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August 2016 Archives

Benefits of an irrevocable trust

Trusts are a legal arrangement that allow a person to provide for a beneficiary. Ohio residents might wish to know some of the reasons one might establish an irrevocable trust as this type of trust is permanent, and a grantor cannot remove assets from it or in most cases make any changes to the document.

Trusts are legally enforceable documents

Many Ohio residents find it beneficial to place their assets in a trust and appoint a trusted friend or relative to act as the trustee. However, after the settlor dies, problems may arise. In some cases, the beneficiaries may want more information from the trustee regarding the assets but may be frustrated if the trustee does not wish to communicate with them. As a result, the parties might mistrust each other.

Artists may have specific estate planning needs

While it is a good idea for everyone to have an updated will, artists often have special estate planning needs. In addition to concerns about distribution of assets, life insurance and end-of-life decision-making, musicians, artists and writers are often concerned about the management of their body of work after they die. Because of this, it is important that Ohio residents who are in creative occupations get competent legal advice when writing a will.

Estate planning at the end of life

People in Ohio who are aware that they are approaching the end of their life may want to get their estate plans in order. If an estate plan is not completed before a person's death, the person's heirs may have to pay higher taxes, spend more time in probate court or end up losing their expected inheritance altogether.

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