Ohio Trust Attorney
Legal Services, LLC
A Trust is a contract which provides for a person or entity (the “Trustee”)
to manage property for the benefit of another person (the “Beneficiary”)
according to the terms and conditions set forth in the trust.
The person (or
persons) creating the trust is called the “Grantor”.
The Grantor appoints the “Trustee” and designates the “beneficiaries” of
the trust. Often, the Grantor is also the beneficiary of the trust during her
lifetime. There are two types of trusts; a “living trust” and a “testamentary
trust”. A living trust is created during one’s lifetime, whereas,
a testamentary trust is created by a will when a person dies.
A living trust can be “revocable” or “irrevocable”.
A revocable trust can be changed, modified, amended and terminated
at any time while the Grantor is living. An irrevocable trust cannot
be changed once it is established.
Trusts: The Grantor maintains complete control over the assets
and trust during his or her lifetime. Although, assets are transferred
to a revocable trust all taxes and income generated by the trust
flow-through to the Grantor directly. A revocable trust is very
flexible and useful in planning the disbursement of one’s
Trusts: The Grantor has very little control over changing the terms
and conditions of the trust and is unable to remove assets from
the irrevocable trust. Irrevocable trusts are less common than
revocable trusts; however, there are tax advantages and asset protection
uses with an irrevocable trust.
Regardless of whether you have a living revocable or irrevocable
trust, it is necessary to fund your living trust with assets while
you are living. That way, upon your passing the trust holds all
of your assets thereby decreasing or eliminating the assets that
must be marshalled through the probate court process. It comes
down to organizing and arranging your affairs in such a way that
allows your loved ones the time and space to grieve by reducing
the stress of having to gather all of your assets when you pass.
A testamentary trust is created by your will and it comes into
existence only when you pass away. Testamentary trusts are irrevocable
and are subject to the continuing jurisdiction of the Probate Court.
Because of the Probate Court has continuing jurisdiction the trust’s
terms and conditions, and administration are open to the public.
Furthermore, the trust is subject to various filing requirements
with the probate court. As a result, testamentary trusts are usually
more expensive to administer than living trusts and are subject
to a variety of Probate Court filing requirements. However, a testamentary
trust is prefer supervision of your trust by the Probate Court.
Benefits to Using a Revocable Living Trust:
The benefits of a trust includes the ease of administering assets
at death; the avoidance of probate costs, avoidance of delays and
loss of privacy; the elimination or minimization of estate taxes;
the flexibility to modify trust terms and conditions during grantor’s
lifetime; and the ability to distribute assets to beneficiaries
according to the grantor’s wishes.
A trust is an excellent way to leave assets to control the distribution
of assets to minor or disabled beneficiaries, or beneficiaries
with substance abuse history or debt issues. Also, trusts are invaluable
for those who want to provide for a current spouse, while preserving
assets for children from a prior marriage. Because a trust can
be tailored to address a variety of life circumstances, contingency
planning for changing family relationships is achievable. The terms
of a revocable trust can be amended when needed during the grantor’s
Should you have any questions regarding whether a trust is right
for you, please do not hesitate to contact Winkler Legal Services,
LLC to learn the many ways a trust can best serve your particular
You do not hire a law firm; you hire
me, an experienced Columbus, Ohio Probate and Estate Planning & Divorce
and Family Law lawyer you can count on to be there when you
An experienced Columbus, Ohio Probate and Estate Planning & Divorce
and Family Law, Lawyer
Meet with your
lawyer when and where you can.
If you would like to speak with me regarding probate administration,
estate planning, trusts, wills, power of attorney, living will,
divorce, dissolution, child custody, child support, establishing
parental rights, legal separation, spousal support, grandparent
/ companionship rights, stepparent adoptions and annulment of marriages, please e-mail or
call (614) 461-5708 for a FREE initial telephone consultation.
Ohio, Probate and Estate Planning & Family Law Lawyer
Dirken D. Winkler
- serving clients in Central Ohio, including Delaware, Fairfield, Franklin,
Licking, Madison, Pickaway, and Union counties and the cities of Bexley,
Canal Winchester, Columbus, Dublin, Gahanna, Grandview Heights, Grove
City, Groveport, Hilliard, New Albany, Pickerington, Reynoldsburg, Upper
Arlington, Westerville, Whitehall, and Worthington. Give me a call at
(614) 461-5708. I look forward to representing you.
Columbus, Ohio, Family Law Attorney Winkler Legal Services, LLC
/ Page updated
Thursday, September 1, 2016