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What Is a Trust?

A trust is an estate planning tool that allows you to determine which beneficiaries will get your property and assets when you pass away. A valid trust can allow you to avoid probate, which can be costly and slow, so your beneficiaries can receive your real estate, accounts, and personal property more quickly. A trust can also allow you to use and access your property while you are living while still providing for your loved ones after you die. An estate planning attorney can give you more information about trusts and estate planning.

What Are Different Types of Trusts?

There are different kinds of trusts that can be used to accomplish your estate planning goals. Common types of trusts include:

• Living trusts
• Irrevocable trusts
• Charitable trusts
• Special needs trusts

The most common type of trust is a living trust, also known as a revocable trust. A revocable trust provides more flexibility for the person who created the trust to use the property and modify the trust at any time. An irrevocable trust is much more restrictive and cannot be canceled. However, an irrevocable trust can reduce estate taxes and may allow the property to be protected from creditors. Talk to Ohio estate planning lawyers for legal advice about what type of trust is best to give you peace of mind.

How Do I Establish a Trust?

The person who creates the trust is known as the settlor. The settlor names a beneficiary or beneficiaries who will receive the assets under the terms of the trust, usually upon the death of the settlor. The settlor also designates a trustee to manage the assets of the trust for the benefit of the beneficiaries. There may be other requirements for a trust in your state, so contact an Ohio trust lawyer or elder law firm about your legal matters.

How Can I Change a Trust?

A revocable will can be changed anytime during the lifetime of the settlor. You may want to review your trust every few years or anytime there is a significant life change. When there is a major life change, like a marriage, divorce, or death of a loved one, you may want to update your trust to make sure your wishes are still reflected in your estate plans.

How Much Does It Cost to Make a Trust in a Terrace Park?

The cost of a trust will depend on several factors, including the number of assets and properties, trust administration, and the terms of the trust. An average trust can cost about $2,000 to $5,000 or more. However, a trust can save you money by avoiding the costs, delays, and court process of going through probate. A trust can also include special provisions for your loved ones so they can have long-term protection and financial support. To get an estimate for how much it will cost to prepare a trust for your situation, contact a Terrace Park trust attorney for a quote.

What sort of issues can I seek legal help with?

Specialized legal help is available for most legal issues. Each case is unique; seeking legal help is a smart first step toward understanding your legal situation and seeking the best path toward resolution for your case. An experienced lawyer understands the local laws surrounding your case and what your best legal options might be. More importantly, there are certain situations and circumstances – such as being charged with a crime – where you should always seek experienced legal help.

What to Expect from an Initial Consultation

• Seek to determine whether the attorney can represent you. There is no one-size-fits-all legal solution and it may turn out your needs are better served by an attorney in a different specialization.
• It’s important to find a legal ally who is both competent in the law and someone you can trust to protect your interests.
• Discuss how the practice’s billing works and discuss possible additional charges or fees that may arise during or after the resolution of your case.

An attorney consultation should provide you with enough information so that you can make an informed decision on whether to proceed with legal help.

How will an attorney charge me?

A reputable attorney will be very upfront about how he/she will charge you. The three most common fee structures that attorneys use to charge for their services are:

• Bill by the hour
• Contingent fee agreement
• Flat fee agreement

Depending on your specific legal situation, it’s possible that only one type of fee structure is available. For instance, criminal defense attorneys almost always bill by the hour. In a flat fee arrangement, an attorney accepts a one-time payment to help you resolve your issue. With a contingent fee agreement, the client pays little to nothing upfront and the attorney receives a percentage of the money recovered if you win your case.

Common legal terms explained

Affidavit – A sworn written statement made under oath. An affidavit is meant to be a supporting document to the court assisting in the verification of certain facts. An affidavit may or may not require notarization.