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You have the ability to leave detailed instructions, control the timing of your support, and preserve the lifestyle for your loved ones while avoiding probate.
Simply put, a trust is a document created containing specific instructions regarding how and when the assets in the trust are distributed to beneficiaries. Whether the assets are real estate, personal property, business interests, or financial accounts, the person that the trust creator chooses, called the Trustee, must follow the instructions in the trust. These instructions ensure that the trust creator’s wishes are followed, even after the trust creator dies. This after death control, commonly called “dead hand control”, can be crucial to protect the beneficiaries from circumstances that a simple Will generally is unable to accomplish.
Most trust creators like the benefits of having a trust by delaying distributions until the beneficiaries reach certain ages, accomplish certain achievements, or ensure that the beneficiaries can still receive government benefits while also having available assets for the “extras” that the government won’t provide.
A trust may be created by an individual or, under certain circumstances, by a court. A trust may be created for any purpose which is not illegal or against public policy.
When a trust is created by an individual, it is usually done through some form of writing. These are usually referred to as express trusts. Express trusts may be created while the grantor is still alive (a living trust or inter vivos trust) and immediately effective, or they may be included within the language of an individual's Last Will and Testament and intended to be effective after his death. Many times a grantor will provide for both types of trusts. In such cases, the individual's Will typically contains language that directs that certain assets of his estate are to pour over and be administered according to the living trust previously created by him.
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Address: 3887 Starr Centre Dr. STE #2 Canfield, OH 44406
Phone: 330 575-7453
Email: matt@ohioplanninglaw.com
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