In this estate planning article provided by Dawes Legal, LLC answers a few commonly asked questions about Ohio living trusts. If you or a member of your family have any questions about living trusts after reading this article, contact us at (614) 733-9999.
What is a living trust?
Trusts are legal instruments that constitute a right to a specific property. Living trusts are sometimes referred to as “revocable living trusts” in Ohio. The person or entity that creates the trust for the benefit of another (the “beneficiary”) is called the “trustor.” The person who manages the trust is called the trustee. In Ohio, a living trust typically permits the trustor to act as the trustee until the trustor passes away.
Why do people with real property need a living trust in Ohio?
One of the principal reasons people have an attorney set up a living trust is privacy protection. In the State of Ohio, a will becomes a matter of public record once the will is submitted to probate. However, trusts and the subsequent legal proceedings remain private. People also create living trusts to maintain more comprehensive control over their property, including in their estate while they are alive. Upon the trustor’s passing, the successor trustee will have greater discretion in the distribution of the decedent’s assets rather than proceeding under the jurisdiction of probate court.
In addition, living trusts reduce the expenses that are typically associated with probate, including probate costs, appraisals, and court fees. Moreover, living trusts help to make the distribution of assets faster. When the trustor’s passed, the successor trustee can start distributing the assets to beneficiaries, per the wishes of the decedent, instead of waiting for the probate court date and subsequent process to be performed.
How is a living trust different from a living will in Ohio?
In Ohio, a living will is very different from a living trust. First, living wills are included in an Ohio advance directive. Living wills and living trusts are important parts of an Ohio end-of-life plan; living wills permit people to make advance decisions concerning their medical care should they become incapacitated or are unable to make their own health care decisions.
Should I have a living trust instead of a will?
The choice regarding which estate planning instruments you need will depend upon your specific needs and the desires that you have for your estate plan. Typically, a living trust takes the place of a will and provides many different advantages over a will. A will allow you to name an executor who will allocate your desired arrangements for any underage children or pets. This is one thing that you cannot do through a trust. If you are wondering which estate plans are proper for you and your family, consult our experienced Ohio estate plan attorney.
If you would like to create a living trust or will or amend your existing estate plans, contact Dawes Legal, LLC, today for a consultation. Our estate planning law firm will help you decide what instruments you need to most effectively carry out your wishes. You can reach our office today by calling (614) 733-9999.