|
|
Last Modified on Mar 15, 2026
When a person decides to start their estate plan, it can be difficult to understand the various legal documents involved. Knowing what is different between a living trust vs a will can help you determine which documents to include in your estate planning process. Be sure to hire a Cincinnati trust lawyer to help explain which Ohio laws apply to your unique life.
Work With a Local Law Firm Today
Scott Hoberg of Hoberg Law, LLC, has spent over 15 years assisting Ohio residents in their estate drafting process. He uses his years of professional experience to listen to the situations of new clients and their concerns, drafting a custom legal strategy that meets their every need. He puts empathy at the forefront when taking on estate planning cases, passing no judgment on new clients.
What Is an Estate Plan?
An estate plan is a compilation of legal documents that helps protect an individual’s assets and healthcare wishes. Depending on the extent of your assets, your income, and your familial situation, you may or may not require certain documents.
In 2024, the average household income for Ohio residents was $71,389. The average home value was $214,800. If you don’t properly plan your estate, these assets will be distributed according to state law upon your death, which will most likely go against your personal wishes.
Will Laws in Ohio
The average age of residents in Ohio was 39.8 years old in 2024. These residents typically have extensive assets, such as homes, that need to be protected for family members and children once they pass away. An essential way to protect your assets is by creating a will.
A will outlines how you want your property to be distributed when you die. This can include:
- Bank accounts and cash
- Real estate, including rental properties
- Collectibles, including artwork and jewelry
- Pets
- Personal belongings
Regardless of how you draft your will, assets named in the will have to go through the probate process once you pass away. This process includes gathering your assets, using them to pay any remaining debt or taxes, and moving the leftover assets to the heirs named in your will.
In Ohio, a living trust is often created to avoid the probate process.
Ohio Living Trust Laws
You can place certain assets into a trust, which will automatically transfer to the named beneficiary once you pass away, avoiding probate entirely. This can help your loved ones save time, money, and stress.
Two main types can be created:
- Revocable living trust. A revocable living trust can be amended and/or canceled during your lifetime at your request.
- Irrevocable living trust. This type cannot be edited or canceled once created. This may not sound ideal, but it is often chosen to help individuals qualify for Medicaid, as you legally forfeit ownership of assets placed into the trust, and they don’t count as a part of your income.
A living trust and a will can be paired together to help strengthen your estate plan.
Hire a Trust Lawyer to Draft Your Estate Plan
When dealing with the complexities of estate planning, you need experienced counsel to offer straightforward legal advice. Contact Hoberg Law, LLC, today to schedule a confidential case evaluation with Scott Hoberg, a trusted Cincinnati estate planning attorney. Our goal is to help you understand your legal rights and options under Ohio law.
