A trust is a legal entity which is created to own, manage and control certain assets for the beneficiary(ies) of the trust. The maker of a trust is known as the Trustor or Settlor and the person who manages the administration of the trust is known as the Trustee. The Trustor (Settlor) can be the Trustee as well as the beneficiary of a living trust.
Ohio Trusts and Estates
When properly constructed a trust can be a valuable tool for managing and transferring a family’s assets from one generation to another.
Is a Trust Right For You?
A trust may be appropriate for people who wish to accomplish one or more of the following goals:
- Privacy and confidentiality, after death, concerning the extent and nature of all of your assets
- Sidestep or prevent the need to involve the probate court
- Sell and/or manage real estate outside the boundaries of the State of Ohio
- Certain beneficiary treatment for children of second or subsequent marriages
- Special tax advantages in certain situations
What Are The Different Types of Trusts?
There are many types of trusts which can be created to accomplish your specific goals. Some examples of the different types of trusts include, but are not limited to:
- Revocable Trust
- Irrevocable Trust
- Spendthrift Trust
- Generation Skipping Trust
- Testamentary Trust
- Insurance Trust
Long Term Relationship
The Lawyers, at the DiCello Law Firm Probate Division, a division of the DiCello Law Firm, are also there to help administer trust estates by assisting the trustee lawfully administer the trust. Call The DiCello Law Probate Division today to help you with your Trust questions, creation or administration.