Do you need a will, or a trust?

By Patricia Nugent

With the recent pandemic surge and reports of rising hospitalizations and mortality rates, estate planning is at the forefront of people’s minds.

With the complex types of legal documentation involved, it’s tricky to know which fits your individual circumstances—a will or a trust.

Elder law Attorney Margaret T. Karl offers some insight.

“People often think they need a will, when in reality they need a trust,” she says. “And often there’s the misconception that you only need a trust if you have a great deal of money. That’s not true. I tell clients the need for a trust instead of a will is more situational than monetary. Maybe they have a child with special needs or spending issues, in which case they would need to restrict distribution of assets.”

Another case would be if someone has out-of-state assets and would like to streamline them by setting up a trust.

“The bottom line is there are often conditions with a person’s family situation or financial situation that affect the decision of going with a will or trust,” she says. “It’s common for people to make an appointment with me to draft a will, then once we sit down and go over the details, we find out they actually would be better served by a trust.”

Another legal document that she says people are asking about in light of the pandemic is a healthcare power of attorney.

“Parents are realizing now that when they send their kids off to college and they are over 18, if they don’t have a POA, they have no legal authority over their healthcare decisions,” she adds.

Margaret T. Karl, attorney at law, is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Office hours are Monday-Friday, 9 a.m.-5 p.m. Call 440-782-5051 or visit OlmstedOhioLaw.com.