Legal Question in Wills and Trusts in Ohio

Re: will o rliving trust?

Without knowing more about your particular circumstances I cannot give you a definitive answer, however, I can tell you that you do not necessarily need a living trust. Living trust are excellent devices when used properly, however, they are othen "sold" to people who do not need them.

The concern you should have is what would happen to your assets should you and your husband die at the sametime or in close sucession. What happens to your assets? It is not good planning for the child to own them without some type of supervision such as a trust. Especially if your child were a teenager at time of you and your husband's death. Envision a teenager with a couple hundred thousand dollars.

But do you need a living trust? No. A properly drafted Will can create a trust, to protect the best interest of your child, taking in consideration various factors that exist at the time of death, which can be speculated about now, but can not be fully known until death.

Another consideration with a living trust is the cost and time of "funding" the trust, that is transfering your property to the trust. The transfer fees for redeeding and retitling your property in the name of the trust can be expensive in both time and money.

A more important matter for your consideration is the life insurance policy your husband owns. Several questions arise. First, how is the policy owned or who owns the policy? Second, I question if the amount of the policy is enough considering the value of your home. Third, is there a policy covering your life. If you were to die, your husband would face significant cost for child care that I assume you now provide, or he would suffer the loss of income you produce if you are working.

I suggest that you discuss your particular situation with another attorney prior to pursuing the living trust option. Feel free to contact me for a free consultation.

David G. Weilbacher

[email protected]

216.241.2294