Estate Planning Attorneys in Columbus, Ohio

Last Will & Testament

What is a will?

A will sets forth how a person would like to distribute their probate property upon death. To create a valid will, you must meet certain formal legal requirements. You must be at least 18 years old, of sound mind, and not under undue influence. An experienced estate planning attorney should supervise the signing of the will to ensure proper execution of your Last Will & Testament.

The will outlines how you want to distribute your assets and property to your beneficiaries after you die. It plays a key role in estate planning and can ensure the fulfillment of your wishes while avoiding conflicts among heirs. Your will should specify how you want to distribute your assets, name guardians for your children, specify beneficiaries, state your funeral preferences, and appoint people to carry out these wishes.

Trusts

What is a trust?

A trust is a legal arrangement where a grantor transfers ownership of property to a trustee for the benefit of a beneficiary. The grantor can fund a trust at any time. In a trust, a trustee holds legal title and manages the assets until they distribute them to the eventual beneficiary.

The trust terms describe how to distribute and manage income from the assets and principal. The trustee can be a bank, a trust company, another professional, or one or more family members (spouse, son, daughter, or self). The trustee should be capable of managing the assets the creator entrusts to them until they distribute the assets to the benefactors.

What is the difference between a will and a trust?

The main differences center around timing, probate, and taxes. A will takes effect after death, while you can use a Trust to distribute assets before death. Probate is part of the public record, meaning anyone may access your will, a list of your assets and their value, and a list of your beneficiaries. A trust provides privacy because the court record will only list the trust; not the details in the trust.

Trusts can reduce estate taxes and protect your estate from creditors. The federal estate tax ranges from rates of 18% to 40%. A will does not avoid estate taxes.

Do you live in Columbus, OH and have additional questions about will and trust planning? Contact us.

The Columbus, Ohio Estate Planning Attorneys at the Calig Law Firm offer free consultations to work with clients to review Estate Planning matters and prepare for the future. You can request appointments online or by calling (614) 252-2300.

You may also be interested in our helpful information about Power of Attorney.