Legal Question in Wills and Trusts in Ohio

It really depends on what you are trying to acheive and what type of trust is involved.

There are many benefits to a trust.

Protection for Heirs

oYou want to leave your estate to your heirs in a way that is not directly and immediately payable to them upon your death - for example, you want to stipulate that they receive their inheritance in three parts, or upon certain conditions being met, such as graduating from college;

oProtecting their distributions from creditors or potential divorce.

oTrusts can also be used to protect assets from disqualifying a beneficiary from qualification for Medicaid or other government programs.

�Ensure Property Passes According to Your Wishes

oYou want to support a surviving spouse, but also want to ensure that the principal or remainder of your estate goes to your chosen heirs (e.g., your children from a first marriage) after your spouse dies;

�Estate Tax Planning

oIf you want to minimze your federal and ohio estate tax exemptions a trust can be used to accomplish this result.

�Incapacity Planning.

oYou want to prepare for management of your property in the event you are not able to manage your own financial affairs.

oThe trust would be an alternative to a probate court guardianship. If you are unable to handle your own affairs the Trustee you have named could step in and handle your financial affairs.

�Out of State Real Estate

oPlacing out of state real estate in a trust allows you to avoid probate in that state.

�Avoid Probate

oAny assets in a trust will avoid probate proceedings.

oThe trustees would have immediate access to the trust assets after the death of the Grantor.

oSince probate is a public record many people prefer the privacy that a trust can provide.

�Avoid Litigation

oIt is much harder to contest the provision of a trust than the provisions of a will.

You should consult with an attorney who can help you decide if a trust is right for your situation.