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Should you create a revocable trust?

On Behalf of | Sep 26, 2019 | Estate Planning |

When putting together your estate plan in Ohio, there are many choices that you have to make. You may decide that a will alone is enough to handle your needs, but many people learn that other documents can be helpful. Your ultimate goal is to make sure things are fully handled after your death or in the event that you become incapacitated. With that in mind, you might want to consider a revocable trust, which the American Bar Association defines as a trust you create and manage while you are living.

In general, a trust allows you to dictate the exact way you want assets handled after your death. You can include terms and conditions. You can specify that assets stay in a trust until an heir reaches a certain age or even release funds from a trust at various points in time.

Since it is revocable, that means you can change it while you are still alive. This allows you to remove or add assets and change details or heirs whenever you want. You really have a lot of control over the trust and the ability to make sure it changes along with the circumstances of your life.

These trusts will not bypass any estate taxes your estate may owe after your death. However, they can help your estate avoid probate, which is why many people use them. Another perk is that the trustee can manage the trust and use it to assist you if you become unable to do so yourself while you are still alive. This information is for education and is not legal advice.

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