Why Every Adult Needs a Will and Trust: Protecting Your Family's Future

Many people believe estate planning is something only the wealthy need to worry about. In reality, if you own anything of value — a home, a car, a bank account, a retirement fund — or if you have children, you need an estate plan. Without one, the state of Ohio will decide what happens to your assets and, potentially, who raises your children. That's a risk no family should take.

What Is a Will?

A will (formally called a "last will and testament") is a legal document that specifies how you want your assets distributed after your death. It also allows you to name a guardian for minor children — arguably the most important decision any parent can make. Without a will, Ohio's intestate succession laws determine who inherits your estate, which may not align with your wishes.

A will must go through probate — a court-supervised process that validates the will and oversees the distribution of assets. Probate can be time-consuming (often 6–12 months) and costly, and it becomes a matter of public record.

What Is a Trust?

A trust is a legal arrangement in which you (the grantor) transfer ownership of assets to a trustee, who manages them for the benefit of your beneficiaries. The most common type for estate planning is a revocable living trust, which you can modify or revoke during your lifetime.

The key advantage of a trust over a will is that assets held in a trust avoid probate entirely. This means faster distribution to your beneficiaries, lower costs, and complete privacy. Trusts also offer more control — you can specify exactly when and how beneficiaries receive their inheritance (for example, at age 25, or only for educational expenses).

Will vs. Trust: Which Do You Need?

For most people, the answer is both. A will handles assets that aren't in your trust (including naming a guardian for children), while a trust handles the bulk of your estate and avoids probate. An estate planning attorney can help you determine the right structure for your specific situation.

Other Essential Estate Planning Documents

A comprehensive estate plan typically includes more than just a will and trust:

• Durable Power of Attorney: Designates someone to manage your financial affairs if you become incapacitated.
• Healthcare Power of Attorney: Designates someone to make medical decisions on your behalf.
• Living Will (Advance Directive): Specifies your wishes regarding end-of-life medical treatment.
• Beneficiary Designations: Ensure your retirement accounts and life insurance policies have up-to-date beneficiaries — these assets pass outside of probate and override your will.

The Life Insurance Connection

Life insurance is a cornerstone of any estate plan. It provides immediate liquidity to your beneficiaries — often before the estate is settled — to cover funeral expenses, pay off debts, replace lost income, and fund trusts for minor children. At Ameson Insurance Group, we work alongside estate planning attorneys to ensure your life insurance coverage aligns with your overall estate plan. If you don't have a current estate plan, we strongly encourage you to connect with a qualified estate planning attorney. And if you need life insurance coverage to support that plan, our team is ready to help.