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A good decision is based on knowledge and not on numbers.
~Plato~
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Do You Need a Will or a Trust?
If you find yourself confused about the right plan for you, you're not alone. Every estate plan is different and tailored to the individual. In the process of creating your estate plan, it's important to understand what each of these approaches provide. In many cases a will alone works well. In others, the benefits offered by a trust can make a world of difference. It's a common assumption that a trust is only for the wealthy. In truth, it is not only financial circumstances that might make a trust the right choice, but also other important life circumstances. Let's take a closer look at trusts and wills.
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Wills vs. Trusts: In Plain English
Everyone has heard of wills and trusts. Most articles written on these topics, however, often presume that everyone knows the basics of these important documents. But, in reality, many of us don't - and with good reason - as they're rooted in complicated, centuries-old law.
Let's face it, if you're not an estate planning attorney, these concepts tend to remain merely that - concepts. So, if you're "fuzzy" about wills and trusts, know that you are not alone.
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How to Choose a Trustee
If you create a trust, you will need a separate person or institution, called a "trustee," to manage the trust either now or in the future. Choosing the right trustee is crucial to making sure your wishes are carried out. The choice is important because being a trustee can be a difficult job, with a trustee's duties including making proper investments, paying bills, making distributions to the beneficiaries, keeping accounts, and preparing tax returns.
A trust is a legal arrangement through which a trustee holds legal title to property for another person, called a "beneficiary." The trust document will name the trustee, although there are several different types of trusts. The simplest one is a revocable living trust in which the person who creates the trust maintains control of the trust while he or she is alive. In this situation, the trust document will name a successor trustee to take over after the original trustee dies or becomes incapacitated. Other trusts -- such as an irrevocable trust or special needs trust -- may have a separate trustee from the start.
(read more)
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 Is It Time to Take Action?
Contact us and find out how easy it is to set your estate plan up. You'll sleep better at night knowing things are taken care of the way you want.
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Welcome!
Elizabeth Schmitz practices estate planning, probate and elder law. She guides families and individuals as they provide for themselves and their loved ones during all states of life.
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| Contact Information |
Elizabeth Schmitz, Attorney At Law
1900 Polaris Parkway, Suite 450
Columbus, OH 43240
614-785-4980
eschmitz@eschmitzlaw.com
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