Do I have to be Wealthy to Need a Trust?

There is a common misconception that only the wealthy need a Trust. However, Trusts can be used for a variety of reasons. Trusts are used:

  • To avoid probate. This can be an important issue regardless of the size of your estate.
  • To hold assets for a minor child or a spendthrift child.
  • To keep assets in the family instead of those assets inadvertently passing to the in-laws.
  • Holding assets for a disabled child/beneficiary.
  • Managing funds if you become incompetent.
  • Reducing Ohio Estate Taxes.