Many Ohio residents may feel as if a will is enough to conform to their final wishes. However, it may be better to create a trust as there are several things that a trust can do that a will cannot. For instance, if assets are intended to go to a minor child, that child cannot receive those assets on his or her own.
However, a trustee can oversee property placed into a trust without intervention from the court. If there is no trust, an individual needs to be appointed to oversee those items for the minor child. That could cause delays or other problems that may be avoided by keeping those assets in a trust. If a child or grandchild has special needs, the use of a trust may make it easier to allow that person to keep money or other property without losing access to government benefits.
Those who have outstanding debts when they die could lose some or all of their assets to creditors if they are left in the estate. However, putting assets in a trust may make it less likely that creditors can liquidate investment accounts or other prized possessions to pay off remaining balances. This may allow a beneficiary to retain ownership of most or all of his or her inheritance.
Proper estate planning today may make it easier to protect assets and reduce the amount of tax that an estate may owe. It may be a good idea to talk about creating a trust or other estate planning issues with an attorney as soon as possible. It may help people learn more about the different types of trusts and why they may be better than a will for them.