It was reported this week that famed soul singer Aretha Franklin died without a Will or Trust. This problem not only throws all of her assets and liabilities into the public eye of probate and to the intestacy statutes, but also guarantees tens of thousands in unnecessary costs and tens of millions of easily avoidable estate tax.
Revocable trusts offer a number of benefits, such as avoiding probate which can help save money as well as time while maintaining privacy. However, there are times when people may decide to take a second look at their revocable trust. For example, someone who has decided to split up with their marital partner may need to go over their trust as a result of their divorce. For starters, it is very important to remember that everyone's circumstances are unique, so the approach that works best for you may vary in comparison to someone else's. Many people choose to speak with a legal professional to ensure that they make the right decisions and know their options.
We have covered many aspects of estate planning and the probate process on this blog, from naming a trustee to the benefits of a trust (such as avoiding court) and probate disputes. However, there are many other issues that may arise with respect to trusts. For example, you may need to find a new trustee. There are a number of reasons why people decide to change the trustee, but it is important to understand the unique details related to the trust in question and move forward accordingly. For example, the approach varies depending on whether the trust is revocable or irrevocable, for example.
Our law firm has reviewed some of the different types of trusts on our blog, such as spendthrift trusts. However, there are other types of trusts that may be preferable, given a person's unique circumstances. For example, some people move forward with a special needs trust. If you have a loved one with special needs and are concerned about their future or want to help support them with your assets, a special needs trust may offer a number of advantages for you and your loved one. In Cincinnati, and across all of Ohio, people who set up a trust should carefully examine all of their options.
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.
If you are in the early stages of estate planning, you could have a wide range of questions. For example, you may be unsure of which option, a trust or a will, is right for you. However, it is vital to understand some of the key aspects of an estate plan. For example, if you have decided to move forward with a revocable living trust, you should be aware of the different roles that people have and the responsibilities that are involved.
When it comes to making decisions regarding your estate, you may have a number of options on the table. However, it is vital to closely assess each choice and figure out which one will work best for you, given your circumstances. For example, you may be trying to decide whether to move forward with a will or a trust. Or, you may be trying to figure out whether a revocable trust or an irrevocable trust is the way to go. In this post, revocable trusts will be covered.
When people create a trust, they typically hope that their trust will be helpful for those who are close to them, and that their assets will be split up among beneficiaries appropriately. At Buechner Haffer Meyers & Koenig Co., our law firm knows that this does not always happen in Cincinatti, and in cities across the state of Ohio. There are a number of reasons why trust disputes arise, such as disagreements with the way in which assets are distributed to beneficiaries or as a result of a trustee not understanding his or her duties. Regardless of the reason why a dispute comes up, working through the situation properly is paramount.
Many people understand that a living trust helps them avoid probate. This is true, to the extent that the trust is funded at the time of death. A trust can be a wonderful estate planning tool for many reasons, including the ability to avoid the time, expense, and publicity of probate. It can also be wonderful tool to support the needs of beneficiaries who are too young to receive an inheritance all at once, who may have special needs, or who may need financial oversight and guidance.
Often in our estate planning practice we encounter clients who long ago executed a non-charitable irrevocable trust that is no longer productive or that no longer functions as intended. This can be caused by a number of issues, such as changed circumstances in the life of the grantor, significant depletion (or negative performance) of trust assets, changes in tax laws, or the trust simply outlasting its purpose due to the prolonged life of the grantor. Perhaps the terms of the trust need to be tweaked, or perhaps the trust should be terminated altogether.