Legal Question in Wills and Trusts in Ohio
In the state of Ohio, can a married couple have one irrevocable trust between them, or must they each have their own trust?
Asked on 2/08/11, 8:37 am
2 Answers from Attorneys
Nancy Fioritto Patete
Nancy Fioritto Patete, Esq.
Great question. A single trust document can include inside of it two irrevocable trusts, one for each spouse. Let me know if I can assist.
Answered on 2/08/11, 8:48 am
Elizabeth Schmitz
Elizabeth S. Schmitz Attorney at Law
A married couple can have a joint trust or can have separate trust. It depends on the facts of the situation and what you want to accomplish.
An irrevocable trust is a trust that cannot be changed or modified once signed. A revocable trust which is more common can be changed until the person setting up the trust passes away.
Answered on 2/08/11, 9:06 am