Kathryn T. Joseph & Associates, Inc.

August 2016 Archives

How irrevocable trusts protect assets

A trust might be one way for Ohio residents to pass assets to beneficiaries after their death. One advantage of a trust is that it can provide a flexible way for a person to control how that is done. For example, if a person felt that an heir was too irresponsible to handle a lump sum inheritance, a trust could be used to pay a certain amount each month.

A trust protector can resolve disputes between trustees

People in Ohio who want to pass certain assets to their beneficiaries outside of the probate process may choose to create trusts. A trust can also be used to manage a person's finances while they are still alive should they become disabled. While the execution of a will is done in probate court and overseen by a judge, a trust is managed by one or more trustees who are chosen by the grantor.

Estates, probate and the reach of creditors

Ohio residents might wonder whether or not their creditors will be able to take money from their estates after they pass away. Creditors do have the right to make claims against estates through the probate process, but not all assets go through probate. They are not able to touch assets that pass directly to designated beneficiaries outside of probate.

End-of-life estate planning tips for Ohio residents

When an individual believes that he or she is close to death, it may be a good idea to give his or her estate plan one final review. It may also be time to transfer assets or fund any trusts that may have been setup in such a plan. Most importantly, it may be worthwhile to make sure that someone has the power of attorney to act on an individual's behalf if he or she becomes incapacitated.

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Kathryn T. Joseph & Associates, Inc.
Executive Commons West
29425 Chagrin Blvd.
Suite 305
Cleveland, OH 44122

Toll Free: 888-335-6650
Phone: 216-245-0504
Fax: 216-765-8817
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