What Are The Dangers Of Drafting Your Own Will Or Trust In Ohio?
In this article, you will discover:
- If there are certain assets that should not be put in a will or trust
- How specific your will or trust should be?
- What happens when an estate plan is not updated?
- What happens if an asset is not included in an estate plan?
- What happens if a will and trust conflict in some way?
While some people draft their own wills and trusts from online forms, oftentimes those forms do not meet the specific requirements set forth in the state of Ohio. This has also happened with uncontested divorce paperwork and dissolution paperwork. It does not have everything a person might need or the extra language that might be needed to prevent litigation. To keep your family and estate from dealing with the courts, it is best to consult with an experienced attorney. We can help prevent extra expenses and help you make sure it is all done correctly the first time.
Are There Certain Assets That You Should Never Put In A Will Or In A Trust?
Estate planning is very flexible and can be tailored according to the client’s needs and what their assets are. You do not have to put everything into a trust. You decided what assets are included and which are not.
How Specific Does The Will Or Trust Maker Need To Be When It Comes To Instructions Etc.?
The trust is more specific for the bank accounts, the house, real estate investments, and business interests than a will might be. A will is a more basic document. It can be very simple, such as leaving everything to your spouse or children. You name an executor and you name your backup executor.
Trusts tend to be much more specific. You specifically state which asset goes where and to whom. You have much more control over how your assets will be distributed in a trust.
What Happens If The Will Or Trust Maker Neglected To Update Their Estate Plan To Reflect Changes?
If a person neglects to update their will or trust, we would probably need to file a case with the probate court. Once a person passes away, the paperwork cannot be changed for him. There would need to be court orders to transfer assets. It is very important to update an estate plan, along with any life situational changes.
What Happens If Someone Neglected To Add An Asset Into Their Estate Planning Documents?
If the person’s estate plan does not reflect certain major assets, we will probably need to go to probate court. There, it will be decided who is entitled to inherit, if there is no beneficiary for particular assets.
What Happens If A Trust Conflicts With What’s In The Will?
If the trust conflicts with a will, we would work with the beneficiaries to try to figure out a settlement agreement. If we have a settlement agreement that we can get that filed through probate court and then we can distribute assets according to our agreement. If we cannot agree, then we would have to go to probate court and have litigation through probate court on who is going to be the executor, trustee, successor trustee, and what assets go where.
For more information on Pitfalls of Drafting Your Own Estate Plan, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (330) 222-3898 today.