Martin Folino - Your Living Trusts Attorneys - Dayton Ohio

Understanding the need for a living trust starts with knowing what questions to ask. These are some of the common concerns about living trusts. Every case is different so please feel free to call our office and discuss your specific concerns about setting up a living trust or even deciding if you need one. We handle many cases from drafting of wills, probate matters, and helping those that need to do so set up a living trust.

 

What You Should Know About Living Trusts

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Understanding Probate and the use of Living Trust

in Living Trusts Probate

When an Ohio resident dies owning probate property, a legal proceeding is begun (1) to determine the validity of the Last Will and Testament of the decedent, if any, (2) to determine the nature, extent and value of the decedent’s assets, (3) to establish the valid debts of the decedent and (4) to establish the method of distribution of the assets to the heirs or beneficiaries of the decedent after payment of applicable debts, taxes and expenses. This proceeding is known as probate.

Is the use of a living trust the only way to avoid probate?

No.  Assets which are owned jointly with others with rights of survivorship will pass upon death to the survivor by operation of law and will not be probate assets. However, care should be exercised before creating a joint account, particularly with someone other that a spouse, because the joint tenant will have rights in the joint property immediately upon creation.  Payable on death accounts and any assets which are contractually payable to beneficiaries, such as life insurance or pension benefits, will also avoid probate.  Transfer on death registration for securities will also avoid probate.

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