A will or trust in about an hour

As we’re settling into back-to-school routines, now is the perfect time to tackle big-picture things you may have been putting off, like getting a will or trust. 

I understand considering your own mortality isn’t a fun prospect, but if you’re an adult with assets, you should have a will in place to protect them and let your family know your final wishes. If you pass away without one, the courts oversee the distribution of your assets and appoint a guardian for your minor children.

The clients I work with come with unique circumstances, and, for some, a trust might be a better fit than a will.

Here are a few differences between the two:

• A will takes effect at time of death. A trust takes effect when it’s drafted.

• A will explains what you want to happen to your assets and names guardians of your children. A trust transfers ownership of your assets to a trustee you name who manages them on your behalf or for your beneficiaries.

Trusts can be helpful when there are special circumstances, such as special needs children, or adult children who may have difficulty managing money. They can also provide a centralized means of managing and distributing assets, especially when family dynamics or more complicated financial situations are involved.

If you already have a will or trust in place, it’s a good idea to update it every five years. A lot can change in terms of your assets or the people you’ve named as beneficiaries or guardians.

Once people draft their will or trust, they often tell me how surprisingly easy the process was—two half-hour meetings and it only costs a couple hundred dollars. That’s not a big investment for priceless peace of mind for you and your family.

Margaret T. Karl, Attorney at Law is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Call 440-782-5051 or visit OlmstedOhioLaw.com for more information. Sign up for her monthly newsletter online.