The Legality of Living Trusts in the State of Ohio
Living trusts, also known as inter-vivos trusts, are popular estate planning techniques that have certain requirements to be valid under Ohio law. The different types of living trusts may have certain benefits depending on your estate planning needs.
Other People Are Reading
-
Definition
-
A living trust is a trust created during the life of the trust settlor for his benefit or for the named beneficiaries.
Requirements of Ohio Law
-
According to Ohio Code, a living trust must be created by an individual with the legal capacity and intent to create a trust. Additionally, the trust document must name specific beneficiaries unless it is a charitable trust or a trust for the care of a pet.
-
Types of Living Trusts
-
Living trusts can be revocable or irrevocable during the settlor's life time. Irrevocable trusts may not be modified or terminated except by order of the court and may have several tax benefits over revocable trusts in your situation.
-
References
- Photo Credit family image by Mat Hayward from Fotolia.com
