Legal Question in Wills and Trusts in Ohio

wills vs revocable living trusts

Widowed retired mother and only child daughter, never married, live together and share equally. residence,checking/savings, all monetary accounts, except IRA's are in both names. (Each is the other's beneficiaary in IRA's/stocks.) Does mother have to get a trust since everything except IRA's/stocks are in both names? The IRA'S/stocks are given to daughter in mother's will.There may not be enough time to get everything in trust's name. If a trust is needed, Can it be ''The Cartwright Family Trust?''There are not any other relatives.


Asked on 8/02/07, 5:01 pm

2 Answers from Attorneys
David Davies Law Office of David H. Davies

Re: wills vs revocable living trusts

Mom will not benefit by a trust. most likely the cost of preparing a trust will be as much or more than the cost of having the stock transferred in her estate. I will be happy to discuss this in more detail if you want to call but based on what you have stated, you should be in good shape without a trust.

Good Luck

DHD

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Answered on 8/06/07, 10:33 pm
Nancy Fioritto Patete Nancy Fioritto Patete, Esq.

Re: wills vs revocable living trusts

It appears as though all assets are jointly owned except the stocks and IRAs. It may be better to let the stocks be probated and not transferred through a trust, because heirs to stocks do not have to pay the capital gains taxes on the value of the stock at the time of initial purchase.

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Answered on 8/04/07, 9:21 pm


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