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

What are the most important benefits of trusts?

You want to build an estate plan that helps you protect your assets and your heirs. You have been planning for some time, but one thing you haven't yet created is a trust. Is it worth it?

There are many benefits that trusts provide. Among them is the fact that many are flexible and that there are trusts for almost any situation.

Some of the benefits that you should know about include:

  • Being able to place conditions on how your assets are distributed following your death
  • Being able to protect your assets against lawsuits and creditors
  • Being able to avoid probate court
  • Reducing gift taxes
  • Reducing estate taxes

Did you know that going through probate can cost as much as 7% of your estate? To protect your assets, a trust can be used to distribute your assets instead. Without a trust or will, the distribution of your assets may be delayed and can cost more than if you'd put these protections in place.

When you establish a trust, you can choose a successor trustee for it. That person manages the trust following your death and is also able to manage it if you are unable to take care of it yourself.

Of the kinds of trusts you can choose, irrevocable are often seen to have the most benefits. They are the most protective of your assets and totally take items out of your possession. This is something to consider if you want to protect your assets and guarantee that your trust's assets won't still need to go through probate due to remaining in your name.

No Comments

Leave a comment
Comment Information

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

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • Golden opportunities

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information

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.


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
Crowne Centre
5005 Rockside Road, Suite 600
Independence, OH 44131

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

Westlake Office
PS Executive Centers
1991 Crocker Road
Suite 600
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

Review Us