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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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What is a Living Trust?

in Living Trusts

A “living trust” may have many purposes. A common goal is to avoid “probate”. Assets within a “living trust” will generally not be subject to the jurisdiction of the probate court, either while the grantor is living or following the grantor’s death. Assets owned in an individual’s name and not contractually payable on death will generally be subject to probate. What is a living trust exactly?

A “living trust” is a trust which is funded with assets and which can be amended and revoked by the person creating the trust.  The person creating the trust, often called the “Settlor” or the “Grantor,” typically retains all the benefits to the property placed into the trust.  The Grantor can also be the trustee in Ohio, although the Grantor’s spouse or a trust company also often serves as trustee.  The trust can be funded with bank accounts, stocks and bonds, a home and other assets.  The terms of the trust should provide for the disposition of the property in the trust both during the life and following the death of the grantor.

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