HomeAboutContactMedicaid PlanningUnmarried CouplesPet PlanningSpecial Needs

Russell C. Golowin, J.D., LL.M.
1820 Northwest Boulevard, Suite 100
Columbus, Ohio 43212

 Tel: (614) 487-8887
Fax: (614) 486-8883
russ@golowinlegal.com

 


 

Wills/Trusts

Wills

  • Simplicity
  • Lower initial cost
  • Low level of capacity to execute
  • Name guardians of minor children
  • Effective only at death (requires probate)
  • Exposes details of estate to public scrutiny
  • Lack ability to assist in planning for disability
  • Control only "probate assets" (in client's name only)

Trusts

  • More detailed planning required
  • Higher initial cost (but can lower probate expenses)
  • Higher level of capacity needed to create
  • Effective immediately
  • Avoids probate and allows for privacy
  • Powerful aid to disability planning

Questions to Consider

 

If you are unsure if you need professional help in accomplishing your estate planning goals, consider whether the following scenarios are provided for in your current documents.

  • Is your heir too young to recieve an inheritance?
    • Do they need a guardian or trust to hold the assets?
  • Should the inheritance be phased in at certain ages?
    • Do we need to protect them from squandering the money?
  • Does your heir have a disability or any special needs?
    • Do they need a special needs trust?
  • Is your heir in a difficult marriage?
    • Is thier inheritance safe from a later divorce settlement?
  • Do you have children from a prior marriage?
    • Do you wish to provide for them differently than your step-children?
  • Is your heir's inheritance protected from their potential creditors or predators?
  • Can taxes be avoided?
  • Do you wish to avoid probate?
 
 
Home | About | Contact | Medicaid Planning | Unmarried Couples | Pet Planning | Special Needs

© 2006 Golowin Legal, LLC.  All rights reserved.

This information is designed to provide a general overview with regard to the subject matter covered and is not intended to provide legal, accounting, or specific advice to your situation. No legal representation or attorney/client relationship is created solely by use of this site.