Helping You Protect Your Assets, Every Step of the Way.

A living trust is a legal arrangement in which a person, referred to as a trustee, manages the property for another, also known as a beneficiary. In Ohio, you can be the named trustee in your own living trust, which allows you to maintain control over all of the property and assets held in that trust. The living trust is designed to establish terms while you are still alive, as opposed to the terms established in a will where they do not become active until after death.

Establish a Living Trust With Proficient Legal Guidance

Understanding if you need a living trust for you or your beneficiaries can depend on many factors. Every plan should be made tailored to your specific needs and family circumstances. By meeting with a well-established attorney, you can rest assured in knowing that your trust will be created effectively.

At Alex Carr Law, LLC, the firm understands that estate planning is not a one-time transaction. The firm believes that every plan for the future should be made in a manner that protects and preserves the client’s assets and lifestyle. To ensure your interests are protected when creating a living trust in Ohio, consider obtaining the qualified support of Alex Carr Law, LLC. Call to schedule a no-obligation consultation with Alex Carr Law, LLC today.

The Advantages of Establishing a Living Trust for Cleveland Residents

Establishing a living trust in Ohio can provide a person with many advantages. A trust can provide a person with the privacy, control, and flexibility that is not usually available in other forms of estate planning.

In Ohio, a living trust allows the trust creator, known as the grantor, to keep ownership of his or her assets during life by also being the trustee. As a grantor, a person essentially transfers the ownership of his or her assets into the trust, which is then managed for his or her benefit during life.

When creating a living trust in the State of Ohio, beneficiaries can avoid the probate process for the assets placed in the trust. The probate process is a lengthy court process that can sometimes take many months to complete. Since the probate process in Ohio is not simplified, any assets a person has will not be distributed to the beneficiaries until the case has been closed. With a living trust, however, the asset distribution can begin immediately after death.

Irrevocable Trusts vs. Revocable Living Trusts

There are irrevocable trusts and revocable living trusts in Ohio. Deciding which trust is best will depend on each person’s specific needs and circumstances.

  1. Irrevocable Trusts – These types of trusts are essentially permanent. The creator of the trust, the grantor, does not have access to remove assets or property from the trust without permission from those named in the trust. In other words, the trust owns the assets and property within it. Any dues, taxes, or other fees are paid from the trust.
  2. Revocable Living Trusts – Revocable living trusts are far more flexible than irrevocable living trusts. In these trusts, any property or assets can be removed from the trust at the grantor’s will. The grantor can modify the trust as he or she pleases. In a revocable living trust, the grantor continues to have ownership of the property, therefore, he or she will continue to be responsible for making payments on the property as is customary.
An Established Cleveland Trust Attorney Can Help Set the Right Plan for You

Residents in Ohio can create a living trust to spare loved ones from the inconvenience of the probate court process. Probate is a painstakingly, time-consuming process that can also invade one’s privacy. Since the probate process has not been simplified in Ohio, establishing a living trust can be a time-saving tool for those in Ohio.

Alex Carr Law, LLC understands that creating a trust is an important step Ohio residents can take to protect their property and assets for their heirs. Consider contacting Alex Carr Law, LLC to receive a complimentary case analysis. Call or schedule your appointment through the confidential contact form here to further discuss your plan today.