Trust Lawyer Columbus Ohio

What is a Trust?

A trust is an agreement between you (the trustor) and a third party (the trustee) that allows the trustee to hold assets until they are passed to a beneficiary. For example, you could put a savings account into a trust and have a trustee hold it until your child turns 18, 21, 25, or 30 or later at which point the trust would be passed on to your child. Putting financial or personal property in a trust can be a great way to ensure those resources are given to beneficiaries in a timely manner following your death and without going through probate. Trusts are created as part of the estate planning process.

Trusts can hold a variety of financial and physical property, such as checking accounts, savings accounts, stocks and bonds, insurance policies, real estate properties, personal belongings like furniture and jewelry, and more. If you own a small business, you can also create a trust to hold the business.

There are several types of trusts you can choose to create. Revocable trusts can be changed or terminated in the future. Irrevocable trusts cannot be changed or terminated after they are created. Living trusts are trusts that you create while you’re alive. Testamentary trusts are trusts that are created after your death based on the wishes expressed in your will. An Ohio attorney at Taneff Law can help you decide which type of trust is best for you based on your goals and needs.

Benefits of a Living Trust

A living trust offers a variety of benefits, including control over your assets, privacy, the ability to avoid paying excess tax, and peace of mind.

Control over assets: Trusts give you control over your assets by allowing you to delay their distribution after your death. For example, if you want to give money to a beneficiary but want to wait until they are older or better able to manage their finances, you can put the money in a trust. You would include instructions for the trustee on when to pass the money on to the beneficiary, such as when the beneficiary reaches a certain age.

Privacy: During probate, your financial information may become available to the public. Creating and funding a living trust allows you to avoid the probate process and keep your financial information private.

Avoid excess taxation: A federal estate tax is a tax on the transfer of your estate to your heirs after your death. A living trust can reduce the amount of tax you pay or allow you to avoid the federal estate tax altogether. Property placed in a trust is not considered part of your estate. A trust can also protect your property from creditors.

Peace of mind: A living trust can give you peace of mind knowing your financial and physical property are protected and will be distributed to your loved ones according to your wishes. Working with a lawyer can help you feel confident that you have properly created an estate plan.

About Taneff Law

The attorneys at Taneff Law have years of experience helping Ohio residents with wills, trusts, and estate planning. Thomas Taneff is a former Franklin County Probate Court Magistrate and has nearly 35 years of experience in private practice with a focus on probate and adoption law. He uses his expertise to help ensure your wishes for the future are carried out, your wealth is protected, and that you can pass financial and personal property on to loved ones with minimal tax consequences.

Our team assists in all areas of estate planning and administration, including creating and updating wills and trusts, estate administration, and trust administration. We also provide legal representation during estate litigation and disputes over wills and trusts. For example, our Ohio attorneys can handle cases such as will and trust disputes or contests over concerns of fraud, duress, or undue influence. We also take on cases involving missing or concealed assets, the appointment of executors or administrators, breach of fiduciary duty, and more.

To help make estate planning less overwhelming, we offer guidance and support to help you understand how probate law and trusts work, answer your questions, and make the estate planning process as smooth as possible. Taneff Law attorneys also practice in the areas of family law and adoption, so we can address a variety of your legal needs.