A “living trust” may have many purposes. A common goal is to avoid “probate”. Assets within a “living trust” will generally not be subject to the jurisdiction of the probate court, either while the grantor is living or following the grantor’s death. Assets owned in an individual’s name and not contractually payable on death will generally be subject to probate. What is a living trust exactly?

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.

A common question is: "Will I save estate taxes with a living trust as compared with a will?" The short answer is: not necessarily. Here's why:

Disgruntled heirs or beneficiaries can challenge the validity of a “living trust” upon legal grounds similar to those available for challenging a will.

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:

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

Many common question and misconceptions about living trusts come up time and again. These are some of the most common.