Legal Question in Wills and Trusts in Ohio

.My father passed away almost 3 years ago. Having a living will, I am trusstee and inhereted everything including 10 acre farm and nice home. This is still in the trust after 3 years. Should I leave it this way or get it put in my name? I am disabled on social security and living here by myself. Also there is an unpaid credit card bill of 20K. I have no money to pay it. What can they do?

Thanks!


Asked on 9/08/10, 6:33 am

1 Answer from Attorneys
Elizabeth Schmitz Elizabeth S. Schmitz Attorney at Law

You should have an attorney review the trust to see if it provides creditor protection. Some trust contain a provision that assets from the trust cannot be attached by creditors. If this trust contains that language then you should consider leaving the assets in the trust.

An attorney should also review the trust to see if you are allowed to distribute assets to yourself or if they need to be retained in trust for a future beneficiary.

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Answered on 9/13/10, 6:59 am


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