Mentor Ohio Estate law office

Beneficiaries

To ensure your assets go to who you intend upon your death, the first important step is to name a beneficiary or beneficiaries, as well as successor beneficiaries.

Named Beneficiaries

Certain assets commonly have and make it easy to name a beneficiary. These include life insurance policies, mutual funds, brokerage accounts, IRAs, 401(k)s, and bank accounts. Depending on where these accounts are held, you should contact your HR representative or financial planner to discuss your asset and ensure it has a beneficiary named. It is best practice to review these every five years to make sure all of your accounts are up to date.

Transfer on Death Beneficiary

It is becoming increasingly popular to add a Transfer on Death beneficiary to assets such as vehicles or homes. These can be added by visiting your local title bureau. With a Transfer on Death beneficiary, the asset or property is immediately transferred to the desired beneficiary upon the death of the owner.

Wills vs. Trusts

Two commonly used estate planning tools are wills and trusts. Each has different requirements and is handled differently upon death. We’ll talk a bit about each, but if you aren’t sure which one is the best option for you, Moseman Law Office is here to help.

Wills

A will is a basic estate planning document that tells your executor how you want your assets distributed upon your death. It only becomes effective upon your death and can be altered as many times as you’d like before then. Your will can include multiple beneficiaries, guardians for any minor children, and may even include a trust to help distribute assets to minor beneficiaries. A will ensures that all of your assets have detailed directions for distribution, even if your assets already had beneficiaries named.

Trusts

A trust is another estate planning tool that gives you more flexibility than a will. A trust should be set up during your lifetime and can be accessed by you or a designated Trustee at any time. Most commonly, people will set up a Revocable Living Trust, which can be amended until their death. However, recent changes to federal and state tax laws have made Trusts less necessary to protect one’s assets.

Other Types of Trusts

There are many different types of trusts that are available to protect various assets. Medicaid trusts can be put in place for those who wish to protect their assets for their beneficiaries while qualifying for state Medicaid benefits. You can also set up trusts to hold insurance policies, gifts to charities, and even trusts to protect your assets from your spouse if you think they will make poor decisions upon your death.

Survivorship Deed

Outside of a will or trust, a survivorship deed is an additional estate planning document that allows for the transfer of property between spouses without a will. In the case of spouses and co-owners, transfer upon death affidavit can be put in place to allow for the immediate transfer of property the beneficiary named upon the death of the property owner.  

Moseman Law Office, LLC – Estate Planning Attorney

Estate planning is not something you should tackle on your own. It is always best to work with an attorney who can make the best recommendations for your assets and circumstances. Moseman Law Office has been working the ins and outs of estate planning for years and is the perfect partner to navigate the entire probate process.

Moseman Law Office is located in Mentor, Ohio and serves in all northeast Ohio counties including Ashtabula County, Geauga County, and Lake County.