Experienced Troy, OH Trust Attorney
According to Caring.com, only 32 percent of Americans have a will, with this number continuing to decrease since 2016, despite the pandemic. At least a third of all Americans have no idea if their parents have a will, trust, or any type of estate planning. Among those who do know whether their parents have engaged in estate planning, more than 40 percent have no idea what is contained within those documents.
Among those who do have an estate plan, it is likely that plan contains both a will and one or more trust documents. Depending on the individual’s specific circumstances, either the will or the trust is likely to be more important than the other, serving as the “foundation” of the estate plan. Troy, OH residents who believe having an estate plan is important—but just haven’t yet engaged in estate planning—could benefit from speaking to an experienced Troy trust attorney from Lovett & House Co., LPA.
Troy, OH is a small town with a population of about 26,000. Troy boasts great school systems, a thriving historic downtown filled with many local shops, and a strong sense of community. Filled with green spaces in the form of parks throughout the town, along with beautiful hiking paths, there are many things to do in Troy, both indoors and out. The annual Strawberry Festival in Troy is one of the largest festivals in the Midwest. Held the first weekend in June, more than 100,000 visitors flock to Troy for the vendors, the beautiful area (nestled in the Miami Valley, 20 miles north of Dayton), and the fun.
Why Should You Speak to a Troy Trust Attorney from Lovett & House?
At Lovett & House, we understand that estate planning can be a daunting task. The good news is that once you decide to “take the plunge,” we can efficiently guide you through the process, making it as simple and painless as possible. With decades of experience and knowledge regarding Ohio and federal estate laws, a Troy trust attorney from Lovett & House can ensure your trust—and your entire estate plan—is unique to you and to your situation. Whatever your goals are for having a trust prepared, we can guide you to the type of trust that is best for your goals and your needs.
What is a Trust?
When one person gives property to another person to hold and manage for beneficiaries, this is known as a trust. A Revocable Living Trust is the most popular type of trust, and the person making the trust (the grantor) can amend or revoke the trust at any time during his or her lifetime while remaining in control of the assets. The grantor can also be the trustee of the trust which is funded by any property, including checking accounts, savings accounts, a home, other real estate, stocks and bonds, etc. A trust attorney can help determine what type of trust you need, how and when the trust should be funded, and with what property. At Lovett & House, we have more than 100 positive Google Reviews, are a Board-Certified Specialist by the Ohio State Bar Association, and offer a free 5-minute phone appointment.
What Are the Primary Benefits of a Troy, OH Trust?
There are many benefits of having a trust. Perhaps the most well-known benefit is that when you have a Living Trust, you can avoid probate, which can be lengthy, costly, and public. Having a trust allows your successor trustee to distribute your assets according to your instructions without court intervention. While a trust may cost more initially, it can save money in the long run by avoiding probate expenses upon your death. Living trusts typically hold up better than a will in the event someone contests the distribution, thus potentially saving the estate money.
A trust can also allow your successor trustee to step in and manage your affairs without court intervention in the event you become ill or incapacitated. Finally, a living trust can set out a clear plan to deal with all your assets, preventing unintentional disinheriting, or providing care for a loved one with special needs. A trust can even protect assets from specific people you name. In the end, having a trust can give you peace of mind because you know your estate will be handled as you wish in the event of your death or incapacitation.
FAQs Regarding Troy, OH Trusts
What is Better, a Trust or a Will?
The primary difference between a trust and a will is that a will has no effect on your property while you are still alive, only taking effect after your death. If you have minor children, it is important that you have a will in addition to a trust, because you cannot name a guardian for your minor children in a trust. Additionally, even those who have a trust could benefit from a “pour-over will” to catch any assets that have inadvertently been left out. As noted, a major benefit of a trust is that it will not have to go through the probate process which can save money as well as preserve your privacy (the information in a will is open to the public). One major advantage of a trust over a will is that in the event of incapacitation, your successor trustee can handle your affairs without court intervention. It is important to discuss the pros and cons of trusts and wills with your Troy trust attorney.
Are There any Disadvantages to a Trust?
While there is truly little downside to having a trust, in rare circumstances, banks and financial institutions could impose additional hurdles and administrative procedures if a loan is sought based on trust assets used as collateral. Trusts can be more expensive to set up initially than a will, and if a bank or other financial institution is named to administer the trust, this could add expenses to the estate (although rarely more than the cost of probate). Trusts can definitely be more complex than a will and certainly require the assistance of an experienced Lovett & House estate planning attorney.
How an Experienced Troy Trust Attorney from Lovett & House Help
Whether you are planning for yourself or a loved one, the Troy trust attorneys from Lovett & House Co., LPA can sit down with you and help you figure out what is best for your situation. We can comprehensively answer all your questions in an easy-to-understand manner. We will help you plan for your future, allowing you to relax, knowing you and your affairs will be taken care of in the manner you would want. Contact our office to schedule an appointment with one of our highly-skilled trust attorneys to discuss how a trust can work for your benefit and the benefit of your loved ones.
