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Ohio Living Trusts: Frequently Asked Questions

Ohio Living Trusts: Frequently Asked Questions
November 19, 2019 Shannon Dawes
Living Trust lawyer in Columbus Ohio

In this blog, Dawes Legal, LLC, answers several frequently asked questions about living trusts in Ohio. If you have questions about living trusts after reading this blog, feel free to contact our Columbus office at (614) 733-9999.

What does “living trust” mean in Ohio?

A trust is a legal instrument that contains a right to certain property. The trust is created by someone (the “trustor”) for the benefit of someone else (the “beneficiary”), and it is managed by another party (the “trustee). A living trust usually allows the trustor to act as the trustee, as well, until the time of his or her death. Living trusts are also called “revocable living trusts” in Ohio. 

Why would someone need a living trust in Ohio?

One of the main reasons people might choose a living trust is the protection of privacy. While a will becomes public record upon submission to probate, a trust and its subsequent proceedings will always be totally private. People also desire living trusts to maintain greater control over their estates prior to their passing. After the trustor’s death, the successor trustee will also have more discretion in distributing assets, as opposed to operating under the oversight of a probate court.

In addition, trusts can reduce the costs that are usually associated with probate — like court fees, probate costs, and appraisals — and can result in a faster distribution of assets. Upon the trustor’s passing, the successor trustee can begin distributing assets to beneficiaries, rather than waiting for the probate process to be fully completed.

How is a living trust different from a living will in Ohio?

Living wills are very different from living trusts in Ohio. Living wills are part of Ohio advance directives. While both are often considered components of end-of-life plans, an Ohio living will allows people to make advance decisions about their medical care in the event they become incapacitated or cannot otherwise make health care decisions for themselves.

Should I create a living trust instead of a will? 

The decision about which instruments you use depends on your individual needs and the desires you have for your estate plans. In many ways, a trust can take the place of a will and can provide different advantages over a will. However, wills allow you to appoint an executor and to detail your desired arrangements for any minor children or pets. These are things you cannot do in a trust. If you’re wondering what estate plans are right for you, consult an experienced attorney in Ohio.

If would like to create a living trust or will or amend your existing estate plans, contact Dawes Legal, LLC, today for a consultation. Our firm will help you decide what instruments you need to most effectively carry out your wishes. You can reach our office today by calling (614) 733-9999.