There are many options when it comes to trusts, but creating one that is appropriate under your own personal circumstances is essential. From revocable trusts to irrevocable trusts, there are an array of choices people have. Depending on your situation, a spendthrift trust may be the ideal path forward. In Cincinnati, and all over the state of Ohio, these trusts have helped many people ensure that their assets are distributed according to their wishes.
Spendthrift trusts allow trust creators to designate an independent trustee and who will be able to control how and when assets from the trust are used by a beneficiary. Often, these trusts are ideal for beneficiaries who may struggle with managing their finances well. For example, if someone has a problem with gambling, a spendthrift trust could help prevent them from squandering trust funds in a very short period of time or for an illegitimate reasons.
With trusts, many unique issues may arise. If you have any areas of uncertainty, it is vital to find answers before moving forward any further. An effective trust can provide a myriad of benefits that are not only of value to you, but those you love. In the future, your family members may appreciate the time you spent to make things go smoothly and ensure that your assets are distributed appropriately, all while aiming to reduce confusion and problems from arising in the future.
Many of our lawyers concentrate their practice in the Trusts and Estate Planning area, should you have further questions on anything raised in this post, please reach out to any of our lawyers.