Practice Areas | Estate Planning Attorney in Toledo

A trust is property that is real, tangible or intangible which is handled by one person to benefit another person. The person who holds the trust is called the trustee and the person who the trust is for is the beneficiary. Sometimes trusts are set up because a person knows that they will no longer be able to manage their own finances or property down the road. The person then entrusts a friend or a family member to handle things for them until they are able to do so on. For example, an ill parent may make one of their children the trustee of their bank accounts. The trustee then has the responsibility of handling the bank account and doing so for the benefit of their ill parent.

An estate is composed of a person's net worth including all assets and interests that they own. When a person passes on, often times their estate is distributed according to their will. If the deceased leaves no will, the probate court will distribute the estate based upon state laws.

It is vital to have a will drawn if you want to ensure that your heirs will receive what you want them to receive. Often times the distribution of life insurance policies, funeral arrangement specifications and asset distributions are the most common parts of a will.

Groth & Associates will take the time that you need in setting up a trust, drawing up your will or handling all of your estate matters. If you are looking for an estate planning attorney in Toledo, call Groth & Associates.