You may not think that you need an estate plan, but if you own anything, including your car, home, other real estate, checking and saving accounts, investments, life insurance, and personal possessions, an estate plan is wise.
You probably have an idea of how you want to distribute your possessions after you pass away. An estate plan helps ensure your wishes are met by specifically naming whom you want to receive things you own after you die. An estate plan can either be in the form of a will or a living trust. A will provides instructions on how to distribute your belongings after you die.
However, any assets titled in your name or named in your will must go through your state’s probate process before they can be distributed to your heirs. In layman’s terms, probate is a legal process the court takes to conclude all your legal and financial matters after your death. It can be a long and arduous process, especially for heirs who are waiting to move on from the death of their loved one.
Because wills still need to go through probate, a living trust is preferred by most families and professionals. Unlike a will, the trust doesn’t die with you. Instead, any assets in your trust can remain in trust until your beneficiaries reach the age you want them to inherit. For example, if you die when your child is only five but you don’t want your child to be able to access your assets until your child is twenty-five, a trust can ensure that your child will have to wait another twenty years.
A trust is more expensive upfront than a will, but because a trust avoids court interference (ie. probate), most people prefer paying more for a trust than a will.
Even with a will, your heirs may be able to avoid probate court. Speaking to an experience attorney will help you decide on the best option for you and your heirs. Attorney Timothy Hacking can help you decide the best estate planning option for you and your family. We are a leading law firm located in Lake County, with our office located in Painesville.
If you are ready to discuss your estate planning needs please consider calling us at (440) 354-7734.