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Trusts are created for many different reasons and purposes.

living trust lawyerA trust is a document created one person (often called the maker, grantor or settlor) who gives property to another person (called the trustee) to hold and manage for one or more other persons (called the beneficiaries). It is common for the maker, trustee and beneficiary to be the same person when a living trust is created and for a successor trustee and different beneficiaries to be named upon the death of the maker.

Common types of trusts.

Living Trust - is a trust made while alive and which goes into effect immediately upon signing. If the maker is also the trustee and the beneficiary, he or she can do whatever he or she wants with the property in his or her trust during his or her lifetime. If the maker becomes incapacitated, the backup or successor trustee can use the assets in the trust for the maker’s care. Upon the death of the maker, the living trust then operates like a Will. The successor trustee distributes or retains the trust assets as the maker has directed in the trust without the involvement of the probate court.

Testamentary Trust - is a trust which is created as part of your Last Will and Testament. It goes into effect after the maker is deceased. The probate court appoints the trustee named in the Will, who holds and uses the trust assets for the beneficiary(ies) according to the instructions provided in the Last Will and Testament. The probate court supervises the administration of the testamentary trust until it terminates.

Revocable Trust - sometimes also known as a “living trust” is a trust that the grantor can amend, change or revoke during his or her lifetime. A revocable trust can be funded with any property such as checking accounts, savings accounts, brokerage accounts, stocks and bonds, a home and other real estate. Some revocable trusts may not be funded initially, but rather at a later time or at the grantor’s death.

Irrevocable Trust - is a trust which the maker cannot change, modify or revoke. The maker generally will have no control over the assets in the trust. An irrevocable trust can be beneficial in certain situations. You should not make your trust irrevocable or put your assets into an irrevocable trust without first consulting an attorney.

Education Trust - It is not uncommon for a grandparent, aunt or uncle to want to provide for the education of their grandchild, niece or nephew. Creating a trust that can only be used for educational purposes will accomplish this goal.

Support Trust -The trustee is in charge of the trust assets and makes the decisions on how it is used for the care, support and education of the beneficiary. It is very common for a support trust to provide that the assets are not to be distributed outright to the beneficiary until he or she has gained some maturity and has reached the age of 25 or older.

Special Needs Trust - A special needs trust meets certain statutory and regulatory requirements will enable the beneficiary with a disability, or special needs, to remain eligible to receive SSI, Medicaid and other government benefits while still having assets being held in trust which can be used to supplement the beneficiary’s needs.

Discretionary Trust - is a very flexible trust which protects the trust assets while permitting the trustee to make distributions to or for the benefit of a beneficiary that has an addiction, spending problems, is in a problematic relationship, is immature or is receiving government benefits.

Spousal Trust - is beneficial in a second marriage situation where each person wants to take care of the new spouse, but on his or her death wants the remaining assets to go his or her children or beneficiaries and not to the new spouse’s children or their beneficiaries.

Estate Tax Savings Trusts - can be created to reduce or eliminate estate taxes while providing for a surviving spouse and insuring that the trust assets go to the beneficiaries of choice. 

cincinnati ohio lawyerBruce Favret, Probate & Estate Planning Attorney At Law - Cincinnati Ohio. 
Schedule Appointment: (513) 871-8076