Few people like to think about planning for when they pass away. However, performing estate planning gives peace of mind because you can provide instructions on how your assets will be distributed when you pass on.
However, creating a will or trust can be complex, and you may have questions. Below are some of the most common questions about wills and trusts. If you are ready to get started on a will or trust, our estate planning attorney in Cortland at The Law Office of John C. Grundy can help.
What Happens If A Die Without A Will?
People who die without a will in Ohio are said to have died ‘intestate.’ This means the state of Ohio will decide how your assets will be given out to the eligible beneficiaries. However, few people want their assets to be handled by the state, so it is critical that you write a will as soon as possible.
Can A Will Or Trust Be Contested?
A will can be contested. First, however, the will must be submitted to probate court. Those who have an interest are told about the probate hearing. Then, if they choose, they can go to court and challenge the will. But they must have grounds to mount a challenge; it is insufficient to be unhappy with how the deceased’s assets are distributed.
For example, you would need to prove that the person was of unsound mind when he wrote the will or was unduly influenced by someone. Or, you might challenge the will based on the process of not following the law.
What Is A Trust?
A trust is where someone gives property to someone else (the trustee) to hold and manage the asset for someone else. In Ohio, it is common for a person to set up a living trust, which can be funded with a bank account, stocks and bonds, real estate, and more.
Many people use a revocable trust in their estate plan to avoid probate. For example, if you retitle your assets in the trustee’s name, the property usually does not have to go through probate. A trust also can be used to avoid some estate taxes legally.
The trust also can be contested by a disgruntled beneficiary. But there also needs to be valid grounds for doing so.
What Is Probate?
This is the legal process when a will is verified and read when you die. Probate is overseen by the court and distributes assets according to the will’s instructions. Probate can take time and cost money, but it can be faster if the deceased did proper estate planning.
One way to reduce probate time and costs is to set up a trust to hold your assets before you pass away. Your estate planning attorney can set up a trust for you according to your needs.
Contact Our Estate Planning Attorney In Cortland
Everyone should do estate planning, so their assets are handled according to their wishes if they pass away or are incapacitated. Work with a skilled attorney on wills and trusts, so your estate planning goes smoothly. Contact our estate planning attorney in Cortland at The Law Office of John C. Grundy at 330.637.9030 for more information.