A Revocable Trust is a tool that offers greater power and flexibility to an estate plan. A Trust is designed to hold your assets (under your control) in a way that does not require the Ohio probate process for administration. Among their many benefits, a Trust can allow you to:
- Avoid probate.
- Create more specific plans than you can have using pay-on-death accounts.
- Have more control over inheritance after your death (ex. giving your beneficiaries their money in installments rather than one large payment.)
- Protect your beneficiaries from potential litigation and divorce issues.
- Have a private administration that does not subject your assets and debts to public records.
- Create a plan that distributes inheritance to multiple beneficiaries in different phases over years.
As one Trust expert has said, “a trust is only limited by your imagination.”
With that said, our firm does not believe everyone needs a Trust. Trusts are not a necessary or valuable tool for many people. We educate and listen to our clients to find out what you need and want. We show you the options and the costs of those options and you make the decisions of what your plan will include.
Contact us today to schedule a free meeting or phone or video conference to learn more about Trusts, how one might or might not benefit your plan, and whether it is a right tool for you.