Martin Folino - Your Living Trusts Attorneys - Dayton Ohio

Understanding the need for a living trust starts with knowing what questions to ask. These are some of the common concerns about living trusts. Every case is different so please feel free to call our office and discuss your specific concerns about setting up a living trust or even deciding if you need one. We handle many cases from drafting of wills, probate matters, and helping those that need to do so set up a living trust.

 

What You Should Know About Living Trusts

Understanding Probate and the use of Living Trust

Living Trusts Probate

When an Ohio resident dies owning probate property, a legal proceeding is begun (1) to determine the validity of the Last Will and Testament of the decedent, if any, (2) to determine the nature, extent and value of the decedent’s assets, (3) to establish the valid debts of the decedent and (4) to establish the method of distribution of the assets to the heirs or beneficiaries of the decedent after payment of applicable debts, taxes and expenses. This proceeding is known as probate.

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Advantages of a Living Trust vs. Probate

Living Trusts Probate

Compared to probate, there are many differences but also some similarities in the manner in which property is administered in a “living trust” following the death of a grantor. Among the characteristics of administration of a “living trust” that a person may find desirable are:

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Disadvantages of a Living Trust vs. Probate

Living Trusts Probate

What are some of the disadvantages of a living trust compare to probate?

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