What is a Living Trust?
In Ohio, probate can be an expensive and lengthy process saturated with paperwork, requirements, and more paperwork. A living trust will enable you to funnel your assets to your beneficiaries and avoid the hassle and expense of going through the probate process. It is critical that living trusts are funded & created appropriately.
What are the benefits of a living trust?
Maybe a named beneficiary is financially irresponsible. Maybe you want to make sure that money is used for college tuition. Maybe it is smart to release the funds incrementally or allocate for special needs.
Your personal goals and desires should be discussed with a skilled trust attorney to make sure that the trust is tailored to meet those goals. Charles (Chuck) Bendig can help you understand the different types of trusts from testamentary trusts (trusts established in accordance with your will after your death) to the many forms of living trusts (trusts established during your lifetime). We also assist clients with establishing irrevocable trusts, a form of living trust, established to minimize taxes.
How often should my living trust be updated?
Life happens. Assets may increase or decrease. A new spouse, more children, a divorce, an inheritance, a new business; make sure to update the trust accordingly. Similar to insurance, when things change, update your living trust. We are located in Columbus Ohio and have served the people of Ohio for over 30 years.
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