make a will?

Without a will, Ohio probate law determines who will care for your minor children and who will receive any assets you owned without designated beneficiaries. Your estate might go to your spouse, children, parents, siblings, other relatives, or the state.

Effective estate planning takes time, knowledge, and personal attention. For a law firm that offers all three, residents in Lorain, OH, turn to the attorneys at Riley Resar & Associates, PLL. This dedicated team of lawyers provides wise and compassionate service, carrying on the tradition they started in 1984. Take the first step to get the help you need. Call (440) 244-5214 to make a consultation appointment, or learn more about the firm by visiting their website now.