TRUSTS
Westlake, Ohio Trust Lawyer
A trust exists when one person (grantor) gives property to another person (trustee) to manage for one or more other persons (beneficiaries).
An estate plan can include a single trust or multiple trusts depending on the needs and complexity of an estate.
What are the Benefits of a Trust?
- Trusts can minimize estate taxes.
- Trusts avoid probate which can take months to complete. A trust will facilitate a timely settlement of the estate.
- Trusts can protect your assets from creditors, lawsuits, and even divorce.
- Trusts can facilitate how and when your assets are distributed upon your death.
- Trusts can protect your privacy: unlike probated wills which are public record, financial information within a trust remains private.
- Since trusts are not subject to probate, the estate can save probate costs.
- A trust can also name a successor trustee. A successor trustee manages the trust upon your death. If there comes a time where you can no longer manage the trust, a successor trustee can do so on your behalf.
Setting Up a Trust
An estate plan can include a single trust or multiple trusts depending on the needs and complexity of an estate.
Some examples of trusts include:
- Revocable trust
- Living trust
- Irrevocable trust
- Charitable trust
- Testamentary trust
- Special needs trust
It is important to understand that there is no one size fits all plan and why it is important to speak to an attorney who specializes in estate planning. Bart Leonardi is a certified estate planning specialist – 1 of only 24 specialists in the Cleveland, Ohio area.
A trust can be a valuable estate planning vehicle, but they are not always appropriate for everyone.
Reach out to Bart Leonardi to discuss your estate planning needs. Call 440-937-8364 today!
Contact Bart Today
440-937-8364
