Legal Question in Wills and Trusts in Ohio
Trusts vs. Wills
What is the difference between trusts and wills? If one has a trust, can benefactor avoid probate court even if the estate involves property and financial matters with the bank?
Asked on 12/22/04, 3:44 pm
1 Answer from Attorneys
Frank Rozanc
Frank J. Rozanc, Esq.
Re: Trusts vs. Wills
Probate is necessary if the power of the court is needed to transfer the decedent's assets after death. This is usually necessary with most simple wills, and there are statutory time limits to be considered. With a trust, the court is not needed if the assets are part of the trust at death. However, the attorney's fees possible are similar, and most trusts will cost you a couple of grand to set up. Which arrangement is best depends on your individual goals and circumstances.
Answered on 12/25/04, 3:41 am
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