Legal Question in Wills and Trusts in Ohio
Assets in revocable trust
My son's father drew up a will and revocable trust 2 years prior to his death--The revocable trust was funded with deceased's stock portfolio--there are 3 beneficiares to the trust with my son being primary one and yearly stipens were to be distibuted to all 3 untill my seen reached age of 40--then at that my son would recieve any remaining $$$ in the trust in full---The question I'm trying to have answered is this--Can the funds in this trust be used to pay any estate costs--Now, at this point from what I've read the trust is owned by the trustee so therefore, how can the funds in this trust be used to pay any estate costs of the deceased?
1 Answer from Attorneys
Re: Assets in revocable trust
Because the trust was revocable at the time of death, it is the same as if the man own the trust property outside of the trust. He could terminate the trust at any time, and use the property as he wished. Since the trust property was an asset under his control, it is considered a part of his estate, and available to satisfy his debts. Had the trust been irrevocable the opposite would be true.