Our attorneys understand the complexities of estate planning and elder law. Let a trust attorney from Rokisky Law help you with your living trusts.
Part of a successful estate plan is creating necessary documents to secure your assets and transfer ownership to the correct parties. Setting up a living trusts/irrevocable trusts allows you to avoid probate with the transferring of your assets. A living trust is one of the best ways to ensure your final wishes are met.
What is a Living Trusts/Irrevocable Trusts?
A living trust is a legal document where a designated person is given responsibility for managing that individual’s assets for the benefit of the eventual beneficiary. Living Trusts and Irrevocable Trusts can eliminate the need for probate after your death while providing management of your assets during your lifetime.
Who should create a Living Trust/Irrevocable Trust?
Living Trusts are not just for the wealthy. The benefits that a living trust can offer to someone with even minimal wealth are significant. Some of the largest assets for young adults is a life insurance policy or retirement account. Creating a living trust can keep these assets out of court and transferred to the trustee (not a court-supervised guardian).
Common Living Trust Topics
Benefits of a Living Trust/Irrevocable Trust
Setting up a living trust can help eliminate the stress and headaches of future problems. There a several benefits you should consider:
- Living Trusts Avoids Probate, which can save time and money
- Save money through less future paperwork (court and legal fees)
- Additional privacy since a living trust is not public
Difference between Living Trust and a Will
Confusing living wills with living trusts is common. They are both estate planning options. But living wills and living trusts serve different purposes. A living trust covers three phases of your life while a living will cover only what happens if you’re incapacitated.
You can read more about the differences here.
Additional Help and Resources
Rokisky Law has been the Ohio Valley’s leader in Elder Law and we continue to provide the community with information through articles and videos.
Subscribe to our bi-weekly show “Senior Living Today” or watch it live on WTOV9 (Sundays 11:00 am).
You can also read more about Estate Planning and Elder Law on our Estate Planning Blog.