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Attorney Guidance For Ohio Trusts

A trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries according to the terms specified in the trust document.

With a long-standing history of legal representation spanning over 100 years, Cavitch Familo & Durkin Co., L.P.A. is well-equipped to guide individuals and families through the complexities of trust creation and administration with expertise, diligence and a commitment to client satisfaction.

What Does Trust Formation Involve?

Trust formation involves creating this legal entity by drafting a trust document, naming a trustee, specifying beneficiaries, creating a set of rules in accordance with which the trust will be held, administered and distributed, and by ensuring that assets are titled in such a way that they will become part of the trust without the necessity of probate administration. Trusts are useful in various situations, including:

  • Estate tax planning
  • Asset protection planning
  • Succession planning for businesses
  • Special needs planning for disabled beneficiaries
  • Complex charitable giving
  • Avoiding probate at death

In short, a trust can be used to reduce taxes on an estate, minimize creditor claims, protect vulnerable beneficiaries and preserve family privacy.

What Are The Different Types Of Trusts?

In Ohio, there are several different types of trusts. Each serving a specific purpose, these include the following:

  • Revocable living trusts
  • Irrevocable trusts
  • Testamentary trusts
  • Special needs trusts
  • Charitable trusts
  • Spendthrift trusts
  • Asset protection trusts
  • Life insurance trusts
  • Family gift trusts

A trust administration lawyer from Cavitch Familo & Durkin Co., L.P.A. can guide you on the best type of trust for your specific needs and help you establish and manage it effectively.

How Do I Choose A Trustee For My Trust?

Trust administration involves selecting a trustee to manage the trust assets and fulfill the duties outlined in the trust document. When choosing a trustee, consider the following factors:

  • Trustworthiness and integrity
  • Financial responsibility and competence
  • Availability and willingness to serve
  • Understanding of the grantor’s wishes
  • Effective communication skills with beneficiaries
  • Experience in financial and legal matters
  • Compatibility with trust goals and values

You will also want to name a successor trustee in case something happens and your first choice cannot serve.

Speak With An Attorney Today

If you are ready to discuss your trust formation and administration needs and explore your options further, contact us today. Call 216-621-7860 or email to schedule a consultation.