Estate Planning - Wills & Trusts
Planning for the future raises complicated worries and even
fears about the unknown. Often, emotions run high when people contemplate
the distribution of their possessions after death. However, estate planning
includes more than deciding "who gets what." A good estate plan
provides a sense of security and comfort that one's desires about many
future contingencies will be met. Estate planning not only defines a person's
wishes to be carried out after death regarding his or her estate (all the
property owned), but also sets out the means for personal well being far
into the future. To reach this goal, estate planning encompasses several
connected legal areas and techniques.
A Will is a legal document that will tell the court how
you want your property distributed when you die. It allows you to decide
who receives your property and what share they will receive.
In Ohio, if you don't have a will and you die, your property
will be distributed by the state as follows:
- Surviving Spouse
- Children or their Descendants
- Siblings or their Descendants
- 50% to Father's side of family and 50% to Mother's side
- Aunts and Uncles or their descendants
- State of Ohio
A Trust is a legal arrangement where a person transfers
legal ownership of property to someone else to hold and manage. There
may be legal, tax and/or inheritance benefits to setting up a trust.
It is best to discuss this with a trusted estate planner before making
any decisions about trusts. You should know about the benefits and the
Sherrets Law Offices has attorneys to guide you through
the process of establishing valid Wills & Trusts. Contact
us today to schedule an appointment.