Revocable Trusts Are Usually Created To Do A Couple Different Things:
1 – They create more privacy than you will have in probate
2 – They can avoid probate and can help simplify and streamline the process of transferring assets, particularly if you have a complicated estate or things that are outside of Ohio. They can avoid ancillary probates in every State that you hold an asset in, and they can help create a very easy management system for a trustee if you become incapacitated.
So it will kind of almost double a power of attorney because you will have a Trustee, and your assets will be in the Trust.
If you become incapacitated, there will be provisions in the Trust as well that will specify how you want things handled and by whom.
Revocable Trust V. A Will
A Revocable Trust Will Give You The Ability To Have A Little More Control Over Your Assets After You Pass Away Than You Would Have With A Will. So It’s Not Only Going To Avoid Probate, But It Can Have Some Provisions Setting Up Additional Trusts For Family Members. So, You Can Do More Than You Would If You Only Have A Will.
For example, you can live a certain amount of money to one of your children and, if they get divorced, the money in the Trust will not be shared with the marital assets. Creditors cannot come after that money. You might direct how the money should be spent, in monthly allowances, or at a certain age.
In Case Of Divorce
In a divorce in Ohio, a spouse doesn’t have the right to your inherited property if it’s yours or your separate property. It is, however, very, very easy to comingle assets when you live with your partner, and, once you start comingling, it gets more complicated to prove that those are separate assets.
If it’s held in a trust, it will be very simple. Your partner will not be able to touch it, and creditors can’t get either. So, you can create creditor protections for children and grandchildren that you could not create very easily for yourself.
A Trust will also allow you to determine who will handle the money or possessions you want to give to your children, should you pass, and not want your ex-spouse to make such decisions on your behalf.
The Flexibility Of A Revocable Trust
In a Revocable Trust, you can move things in and out of the Trust, the Trust can go away at any time, you can dissolve the Trust, you can change the Trust, you can put assets in, you can take assets out. Still, you’re not going to have any creditor protection because if you can reach into the Trust, so can anybody else.
When you die, that Trust will become irrevocable. This is not going to be a Revocable Trust because you were the one to create it, and you can no longer modify it.
Tax Issues With A Revocable Trust In Ohio
Our Estate Planning lawyer can help you gain peace of mind by securing these issues. Consulting with an experienced estate planning lawyer is essential. It will ensure that your final wishes regarding your property, your loved ones, and your healthcare options are carried out.
Not all lawyers are created equal. In difficult times, it is vital to select a lawyer who can relate to your situation in a very professional and sensible way.
Our Estate Planning attorney has the experience you need to address all your questions regarding wills trusts and probate, including estate administration. He is a knowledgeable and compassionate lawyer.
We are located 5 minutes from the Portage County courthouse in Ravenna, OH. Our law firm was created in 2000, and our lawyers have been servicing the Portage County community ever since.
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