When you hear the word ‘estate,’ what do you think of? Many people associate estates with big money and large properties. This is not the case at all. In the most fundamental sense of the word, your estate is comprised of all the things that you own.
Dayton residents, like any forward-thinking citizens, need to be thinking about the future of their estates. What will happen to it when you die?
If you plan properly, your wealth and other possessions will go to the people of your choosing—kids, spouse, brothers, sisters, you name it. You have the power to control every aspect of your estate (your property)—you just have to claim this power and use it. Not everyone does this. In fact, most people do not. Most people do not think about their future until it’s too late.
With the help of an estate planning attorney, you can avoid this problem with greater control.
When you die, your affairs will typically go through probate court. A probate court is a court of limited jurisdiction that oversees the affairs of a person who has died. This typically means overseeing and/or directing the distribution of assets.
If these assets are set down in a will, the probate court must handle the distribution. This is a long and expensive process that ultimately means a significant loss in assets. If, on the other hand, the assets are laid out in a trust, probate court is bypassed, keeping more of the decedent’s assets intact and saving the beneficiaries money.
The experienced estate lawyers at Lovett & House Co., LPA in Dayton, Ohio, can help you determine which course of estate planning action is best for you. We know the inner workings of the probate process and can help guide you through the proceedings if necessary.
Photo Credit: Phil Roeder via Compfight cc