You may think that only extremely wealthy individuals need a Living Trust. Nothing could be farther from the truth! The purpose of a Living Trust is to designate someone as the “Trustee” of your estate. This person will manage your trust estate after you are gone. In a Living Trust, you get to set the trust terms, and have the peace of mind knowing that your estate will be handled how you prefer, without the interference of the court system.
It is true that one of the major advantages of a Living Trust is the avoidance of probate proceedings. However, if your estate would not be subject to probate, you may not need to worry about a Living Trust.
If you have minor children you will be leaving a portion of your estate to, a Living Trust can designate who the Gaurdian will be until the minor children reach adulthood. If you are concerned about creditor protection, a Living Will is a good idea, as well.
Ultimately, there is no checklist to determine if you should, or should not, have a Living Trust. The best way to make this determination is with the advice and guidance of an experienced Ohio estate planning attorney.
