Regardless of age or health status, planning ahead for a secure future is a must. Creating an estate plan is essential for the protection of your assets even after you’re gone. Whether you live near the Gardenview Horticultural Park or own a home in Westwood Farms, an experienced Strongsville wills and trusts lawyer is here to help you provide stability for your future and for your loved ones following your passing.
At Phillips & Mille Co., L.P.A., we understand that these are never easy conversations to have. No one wants to think about the end of their life and how their estate will be divided upon their death. We are here to guide you with compassion and help you protect what matters most—your loved ones and that which you have worked so hard to build.
For more than three decades, the estate planning team at Phillips & Mille Co., L.P.A. has been helping families throughout Ohio plan ahead for the future. Our firm was established with a single goal in mind: guiding individuals and their loved ones through some of the most delicate legal discussions to find solutions that can be trusted.
Our attorneys are here to serve you with the compassion, dedication, and experience you deserve.
In Strongsville, wills and trusts are two of the most utilized estate planning tools, yet according to a recent study, only around 24% of Americans have an estate plan in place. While 64% of Americans over the age of 70 have a will established, 62% of millennials do not, and more than a third of them do not know if their parents have any kind of estate plan outlined.
Wills and trusts work to protect your assets and provide for your loved ones once you are no longer able to. At Phillips & Mille Co., L.P.A., we are here to review your estate and life circumstances to see if either or both tools work for you.
In Ohio, a will acts as a legally binding document that allows you to outline your wishes regarding how assets will be passed down to your loved ones after your death. A will allows you, or the “testator,” to appoint an individual to act as your estate’s executor. This individual will manage your estate after your passing and work to see that the terms of your will are followed.
Wills can include your wishes on the distribution of your assets, the guardianship of any minor children you may leave behind, and can allow you to leave certain assets to specific individuals or charities of your choosing.
If you pass without a will in Ohio, then state laws will determine asset distribution in a way that will likely not align with your personal wishes. This can also lead to significant delays and family disputes, making wills essential for everyone, regardless of estate size.
While trusts might not work for everyone, it is always wise to have an attorney review your situation to see whether a trust would better suit your needs. Trusts are a legal arrangement in which you transfer the ownership of certain assets to a trustee. The trustee then works to manage these assets in accordance with the terms of the trust to the benefit of the trust’s beneficiaries.
Trusts can allow your loved ones to avoid probate and can offer possible tax advantages. After your passing, your trustee will carry out your wishes as laid out in the trust documents and distribute assets to your named heirs and beneficiaries. There are multiple kinds of trust you can establish in Strongsville, including:
The team at Phillips & Mille Co., L.P.A can review the details of your estate and help determine the type of trust that correctly fits your needs.
In Ohio, a revocable living trust can prove to be an essential aspect of your estate plan. These trusts are established in such a way that you are allowed to retain control over your trust assets and act as the trustee during your lifetime. These trusts can also be edited, revised, or even terminated as needed prior to your passing.
For your first meeting with a wills and trusts lawyer, there are several forms of information you should bring with you. These include your life insurance information, family information, including all full names, ages, and contact information of your spouse, children, former spouse, and grandchildren. You should also bring all financial information with you, such as bank accounts, stocks, bonds, and investment account information.
It is important that upon your death, your loved ones are able to obtain copies of your will. There are at least three different places you should keep a copy of your will at all times. First, your Strongsville wills and trusts lawyer should have a copy. You should also keep a copy in a safe deposit box and give your executor access to said box. Lastly, you should keep one copy accessible in your house.
In addition to wills and trusts, there are a variety of other tools that can be essential when it comes to creating a comprehensive estate plan. These tools include Medicaid planning, durable powers of attorney, and health care or medical care directives. At Phillips & Mille Co., L.P.A., we are here to review your circumstances and determine the tools that will address your concerns.
When the time comes to hire a wills and trusts lawyer, look no further than the team at Phillips & Mille Co., L.P.A. You deserve legal care you can trust and a team that comes with local experience. We invite you to call our offices and set up a consultation to see how we may be of service to you and your family today.
Call Us Today: (440) 243-2800