Winkler & Rovito, LLC

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A law firm focused on Probate and Estate Planning & Divorce and Family Law
(614) 461-5708

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Probate & Estate Planning
Family Law

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OFFICE LOCATION

Winkler & Rovito, LLC
Attorneys at Law
1007A South High Street
Columbus, OH 43206


Phone:
  (614) 461-5708
Fax:
  (614) 444-5188

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Winkler & Rovito, LLC - Ohio Trust Attorney

Trust:

A Trust is a contract which provides for a person or entity (the “Trustee”) to manage property for the benefit of another person (the “Beneficiary”) according to the terms and conditions set forth in the trust.

The person or persons creating the trust are called the “Grantors”. The Grantors appoint the “Trustee” and the “beneficiaries” in the trust itself. There are two types of trusts; a “living trust” and a “testamentary trust”. A living trust is created during one’s lifetime, whereas, a testamentary trust is created by one’s will when they pass away.

Living Trust:

A living trust takes effect immediately and you can transfer property to the trust during your lifetime. Since you may change your trust at any time (unless it is an irrevocable trust), it is similar to a will. You may prefer it to a will, however, because its terms do not become public at your death, and assets then owned by the trust avoid probate.

Testamentary Trust:

A testamentary trust is created by your will and becomes effective only when you pass away. A testamentary trust is subject to continuing supervision by the probate court. This means that annual filings with the probate court must disclose, as a public document, all assets in the trust. As a result, because of the probate court’s supervision, testamentary trusts can be more expensive to administer and more cumbersome to maintain.

A living trust can be revocable (can be changed and / or terminated during lifetime), or irrevocable (the trust cannot be changed or terminated after the creation and funding of the trust). However, a Probate Court case can be filed to address concerns with a trust.

Benefits to Using a Trust:

The benefits of a trust includes the management of assets during one’s lifetime, the avoidance of probate costs, delays and loss of privacy, and the elimination or minimization of estate taxes. However, since the terms and conditions of a revocable trust may be changed at any time (just like a will) a trust can be modified to changing life circumstances.

Additionally, a trust provides you the flexibility to encourage trust beneficiaries to act in accordance with your wishes. For example, a common trust provision involving minor children addresses paying for a beneficiary’s college expenses “so long as the beneficiary attends college before age twenty-five.” This provision is intended to incentivize young adult beneficiaries not to delay pursuing their college education. Also, a trust is an excellent way to protect a beneficiary from wasteful spending, such as a beneficiary that has a substance abuse history, or is not financially prudent.

Contact Winkler & Rovito, LLC to learn the many ways a trust can best serve your particular circumstances.

You do not hire a law firm; you hire us, experienced Columbus, Ohio Probate and Estate Planning & Divorce and Family Law lawyers you can count on to be there when you need us.

Experienced Columbus, Ohio Probate and Estate Planning & Divorce and Family Law, Lawyers


Meet with your lawyer when and where you can.

If you would like to speak with one of our attorneys regarding probate administration, estate planning, trusts, wills, power of attorney, living will, divorce, dissolution, child custody, child support, establishing parental rights, legal separation, spousal support, grandparent / companionship rights, stepparent adoptions and annulment of marriages, please e-mail or call (614) 461-5708 for a FREE initial telephone consultation.

Columbus, Ohio, Probate and Estate Planning & Family Law Lawyers
Dirken D. Winkler & Brandi R. Cassone


- serving clients in Central Ohio, including Delaware, Fairfield, Franklin, Licking, Madison, Pickaway, and Union counties and the cities of Bexley, Canal Winchester, Columbus, Dublin, Gahanna, Grandview Heights, Grove City, Groveport, Hilliard, New Albany, Pickerington, Reynoldsburg, Upper Arlington, Westerville, Whitehall, and Worthington. Give us a call at (614) 461-5708. We look forward to representing you.

Columbus, Ohio, Family Law Attorneys Winkler & Rovito, LLC

 
 
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