Lisa M. Slotnick, Attorney at Law

Trusts
A trust is a contract that sets forth the management of assets (trustee) for the benefit of another (beneficiary). There are two types of trusts: a lifetime trust, created during an individual’s lifetime, and a testamentary trust which is created at death. A lifetime trust exists immediately and can be funded during one’s lifetime. A probate court does not have jurisdiction over a lifetime trust. A testamentary trust, on the other hand, is created by a will and becomes effective only at death. The trust will be subject to the continuing supervision of the probate court and will require certain annual filings that are public documents.

A trust involves three parties: the settler, trustee and beneficiary. The settler is the individual that created and funded the trust. The trustee is the individual or organization that administers the trust. The beneficiary is the individual or entity that receives the benefits of the property in accordance with the terms and conditions set forth in the trust itself.

The reasons individuals create a trust are varied; for example, a trust may be used to allow for control of property, to avoid probate and reduce costs, and/ or to minimize estate taxes. Trusts can also be used to provide for the support and care of a disabled adult and/ or small children. A trust provides the settler the means to plan for the continued care and support of a disabled adult and/ or small children after the settler is gone.

Please contact Lisa M. Slotnick, Attorney at Law, to discuss your estate planning needs.

Columbus, Ohio Estate Planning Lawyer