Information About Trusts in Ohio
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Explanation of Living Trusts in Ohio
A Living Trust is a document that a person signs during their life that provides for the disposition of their assets at the time of their death, and generally after the death of a spouse as well, to their children or grandchildren, outside of the Probate process. The Grantor is generally the Trustee at the outset, and subsequent Successor Trustees are the surviving spouse and/or children of the decedent / Grantor, whom they so designate in their Trust documents. This is an excellent way to avoid Probate and to avoid claims of creditors at the time of a person’s death. This is also an excellent way to provide for an irrevocable distribution to children of the decedent from a prior marriage whom they want to ensure are not left out of the rewriting of estate planning documents after the time of their death, to children who are not children of their spouse but of a prior marriage. If all assets are transferred to the surviving spouse following a person’s death, that spouse could rewrite their estate planning documents to exclude the children of a prior marriage who are not their children. This is an unfortunate and often unintended event, and Trusts are an excellent way to avoid that.
Trusts are an excellent way to delay the distribution of sizable assets to children at the age of eighteen (18) when a Guardianship would conclude. A Guardianship ends at age eighteen (18). Thus, if there is no Trust in place, assets are released at age eighteen (18). This could include million-dollar life insurance assets, and other assets that would often derail the young person’s life as they are likely inexperienced and incapable of managing such sizable assets at such a tender age. A Trust is a means of delaying distribution to an individual until age twenty-five (25) or thirty-five (35), allowing them to receive small amounts over an extended period of time so that they can learn to manage the assets responsibly. This is an excellent way to manage assets and delay distribution but still provide for everything needed for their care, including unlimited expenses for education or living expenses.