Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

How to use a living trust to the fullest

Ohio residents and others may make use of a living trust as part of an estate plan. A living trust allows individuals and married couples to retain control of assets while keeping them outside of an estate. By keeping assets outside of an estate, it allows that property to avoid probate. Instead, a successor trustee will assume management of the trust in accordance with how it is written.

Successor trustees may also oversee a trust if an individual becomes incapacitated. Finally, a living trust may be advantageous because its terms are not a matter of public record. However, for the trust to be effective, it must be given ownership of assets. This means that the deed to a home may need to be changed or that the title of a vehicle or other assets will need to be updated.

If the trust is not the owner of an asset, it has no control over that asset. This means that it won't avoid probate or be distributed in accordance with the trust's terms. Another consequence is that your successor trustee cannot take action if necessary. Even if a trust is properly funded, it is important to find a successor trustee as soon as possible. This may allow that person to better understand a person's wishes and how to carry them out.

Those who are looking to avoid probate and preserve their privacy may wish to create a trust. An attorney may be able to help a person create a trust or review one that has already been created. Regularly reviewing a trust after it has been created may help to ensure that it has been properly funded. Otherwise, the trust's terms may be considered invalid, which may make it harder for a person's wishes to be met.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

EMAIL US FOR A RESPONSE

We are here to help. Contact our attorneys today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
159 Crocker Park Boulevard
4th Floor
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions