Some Ohio residents put off estate planning because they find the process confusing. Others may think that their estates are not large enough to worry about estate planning. It is important for people to think about how their assets will be transferred once they die, however. With planning, people may help to prevent potential family fights, tax consequences and other problems that might happen.
When people have children who are not good with money, they may be concerned that their children will not handle the money that they receive through inheritance well. Spendthrift trusts may allow their intended beneficiaries to access the money, but the trust provisions can be used to specify when they will receive funds and what they can be spent on.
Trusts can also help beneficiaries because they are outside of the reach of creditors and spouses. If a beneficiary is sued, the money that is held in the trust for the beneficiary’s benefit will not be able to be reached. Similarly, if a beneficiary divorces, the trust money is considered to be separate property and will not be reachable in a property division.
People who want to avoid probate when their estate assets are passed might also want to consider setting up trusts. Trust assets pass outside of the probate court process, allowing the beneficiaries to access the assets much faster than if they had to go through probate. People may want to talk about their estates and how to pass their assets with estate planning attorneys. The lawyers might recommend different types of estate planning tools that could be beneficial for their clients. There are many different types of trusts and other estate planning documents that can be tailored to meet the needs of individual people.