Far too many people fail to take advantage of the many advantages of using trusts as part of their estate planning. Trusts have many benefits, including protection of assets, simplification of estate settlement, and tax advantages. Nor are they just for people with large estates; even modest estates can benefit from establishing a trust.
While trusts do not have to be overly complex, and can be established at a very reasonable cost that can be covered by their many advantages, establishing a trust is always best done with the help of an experienced estate planning attorney in Cleveland.
To properly explain why the effort of establishing a trust is worth the effort, we first look to the advantages:
The many advantages far outweigh the cost and effort of establishing a trust, even after the cost of professional legal help. Properly planning your estate with the help of an estate planning attorney in Cleveland can also help you prepare for long-term care, medical decision making, and other considerations that can offer peace of mind during your lifetime and help ensure that your loved ones will not face heart-wrenching decisions and a lengthy estate settlement without benefit of knowing and understanding your wishes.
Three of the most common and useful types of trusts are:
However, failure to choose the proper type of trust, failure to properly establish the trust, or mistakes in choosing the types of assets to put in trust, can result in unnecessary complications and/or unrealized benefits.
Establishing a trust that complies with state and federal law is a complex undertaking. The Ohio Trust Code Compliance manual published by the Ohio Bar Association is nearly 600 pages in length. This is part of the reason why trusts are often seen as overly complicated and complex. However, it is not necessary that you understand how to properly establish a trust in accordance with state and federal law. Only that you understand using an online document maker or hiring an attorney who does not focus exclusively on estate and probate law, can result in a failure to realize some or all of the many benefits of a trust.
Choose an experienced estate planning lawyer in Cleveland. Set up a confidential free or low-cost consultation. And let them help you realize the many advantages of utilizing a trust as part of your estate plan. You will be so glad you did!
Daniel McGowan represents clients in probate and estate matters throughout the Cleveland area, including Lakewood, Rocky River, Fairview Park, Shaker Heights, Cleveland Heights, South Euclid, East Cleveland, Linndale, Brooklyn, Parma, Brook Park. Newburgh Heights, Cuyahoga Heights, Brooklyn Heights, Warrensville Heights, Maple Heights, Garfield Heights, Bratenahl and Euclid.
Call 216-242-6054 today for a free and confidential consultation.