There are many living trust benefits, and anyone who is interested in trust creation should speak with an experienced attorney to discover what those benefits are. While living trusts can serve a very important purpose, there are also downsides and disadvantages to the use of living trusts as well. You need to know exactly what this kind of trust can do for you and you need to make an informed choice about whether or not a living trust is going to help you accomplish your goals or not. An Ohio trusts lawyer can help you.
Zimmer Law Firm has extensive experience providing advice on trust creation to clients throughout Ohio. We will work with you to discuss the goals you have for creating a trust and help you to assess both whether a trust can work and what kind of trust is going to be the best one for your needs.
In addition to offering personalized advice, we can also help you to get more general information on trust creation that you may need to make a full assessment of whether creating a trust is something you want to do as part of your incapacity plan or as a part of estate planning.
How Can You Learn about Living Trust Benefits?
If you are interested in learning about living trust benefits, there is no substitute for getting proper legal advice. Only attorneys who are licensed to practice law can give you legal advice about how trusts can work in your situation and about how these powerful legal tools can provide you with important protections in Ohio. You want to discuss your specific goals with an attorney and get the customized advice that only a licensed legal professional can provide to you.
In addition to working with an attorney to find out about living trust benefits, you may also want to do some more general research in order to find out exactly how living trusts work, how they differ from other kinds of trusts, and whether living trusts have the benefits and advantages you are looking for. When you are seeking out resources about living trusts, there are three important things to think about: whether the resource is a credible one; whether the resource is state specific; and whether the resource is outdated.
Trust law is set by the states, for the most part, and you need to make certain that the trust laws you are learning about apply in the location where you live, own property, and are seeking asset protection or other benefits from trust creation. Trust law also evolves regularly, and you don’t want to make important estate planning or asset protection decisions based on outdated law. Finally, there is a lot of misinformation online and a lot of misconceptions about what trusts can and cannot do. You don’t want to trust an unreliable source on a matter as important as protection of your assets or your family’s financial security.
One place that you can reference for information about living trust benefits where you can usually get reliable information is the Ohio State Bar Association website. There, you can find a pamphlet on living trust and can find additional trust information as well. The Bar Association has accurate information, but you need to be careful that the information is not outdated and that it applies to your situation. For example, living trusts are a particular kind of trust, and there are other different kinds of trusts. You should not assume that just because one trust provides a certain benefit or works a certain way that others will provide the same advantages. Living trusts and irrevocable trusts, for example, can work very differently when it comes to asset protection.
Getting Help Learning About Living Trust Benefits
Zimmer Law Firm can provide you with many of the details that you need to know about living trusts, and can explain living trust benefits. For example, living trusts can allow you to avoid the probate process, which is a significant advantage if you want to be able to transfer assets to your heirs without having those assets pass through probate.
Probate is expensive and time consuming and your heirs may need their inheritance right away. A living trust can make that happen. Living trusts can also provide you with the opportunity to name a backup trustee to manage trust assets, which means you can get asset protection benefits from trust creation as well.
To learn more about living trusts, join us for a free seminar. You can also give us a call at 513.721.1513 for personalized advice about living trusts.