Ohio Will vs Trust

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Oh123
Posts: 55
Joined: Sat May 27, 2017 3:47 pm

Ohio Will vs Trust

Post by Oh123 »

I am married with two young kids and considering creating a Will or Trust. I came across this link https://www.nolo.com/legal-encyclopedia ... 31795.html which suggests that one can avoid probate with joint ownership, POD and TOD documents. Does this mean I don't need a trust to avoid probate? I have to set Guardian for our kids. Is there any reason to go for Trust over Will in this situation? I am meeting with an estate planning lawyer next week and preparing myself so that I can ask the right questions. Thanks
LearningAlot
Posts: 45
Joined: Thu Aug 02, 2018 8:43 am

Re: Ohio Will vs Trust

Post by LearningAlot »

I live in Ohio and just updated my estate plan as I have recently retired and needed to update things. I am single, with no children,
so not identical to your situation. I went with TOP/POD for everything but my house and household personal property. For the house, went with "Transfer on Death Affidavit" which transfers my residence to my trust upon my death. The will transfers my household personal property to the trust.
The trust then distributes the residence and personal property to my beneficiaries. This approach avoids probate and is is very simple for my executor. My will is very simple and is used only to distribute my household personal property, which has minimal monetary value.

FYI, the attorney fee was $2,500 to accomplish this.
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CAsage
Posts: 1879
Joined: Sun Mar 27, 2016 6:25 pm

Re: Ohio Will vs Trust

Post by CAsage »

The biggest reason you need a will is your kids - don't skip that. After that.. yes, it is quite feasible to avoid probate by transferring everything to a beneficiary. Depends a whole lot on how much you have, and who it's going to. 30 years from now, when your grown children have proven they are responsible, it's easy to just put everything in POD/TOD. If you don't have a lot of assets, you probably won't need to protect it either! But right now... assume you need a trust to hold your assets should both parents die. And while you can leave assets via joint tenancy, that won't help if you both go down in a plane. Suggest reading a Nolo Press book on planning your estate to educate yourself cheaply before you meet the attorney (and defer it another week if you need time). The less time you spend asking him/her questions, and the more you sort it out, you might save some money. Solutions can change over your lifetime. I had a pricey trust drawn up when my kids were very young, tossed the whole thing out and redid it 20 years later.
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.
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