Winkler & Rovito,
LLC - Ohio Trust Attorney
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.
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.
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.
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