Estate planning can ensure that one’s heirs experience as few complications as possible after their death. A living trust is an instrument which can provide the flexibility needed to ensure a reduction in complications. This instrument can be used to help your estate avoid most, if not all, of Ohio’s probate process. It can also allow you to create requirements which must be met before your heirs receive their inheritance. When preparing a living trust, it is important that you have the services of an attorney who understands such instruments. This will help you rest assured knowing that your estate has been handled properly and that future problems are less likely to arise. Our Dayton lawyers have over forty years of combined legal experience and are able to assist you with such matters. Contact us today to schedule an initial consultation.
Dayton lawyers preparing a living trust in addition to a last will & testament
Many individuals wish to have a living trust prepared at the same time as their last will and testament. An individual, the “grantor,” will transfer their assets into the trust. An individual known as the “trustee” will then administer the trust. The person creating the trust will also often serve as the trustee. The trust will be able to buy and sell property, pay bills, and engage in other financial transactions. The trust will include conditions under which it will be terminated, and its assets distributed. The trust will also dictate to whom the assets will be distributed and the conditions which those individuals must fulfill before receiving their proceeds.
A living trust is created by the drafting and execution of a “declaration of trust.” An individual can administer their own trust, as a way of controlling their assets, throughout their lifetime. Upon the passing of the individual who created the trust, it may be dissolved, or a subsequent trustee may be appointed. The benefits of having a subsequent trustee is that such an individual would ensure that any requirements, set by the deceased, have been satisfied before assets are distributed. Such requirements can include distributing assets when an heir obtains a certain age or when an heir has graduated from college. Property or assets not included in the trust will be distributed in accordance with the deceased’s will. Since the trust is a separate legal entity, the distribution of its assets will not be subject to the probate process. There are several factors which should be considered when creating such an instrument. It is important that you discuss your situation with a qualified attorney.
Our Dayton attorneys have been serving the southwest Ohio region for decades. They will use your initial consultation to gain an understanding of your situation and to help you understand whether the creation of a trust is appropriate for your situation. We will draft the instrument in a way intended to meet your goals and will retain a copy in our files. We will also work with you as time passes to keep the instrument up to date. This will ensure that the trust continues to fit your situation even as you buy or sell property and as new people join your family. In short, we will focus on this area of law so that you may focus on your future. Contact us today.
Dayton attorneys providing quality service to southwest Ohio residents requiring a living trust
We understand that most people do not wish to spend their time dealing with the legal system. Our lawyers will work to complete your matter in an efficient manner so that you may focus on the most important things in life. We will promptly respond to your messages and will work to ensure that your questions are timely answered. We are honored to serve the greater community and we take these obligations seriously.
In addition to Dayton, our attorneys also assist those in the southwest Ohio areas of Beavercreek, Centerville, Clayton, Eaton, Englewood, Fairborn, Franklin, Harrison Township, Huber Heights, Kettering, Oakwood, Lebanon, Miami Township, Miamisburg, Piqua, Riverside, Springboro, Springfield, Tipp City, Trotwood, Troy, Vandalia, Waynesville, Washington Township, West Carrollton, Yellow Springs, and Xenia.