What Is a Trust and Why Do You Need One?
A trust is a legal arrangement in which one party (the trustee) holds and manages assets for the benefit of another (the beneficiary). Unlike a will, a trust can take effect during your lifetime, allowing you to control how your assets are managed and distributed both now and after your death.
Trusts are one of the most powerful tools in estate planning. They can help you avoid probate, reduce estate taxes, protect assets from creditors, provide for a child with special needs, and ensure that your wealth is transferred to the right people at the right time.
Types of Trusts We Handle
Revocable Living Trust
The most common trust. You retain control during your lifetime and can modify or revoke it at any time. Assets pass to beneficiaries without probate.
Irrevocable Trust
Removes assets from your taxable estate. Once established, terms generally cannot be changed. Provides strong asset protection and tax benefits.
Special Needs Trust
Provides for a beneficiary with disabilities without disqualifying them from government benefits like Medicaid and SSI.
Testamentary Trust
Created within your will and takes effect at death. Commonly used to manage assets for minor children until they reach a specified age.
Charitable Trust
Allows you to support causes you care about while receiving tax benefits and potentially providing income for yourself or heirs.
Dynasty Trust
Designed to preserve and transfer wealth across multiple generations while minimizing estate and gift taxes at each generational transfer.
Trust vs. Will: Which Do You Need?
Many people need both a trust and a will, but they serve different purposes. A will goes through probate, is a public document, and only takes effect at death. A trust avoids probate, remains private, and can manage assets during your lifetime if you become incapacitated.
Avoid Probate
Assets held in a trust pass directly to beneficiaries without going through the Ohio probate court process, saving time and money.
Maintain Privacy
Unlike a will, a trust is not a public document. Your asset distribution remains private and out of the public record.
Plan for Incapacity
A revocable living trust allows a successor trustee to manage your assets if you become incapacitated, without court intervention.
Funding Your Trust
A trust only works if it is properly funded. This means retitling your assets (real estate, bank accounts, investment accounts) into the name of the trust. Many people create a trust but fail to fund it, which means their assets still go through probate. Our attorneys guide you through the entire funding process to make sure your trust works as intended.
Frequently Asked Questions
Do I need a trust if I already have a will?
A will alone does not avoid probate. If avoiding probate, maintaining privacy, or planning for incapacity are priorities, a trust is worth serious consideration. Many clients benefit from having both.
Can I change a revocable living trust after it is created?
Yes. A revocable living trust can be amended or revoked at any time while you are alive and have legal capacity. You retain full control over the assets in the trust.
How much does it cost to create a trust?
The cost depends on the complexity of your estate and the type of trust. We provide transparent fee quotes after an initial consultation so you know exactly what to expect.
What assets should go in a trust?
Real estate, bank accounts, investment accounts, and valuable personal property are commonly placed in trusts. Retirement accounts and life insurance typically have their own beneficiary designations and may not need to be in the trust.
What is a successor trustee?
A successor trustee is the person or institution you name to manage the trust after you pass away or become incapacitated. Choosing the right successor trustee is one of the most important decisions in trust planning.