How to Create an Ohio Revocable Living Trust?
Creating a revocable living trust can be a good estate planning option for those who want to avoid probate and maintain control over their assets. And a revocable living trust is just the perfect tool to accomplish this.
It allows you to transfer ownership of your assets to a trust you control while alive. When you pass away, the assets in the trust are transferred to your beneficiaries without going through probate.
So, how do you create an Ohio revocable living trust? Here is an expert guide for you.
Why a Revocable Living Trust is Key?
In Ohio, a revocable living trust can help you avoid probate—a costly and time-consuming court process. Ideally, this process can take several months or even years and be expensive, and this is the least of the things you can wish your beneficiaries to go through.
By creating a revocable living trust in Ohio, you can avoid probate and ensure your assets are distributed according to your wishes. The trust will continue to exist after your death, and the trustee you appointed will distribute your properties to your beneficiaries.
And since Ohio has not adopted the Uniform Probate Code, the process is even more intricate. However, people can use the simplified probate process for smaller estates, valued as $35,000 or less or $100,000 or less for spouses.
You can also use a transfer-on-death deed to keep your home out of probate without requiring a living trust. But this can only apply to smaller estates.
Do You Need a Will in Ohio If you have a Living Trust?
While creating a revocable living trust in Ohio can help you avoid probate, it is still essential to have a will. A will is a perfect document that outlines the transfer of any assets not included in the trust, and it can also assist you in naming a guardian for any minor children.
Does a Living Trust Reduce Estate Tax?
Creating a revocable living trust in Ohio can help reduce estate taxes, but it is not guaranteed. Ohio does not have its estate tax, but assets subject to federal estate tax will still be taxed.
How to Make a Living Trust in Ohio?
Creating a revocable living trust in Ohio is a relatively straightforward process. Here are the steps involved:
Choose a trustee: The trustee is the person who will be responsible for managing the trust and distributing the assets to your beneficiaries after you pass away. You can appoint yourself as a trustee or choose someone else to serve in this role.
Transfer assets to the trust: You must transfer ownership of your purchases to the trust. This can include bank accounts, investments, real estate, and personal property.
Create the trust document: The trust document is a legal document that outlines the terms of the trust. It should specify how the assets in the trust should be distributed, the beneficiaries and the conditions to be met during distribution.
Sign the trust document: You and a notary public must sign the document to bind it legally.
Fund the trust: Once the trust is created, you must fund it by transferring ownership of your assets to the trust.
The truth is that it can be challenging for a first-timer to go through this process. And the good news is that here at Forms.legal, we will take you through the steps. We are the go-to provider of all downloadable revocable living trust forms. All you have to do is fill in the free printable templates, and you will be good to go.