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Vandalia Trust Attorneys
The city of Vandalia was founded in 1838 by Benjamin Wilhelm, laid out in 33 lots along East National Road and Nelson Street. Benjamin was elected as the first mayor of Vandalia, and the city began to grow. The United Brethren congregation built the first church in 1838, which joined the hotels, blacksmith shops, meat markets, a carriage shop, and a steam sawmill as part of the growing community. The northwest corner of Perry & Nelson Streets was where the first school was established in 1869.
Today’s Vandalia is a thriving small city with many amenities typically seen only in larger communities. If you have children, the Cassel Hills Swimming Pool is a wonderful place to cool off in the summertime. Englewood MetroPark can recharge your mind and soul as you commune with nature, while a day trip to the Dayton Flea Market is a must.
Vandalia residents—like all of us—deal with the seasons of life, and the grief when a loved one passes. There are things you can do now that will help your loved ones after you are gone, or should you become incapacitated.
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.
Can a Trust Be Contested?
While a trust can be contested, it is much more difficult to contest a trust than a will. If loved ones believe the decedent’s trust does not reflect their final wishes, they may want to contest the trust. A trust can be contested only on certain grounds, and only by those with a financial stake in the outcome. That being said, you cannot contest a trust simply because you don’t think the decedent left you what you “deserve.” If the mental competence of the decedent is an issue, then the trust may be contested. Since most trusts are created by an attorney, this makes it much harder to contest a trust since the decedent must have appeared mentally competent to the attorney at the time the trust was prepared. Common scenarios in which a trust is contested include:
- Amendments to the trust have been made by a different attorney than the one who prepared the trust—or from the one most commonly used.
- One child significantly benefits from the trust, while inheritance is withheld from other children (this could only be contested if the child who received the benefits exhibited undue influence or duress upon the decedent.
- An amendment to the trust was made while the testator was gravely ill, immediately preceding the testator’s death, or while the testator was under guardianship.
- Prior children of the decedent are excluded, while a second spouse is the only beneficiary. Again, unless it can be proven that the new spouse exercised undue influence or duress over the testator, this is not necessarily grounds for contesting the trust.
Grounds for contesting a trust include undue influence, lack of capacity, elder abuse, fraud, forgery, a mistake about the law, or revocation of the trust via the execution of a new trust.
How a Lovett & House Vandalia Trust Attorney Can Help?
A Vandalia trust attorney from Lovett & House is extremely experienced and knowledgeable regarding all aspects of trusts. We will help you choose the best type of trust for your situation, then make it even more unique to you and your goals. A trust can not only work for your benefit while you are alive, but it can also work for the benefit of your loved ones during an incapacitation or after your death. We will answer any questions you have regarding trusts, in an easy-to-understand manner. Contact Lovett & House today to discuss trusts and other estate planning documents.