When considering their assets and their goals, Ohio residents may begin to see that using a living trust may be more beneficial than using a simple will. Contrary to popular belief, trusts are not meant to used solely by individuals who are extraordinarily wealthy.
A revocable living trust can be a valuable aid to those who are unexpectedly incapacitated. Individuals can designate a successor or disability trustee who will have the authority to administer the trust according to the individual’s wishes. A trust that is drafted correctly may also give a disabled beneficiary the care he or she requires.
Designating a corporate trustee for a living trust can ensure that the assets in the trust can be professionally invested. A trust document should be used to stipulate how the assets should be distributed to loved ones and should include special planning instructions for assets intended for minor beneficiaries. The trust document can also be used to delay the disbursement of the assets.
The avoidance of the probate process is another factor to consider when determining whether to use a living trust. Assets that are held only in an individual’s name and are transferred to an heir via a will have to undergo probate, which could last years and be very costly. A revocable living trust may be used instead to transfer assets quickly.
An attorney who practice estate planning law may advise clients regarding which type of a trust may be most appropriate for their assets and goals. A living trust may be advised for clients who want to make sure that their heirs receive their inheritances in a certain manner.