The Possible Need To Have More Than One Type Of Trusts In Ohio
In this article, you will learn:
- Important information about Ohio trusts
- How trusts can benefit an estate plan
- Why hiring an attorney is wise when planning a trust
You can have more than one trusts, and there are different types of trusts in Ohio. Should you have more than one? That depends upon the asset and what you’re trying to protect. So, when we set up trust, we’re trying to protect assets, which means getting information from the individual because every situation is unique.
Losing Control Of Assets Putting Them Into A Trust
There are different types of trusts. There are some trusts where you deed over your assets and you lose control of them. Usually those are asset protection trusts, or a trust that we set up to avoid any kind of Medicaid liens. Those, you do lose control over. But in many of our trusts that we can do, the person doesn’t lose control over their assets, and they can be the grantor and the trustee at the same time, while remaining revocable and it can be modifiable.
Changing The Terms Of A Trust
Changing the terms of a trust depends on what type of trust you have, but there are trusts like a revocable trust, you can. You also can in living trusts. So, there are certain trusts where you can change the terms at any time.
How Trusts Can Protect Assets From Creditors
We have set a couple of trusts at my office where we protected an individual from any Medicaid liens against the real estate. So there can be a trust set up to protect from creditors, yes.
How To Know If A Will Is Enough If A Trust Is Needed
Whether a will or trust alone is enough all depends upon what type of assets the individual has. Some clients have multiple houses, some don’t have a house at all. So, this really depends upon the client’s needs and what they have and where they want their assets to go. Do they have multiple houses going to multiple people or do they just write an apartment and just need a simple will on how their personal property is going to be divided? Next, is a will just as good as a trust? That’s a hard question to answer because a will can be very simple for an individual who has something very simple and a trust is more complex. Usually, clients that have multiple assets need trusts. And sometimes, it can get a little tricky because the trust can be complex.
How Trusts Can Avoid Probate In Ohio
If there’s a contested trust or a contested pour over will, that will go to probate court. We can’t stop clients or individuals from taking someone to court when there’s a contested matter. If it’s uncontested, the idea is that the trust keeps the client’s assets private, so they’re not publicly put out there for the court system. You can’t always avoid courts, but if you draft the proper trust paperwork, we do the best that we can to help avoid probate court or any kind of court matters. But the trust does help try to keep it out of the court system or probate court.
What Happens To The Trust Once Someone Passes Away
When the grantor creates the trust and they pass away, we name trustees in the trust and then we can name the successor trustees. If anyone can’t do it, then we look to see if there’s a third backup successor trustee. So, the successor trustee steps into the trustee’s shoes, and they act as the trustee, and it might go back to the terms of the trust. “Does this trustee have authority to transfer assets or not?” We need to look at the terms of the will to see who’s next in line to be the trustee of the trust?
How Long The Administration Of A Trust Generally Takes In Ohio
If it’s uncontested, the process shouldn’t take long at all. If we have to probate the pour-over will to get assets transferred into the trust, it shouldn’t take as long. It should be expedited. If there is no pour over will, it might take longer. In trust administration, the court does not administer assets out of the trust. The trustee does. Now, if it is a contested trust, then that would go through the court and then maybe the court might step in and make some court orders and decisions, but if the trust is drafted properly and it’s uncontested, it’s the trustee’s responsibility to administer the trust assets.
Creating A Trust Without The Help Of An Attorney
Individuals can go to any website and draft their documents, but that paperwork that’s online is not custom-tailored to the clients. Clients think that it is, but it is not. I’ve seen hundreds if not thousands of forms that clients have applied for. It is the worst paperwork I’ve ever seen because it’s not custom-tailored to the area or the states, even though the website states that it is. When you hire an attorney, we know what works and what doesn’t work. We are familiar with the courts, we know the pitfalls of the paperwork that you get online, we know how to set up the proper trust, the proper witnesses, what needs to be in it and what doesn’t need to be in it. But the paper that you get online is very broiler-plate, and I don’t care what the website says, it is not specific to the state where you reside.
For more information on Trust Law In Ohio, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (330) 222-3898 today.