Governed by the Ohio Trust Code (ORC Chapter 5801), a trust is a legal relationship whereby a third party entity (trustee) holds property or assets on behalf of another person (beneficiary). There are many different types of trusts and they can be highly effective estate planning vehicles. In this article, our Ohio estate planning lawyer highlights the potential advantages of setting up a trust.
Four Potential Benefits of Setting Up a Trust in Ohio
It is a common misconception that trusts are only useful for extremely wealthy families. The reality is that trusts are the best estate planning tool in a number of different circumstances. Here are four of the key estate planning benefits offered by trusts:
1. Trusts Avoid Probate: Property and assets held within a trust can pass to beneficiaries outside of the Ohio probate process. As probate can be long and frustrating, a properly structured trust can save a lot of time.
2. Trusts Allow for Privacy: Probate is a public process. In contrast, trusts are private. With a trust you can keep confidentiality over the specific terms. Trusts allow people and families to better maintain their personal privacy.
3. Trusts Can Achieve a Specific Purpose: Trusts can be designed to achieve a specific purpose. You may want to use a trust to limit tax liability, provide for a charitable purpose, leave money to a special needs loved one, or protect your life savings from future long term care costs. An experienced Ohio attorney can help you identify the right type of trust.
4. Trusts are Flexible: A fourth key advantage of trusts is that they are fundamentally flexible estate planning tools. With many types of trusts in Ohio, the grantor (trust creator) can retain control over the property and assets placed within it.
An Estate Plan Must Customized to Meet Your Needs and Objectives
While trusts can certainly be an efficient and effective estate planning tool, they are not the right option for every situation. Your estate plan should always be fully customized to meet the unique needs of your and your loved ones. An experienced Ohio estate planning lawyer can help you determine what type of trust (if any) is the best way to achieve your goals.
Call Our Ohio Estate Planning Attorney for Immediate Help
At Kryszak Law Firm, Co., LPA, our Ohio estate planning lawyers have deep experience helping clients set up trusts. If you want to know if a trust is the right option for your situation, we are here to help. Call us now or connect with us online for your fully private consultation. With offices in Sheffield Village and Grafton, we provide estate planning services throughout Northeast Ohio.