409 S. Prospect St., Ravenna, OH 44266     Mon – Fri: 9am–4pm     (330) 296–2811
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Estate Planning, Wills and Trusts

While this website provides general information, it does not constitute legal advice. To schedule a consultation with an attorney, please call or email us today.

Lou Bertrand and his Associates have represented and solved literally thousands of families' estate planning and wealth managment issues.

Attorney Lou Bertrand and Associates have also prepared thousands of wills, deeds, trusts and other documents to avoid the protracted and expensive probate court proceedings. To avoid the expense and frustrartion going through Probate Court and the delays encountered therein, contact Lou Bertrand and Associates to assist you in Estate Planning so you can have a smooth transition and transfer of your wealth to your family members and beneficiaries.

Attorney Lou Bertrand and Associates are also experienced in Guardianships. If guardianship is your only answer for those who cannot attend to their affairs and need the assistance of laywers, contact our office.

 

The difference between a living will and a trust

Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan.

One main difference between a will and a trust is that a will goes into effect only after you die, while a trust takes effect as soon as you create it. A will is a document that directs who will receive your property at your death and it appoints a legal representative to carry out your wishes. By contrast, a trust can be used to begin distributing property before death, at death, or afterwards. A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary." A trust usually has two types of beneficiaries -- one set that receives income from the trust during their lives and another set that receives whatever is left over after the first set of beneficiaries dies.

A will covers any property that is only in your name when you die. It does not cover property held in joint tenancy or in a trust. A trust, on the other hand, covers only property that has been transferred to the trust. In order for property to be included in a trust, it must be put in the name of the trust.

Another difference between a will and a trust is that a will passes through probate. That means a court oversees the administration of the will and ensures the will is valid and the property gets distributed the way the deceased wanted. A trust passes outside of probate, so a court does not need to oversee the process, which can save time and money. Unlike a will, which becomes part of the public record, a trust can remain private.

Wills and trusts each have their advantages and disadvantages. For example, a will allows you to name a guardian for children and to specify funeral arrangements, while a trust does not. On the other hand, a trust can be used to plan for disability or to provide savings on taxes. Your attorney can tell you how best to use a will and a trust in your estate plan.

Contact Our Office Now

Call our office at (330) 296-2811 or email us to arrange a consultation so we can start preparing a case for you.


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409 S. Prospect St., Ravenna, OH 44266

(330) 296-2811

Monday-Friday: 9:00am - 4:00pm
Saturday: Closed
Sunday: Closed

Lou Bertrand

While this website provides general information, it does not constitute legal advice. To schedule a consultation with an attorney, please call or email us today.

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