Vandalia, OH Trusts

Of course, none of us enjoy thinking about our own demise or incapacitation, but it is a necessary part of life. Leaving your loved ones to deal with chaos is simply not something you want to do. A Vandalia trust attorney from Lovett & House can ensure that your estate is in order in the event something happens to you. Trusts are one of the major tools used in estate planning to make administering your estate as pain-free as possible.

The Lovett & House Vandalia trust attorneys have more than 100 positive Google reviews. We offer a free 5-minute phone appointment to get a sense of where you are, and where you want to be. George Lovett is a Board-Certified Specialist by the Ohio State Bar Association, with decades of experience in estate planning. This experience will benefit you at every turn, helping you put your estate in order so your loved ones will be allowed to grieve, rather than scrambling to try and determine what you would have wanted.

What is a Trust?

A trust, like a will, ensures your assets go to those who you choose following your death. Unlike a will, however, a trust can benefit you while you are alive, offer benefits should you become incapacitated, and leave instructions for the distribution of your assets after you die. A trust can also offer certain tax benefits, depending on the type of trust you choose. Some people choose to have a trust because it will allow their loved ones to avoid probate.

Others may create a trust so their children’s inheritance will be placed in a trust for an adult to manage until the children reach a designated age. Spouses who have valuable estates may create trusts for each other as a method of minimizing estate taxes. As you can see, there are many different reasons to have a trust. A Vandalia trust attorney from Lovett & House can ensure you choose the right type of trust to meet your goals.

What Advantages Do Trusts Have Over Wills?

Generally speaking, a trust is an easier, faster, and less expensive way to leave your assets to beneficiaries of your choice than a will. The essential function of a trust and a will are the same—passing property to your heirs after your death. Yet a trust offers several significant advantages over a will. As noted, probate is not necessary for a trust. Since probate can be an expensive, lengthy, public process, this can be a definite advantage for those who inherit. While a trust is a private document, anyone with an interest can see the contents of your will once it is filed in probate court.

A trust allows you more control over how your assets are distributed than a will. If you have minor children, you can appoint a trustee who will make financial decisions for the children until they reach the age of 21. You could create a lifetime trust for your beneficiaries that can provide creditor protection and other benefits that will safeguard the inheritance of your children. There are specific types of trusts that can allow you to do other things, such as a Special Needs Trust that will protect an adult special needs child, allowing them to continue to receive government benefits.