Legal Question in Wills and Trusts in Ohio
My question is if you have a living trust and the company you signed up with went out of business, is the trust still valid even though the lawyers name (or firm) is listed as the trustee. It is a revocalable type trust and it says ABC trust don't count (can't think of another word to use there) because the there is only one spouse living. And if you will allow me another quick question, is it still 1,000,000.00 or less for an estate goes thru probate. Thank you Ron Price
1 Answer from Attorneys
The trust document should have some mechanism that names a successor trustee if the trustee is no longer able to serve. I would suggest that you have an attorney review the trust and determine how a successor trustee may be named.
Whether an estate has to go through probate depends on the way assets are owned not the amount of assets that an individual owned. If an individual owns assets in his or her own name (not in trust, not joint or not governed by a beneficiary designation) then those assets must go through probate. For example if you have a bank account just in your name it will need to be probated. If the bank account designates someone as payable on death it will not be probated.
I would suggest that you consult with an experienced estate planning attorney who can review your trust and help you determine how to own your assets to accomplish your goals.
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