Do you have an existing estate plan in place that needs to be updated or would you like the help of a Dayton estate planning lawyer to establish one? Revocable living trusts are a powerful tool that allow a more simple and efficient transfer of your assets and finances to your heirs. Many people opt for a living trust instead of, or in addition to, a will because a trust can help avoid losing your assets to taxes and other potential complications during the transfer of assets and property.
There are two main types of living trusts, revocable and irrevocable. Under the Ohio Trust Code, a revocable living trust, much like its name implies, is defined as such when you are able to make changes to the document as needed and when it is drafted before your death. This allows you to change your mind, with the help of an attorney, and add or remove an heir, a gift, or a term of that gift.
By establishing a revocable living trust, you are lessening what you as an individual own, which will in turn lessen the amount of assets that need to go through the probate process.
Setting up a trust makes transferring assets to your heirs far easier after you have passed away. However, you will first need to transfer your assets into the trust and make changes to the titles of boats, cars, or other vehicles if you want them included in the trust.
If you are moving stock or ownership of a company into the trust, you will need to issue new stock certificates or re-assign partnership or LLC interests to the trust. Our Dayton estate planning attorneys can help you every step of the way to ensure every action is completed to the letter of the law.
To gather more information about the legal services we can offer you and your family, reach out to us now in Dayton at (937) 224-4128 or in West Palm Beach at 561-515-6019. Schedule your consultation today.