How to Create a Living Trust Ohio

Revocable Living Trust How to Create a Living Trust Ohio

Making a Living Trust Ohio

If you’re looking for an efficient way to legally account for all of your assets and distribute them later on, then a living trust is the perfect estate planning tool. Not only can you implement a living trust while you’re still alive, but it can spare your family the hassle of probation that comes with wills. 

If you live in the state of Ohio, this article will help you discover everything there is to know about creating a revocable living trust easily and efficiently. At the end, learn how DoNotPay can help you make one in just minutes. Keep on reading to find out more!

Understanding Trusts - All The Basic Information

A trust is a legal document which you can use to legally account for your assets and to distribute them in whichever way suits you best. Here are some of the key elements that make up any trust:

Beneficiary 

  • Your beneficiary will be the people who you will distribute your assets between, in other words they will be the ones to benefit from the trust. 
  • Within a trust you can place conditions for your beneficiary. For example, you can say that you only wish for your son to be given ownership of your company once he turns a certain age.
  • You can choose multiple beneficiaries and they do not have to be related to you by blood.

Trustee

  • The trustee of the living trust is the person who is in charge of managing the assets and of organizing their distribution once the time comes. 
  • Many people appoint themselves as the trustee of their own living trust. This is a good option to keep control of your assets. 
  • You can select a co-trustee, secondary trustee, and other back-up trustees.

Assets

  • Your assets are any belongings of value which you might possess, for example a business, vehicle, your home, savings.
  • Things that cannot be included in a living trust include 401ks, IRAs, and HSAs.

What Are Ohio’s Intestate Succession Laws ?

In the event of an individual passing away without a will or a trust, then the state of Ohio implements intestate succession laws:

  • These set of laws determine the division of assets among the deceased’s closest relatives. 
  • The assets that fall under intestate succession are those which you would have traditionally have had the authority to distribute in your will.
  • This includes any valuable asset which was exclusively under your name, such as properties, savings, and vehicles.
  • Assets that have been transferred to a living trust are exempt from Ohio’s intestate succession laws. 

If you have particular specifications when it comes to the distribution of your properties and assets, then a living trust is a great way to take control of your assets in the state of Ohio. It will  prevent the state courts from making decisions on your behalf and guarantees that your loved ones receive what you intended. 

Benefits of Having a Living Trust

Here are some of the reasons why having a living trust may be a good choice for the long run:

Why federal state tax won’t affect you 

The federal estate tax has been cut over the last decade significantly and currently only affects estates that are valued at $11.7 million or more. The average person looking to create a living trust won’t have to worry about this tax at all. 

Forget about paying inheritance tax in Ohio

The state of Ohio does not implement any kind of inheritance tax when it comes to the assets of a deceased individual. More importantly, creating a living trust prevents you from being charged any inheritance tax whatsoever, so it’s a great way to protect your assets.

The Different Kinds Of Trusts Out There

Here is an overview of the different kinds of trusts that you might encounter and which might be a better option for you: 

Testamentary

  • A testamentary trust is meant to go within your will.
  • This kind of trust is only created after you have passed away, and does require court probation to transfer the assets into the ownership of the trust itself.
  • Once probation is done, the responsibility is passed on to the designated trustee

Irrevocable Trust

  • An irrevocable trust is a type of living trust.
  • Once an irrevocable trust has been notarized, you can no longer make any changes or adjustments (no matter how minimal).
  • This kind of document transfers total ownership of your assets into the trust, and you lose complete authority over the assets within. 

Revocable

  • If you are new to the idea of creating a living trust altogether, then we strongly advise that you consider creating a revocable living trust as your best option.
  • It is a flexible and formal way to account for your assets and distribute them however you want without permanently binding yourself to a legal document.
  • In the event that you change your mind completely, a revocable living trust can be formally undone or changed to fit your new specifications.
  • This kind of trust allows you to keep ownership of the assets within the trust. 

Create a Living Trust With DoNotPay

DoNotPay can help you create a revocbale living trust in just minutes! Our robot lawyer has the legal expertise and experience to create the perfect legal document that includes all of your specifications and requests. Here’s how:

  1. Log-in to DoNotPay
  2. Find the Revocable Living Trust product
  3. Tell us which state you live in
  4. Answer a couple of questions about your trustees, assets, and beneficiaries

After that, DoNotPay will have a revocable living trust ready for download!

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