Getting starting on an estate plan can seem difficult enough for some people. When it comes to deciding exactly what tools to use in their plans, they may easily feel overwhelmed. As a result, numerous Ohio residents may think that they can create a will and be covered, and they may not even consider creating trusts.
Not even thinking about trusts can be detrimental to many people who want to have thorough estate plans. This planning option can help individuals protect assets from creditor claims, make their wishes known for how the assets should be managed later, help parties avoid probate and have a number of other benefits. If individuals do not even consider trusts, they may miss out on these and other useful aspects of this tool.
It may interest some parties to know that trusts can be used for specific purposes. One particular trust that could be of use is a special needs trust. This type of trust allows an individual to bequeath assets to a special needs loved one without jeopardizing that person’s chances of obtaining much-needed government benefits. Of course, there are other types of trusts that can be created, even one for pets.
If Ohio residents do not have all the information about trusts, they may easily brush off the idea of using one. However, after learning how useful they can be, many individuals may want to incorporate this type of tool into their plans. Luckily, experienced estate planning attorneys are available to help interested individuals do just that.