Trusts

Cincinnati Trust Attorney

Of the most popular elements of estate planning is setting up trusts. Having a trust in place can help you maintain control over your assets and property while determining how to distribute your property after your passing. A trust offers privacy and cost savings for you and your family.

Simply put, a trust is a document that gives instructions to someone else for how to manage property that you own. You have likely made a trust in your life–at least a simple one, that is. If you lend your car to a friend to drive to pick up a pizza, you have given them the keys (physical control), told them that they can only drive it to the shop (trust terms), and kept ownership of the car (legal title).

A trust can transfer ownership of your property during your lifetime or after you die, subject to the rules that you establish. They can also provide significant tax savings and privacy.

However, trusts can be notoriously complex when they are used in estate planning. Having an experienced trust attorney in Cincinnati helping you develop your estate plans can go a long way in ensuring your wishes are fulfilled as you intend after your death.

When you set up a consultation with Linn Legal, you and your lawyer will review the different trusts and help you determine which one works for your family’s goals. You can learn more about whether setting up a trust is in your best interests, which types of trusts to set up, and who to assign as your trustee.

When You Should Have A Trust

Trusts are not a requirement as part of every estate plan. We recommend trusts for people who own more than one property or people with children who live in multiple states. They can be infinitely customized to meet your needs. You may want to require that a beneficiary use their inheritance to go to college or you may want to create a donation to a worthy cause. Many families use trusts to protect their child’s inheritance from divorce. Sometimes, a parent wants to leave money to one child under different rules than the other.

There are times when a trust almost always makes sense. If you have children with special needs, or have come into significant wealth, having a trust is a good way for you to reduce your taxes, avoid probate, and protect your assets for your children, grandchildren, and even your great-grandchildren.

How To Choose A Trustee

Of all the decisions that our estate planning clients make, the hardest one is typically who the trustee will be.

A requirement for a trustee is someone who will carry out  your goals. Past that, we suggest that clients choose someone who lives in the same state, is decent at math, and can handle the responsibilities that come with being a trustee.

Your bank may or may not offer trustee services, as well. Your lawyer can help you analyze whether this makes sense. A bank trust department is set up to run trusts. They understand the paperwork and responsibilities. However, they charge yearly fees–sometimes hefty ones. And bank trust departments are notoriously conservative when it comes to whether to pay out assets, if they have the choice whether or not to. After all, they get a percentage fee of the assets in the trust every year. The more money they pay out, the lower their fees.

A modern trend in trust drafting is someone called a “Trust Protector.” This is another individual who has some limited abilities to change the trust and trustee. They are nominated by the trust maker to have another set of eyes reviewing the trust, making sure that it is fulfilling its purpose.

For many families who have no worry about trust control issues and just want their children to get their assets with no hassle, it makes sense to name children as trustees.

Finding a Trust Attorney in Cincinnati

Many attorneys can do estate planning work, but you should make sure that the lawyer you work with focuses on estate planning, trusts, and transactional work needed to make the trust work well. Your attorney should be able to clearly explain whether they believe you need a trust or not, using your own family’s situation as their guide–not simply because they think you can pay their fee.