Utilizing a revocable living trust to arrange for future asset transfers in lieu of a last will can be a good way to avoid probate. The process of probate can take a good bit of time, and it can cost quite a bit of money. If you use a trust your assets are distributed to the beneficiaries in accordance with your wishes outside of probate.
You do have to consider the matter of trust administration. After your passing a trustee must administer the trust in accordance with your guidelines as stated in the trust agreement. Depending on the nature of your assets and the way that you have things structured the trustee may have a great deal of responsibility.
There can be complexities involved, and in many cases the best course of action is to arrange for the attorney who drew up your trust initially to act as trust attorney and assist your trustee when he or she does assume these duties.
We have developed an informative report that covers the subject of trust administration in a good bit of detail. We are currently offering this report free of charge to people here in the greater Cleveland area.
The report is yours to read at your convenience. If you would like to speak with an attorney after you gain an understanding of what trust administration involves we would be glad to provide you with a free consultation. You can reach us at 216-472-1500 to make an appointment.
To obtain the free report, click here: Ohio Trust Administration Report