Columbus Trust Lawyer
Assisting Ohioans in New Albany, Delaware County, Dublin & Westerville
Trusts are commonly used in estate planning as an addition to or in place of a will. Trusts are separate legal entities into which you transfer your assets to be managed by trustees named by you on behalf of your heirs and beneficiaries. That means you are no longer the legal owner of these assets; they are owned by the trust. Upon your passing, your trustee(s) distribute these assets according to the instructions you have made in the trust document as the trust creator. Trusts can be created in many different ways for different purposes and can detail specifically how and when assets are to be distributed.
At Morgan Law Offices, our Columbus trust attorney has extensive experience creating all kinds of trusts based on the needs, assets, and preferences of clients. Every trust is tailored to each client and can be created on a revocable or irrevocable basis. Trusts have many benefits, including the ability to pass on your assets without having to go through probate, saving time, stress, delay, and court costs, and may also reduce taxes. With help from our firm, you can better understand trust options and take advantage of the benefits they give you and your family in protecting assets and ensuring that they are distributed per your wishes.
Discuss your estate needs with our Columbus trust attorney in a free introductory consultation. Contact Morgan Law Offices via email or at (614) 714-4800.
More About Trusts in Ohio
Many different kinds of trusts can be created. However, trusts generally fall into certain categories as follows:
- Revocable or irrevocable trust. Revocable trusts can be revised or terminated at any time for any reason. An irrevocable trust cannot.
- Living trust vs. testamentary trust. A living trust is one that you create into which you pass your assets and in which you remain the trustee during your lifetime. This allows you to manage the assets in your trust as you see fit. They are then passed on to your beneficiaries upon your passing by your successor trustee. A testamentary trust is outlined in your will and details how your assets will be designated upon your passing.
- Funded trust vs. unfunded trust. A funded trust is one into which you place your assets while you are alive. Unfunded trusts are documents created without funding. Funding can occur upon your passing.
Common trusts in Ohio include revocable living trusts in which you as the trustee manage your assets throughout your lifetime, special needs trusts designed for disabled or special needs family members that allow these individuals to remain qualified for public benefits, retirement trusts that preserve retirement funds for beneficiaries, charitable trusts that are dedicated to passing on donations to preferred charities, trusts set up to care for pets, insurance trusts that protect life insurance policies, and more.
Depending on the type, trusts can make it possible to avoid probate, can provide tax benefits, protect assets from creditors and lawsuits, and create specific instructions as to how and when your assets will be passed on.
By discussing your family dynamics, needs, concerns, and options with Attorney Morgan, the right trusts can be created for you and your family. As a former CPA, he has a firm grasp on financial matters that can help you make informed and smart decisions.
"He listened patiently and then provided me with sound advice which I used to get out of a difficult and stressful situation. Plus, knowing that he was there to back me gave me real peace of mind."Emily B.
"Kelly Morgan took time to listen and understand my situation. When you go through such a fragile time in life it's nice to know you have someone solid in your corner to help you legally."Ally M.
"He worked my child support/ parenting agreement quickly and efficiently! I contacted Him and before you know it I was walking out of court with conditions and terms in my favor!"DJ S.
45+ Years Experience
Same Day Appointments Available
Former Certified Public Accountant
Whether you have questions or you’re ready to get started, our legal team is ready to help. Complete our form below or call us at (614) 714-4800.