For many attorneys, especially those with a more affluent clientele, trusts are a key part of estate planning. Trusts have the benefit of allowing individuals to pass along property to heirs over a period of time, and they also allow people to assign a trusted individual to manage how assets are doled out. If an Ohio resident has minor children or is worried about how heirs will handle their assets, this can be very helpful.
Another benefit of trusts is that they can avoid going through the probate process. Probate may not always be long or arduous, but if assets are located in several states, someone may have to go through probate for each state, so avoiding it altogether can be very helpful.
However, in spite of the fact that trusts can be very helpful in certain circumstances, they may not be a necessary part of estate planning for everyone. In some cases, simplicity may be the best route, which involves leaving assets directly and at one time to beneficiaries. Doing this also eliminates the need for someone to deal with trust taxes every year, and many people do not worry about their children being irresponsible with an inheritance.
The best way to handle asset distribution will generally depend on the person’s circumstances. Issues of where someone lives, how much money they have, what type of property they have and if they have children should all be considered when creating an estate plan. A lawyer could help suggest appropriate documents to a client and ensure that their estate plan is up to date and meets current legal requirements.