Contact Menu
Baker, Dublikar, Beck,
Wiley & Mathews
Free Consultation
330-470-7780

Types of trusts

The process of estate division in Ohio is often long and complicated. However, one way to streamline the process is to establish trusts. According to the IRS, a trust gives the title of assets to another person, who is then required to distribute or use them according to the benefactor's wishes. Essentially, a benefactor establishes who will assume control of his or her assets and ensure that the beneficiaries receive their portions after the benefactor's death.

CNN states that some trusts, called testamentary, only take effect after the benefactor passes away. Trusts which take effect before the benefactor dies are called living trusts. In this case, the assets are transferred from the benefactor's ownership. A revocable living trust allows the benefactor to retain control of the assets and make changes as necessary. Assets could be added or removed, and the list of beneficiaries may be altered as well. Irrevocable living trusts, on the other hand, tend to be more rigid. Typically, the beneficiaries must grant permission before changes can be made.

There are several types of trusts which could apply to specific circumstances. Some allow aspects of the estate to avoid taxation, while others provide for the distribution of the estate within unique family arrangements. The qualified terminable interest property trust makes arrangements for a current spouse as well as children from previous marriages, and generation-skipping trusts allow for grandchildren as beneficiaries. Regardless of the type, many people utilize trusts in order to avoid probate and maintain control of personal assets.

No Comments

Leave a comment
Comment Information
super lawyers 2011 - 2012 | best law firms | u s news | best lawyers a v | lexis nexis | martindale hubbell | peer review rated | for ethical standards and legal ability the best lawyers in america ohio state bar association | est 1880 stark county bar association
Email us for a response

Office Location

Baker, Dublikar, Beck, Wiley & Mathews
400 South Main Street
North Canton, OH 44720

Phone: 330-470-7780
Fax: 330-499-6423
Map & Directions

Contact Our Attorneys

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Back to top