Trust are like the new exercise wrist watch that Lee recently purchased; while it can perform many tasks, he’s likely to only use the watch for the right tasks, and the same can be said for trusts.
Many people have trusts that include tools that are being underutilized, and the trusts may also be used for tasks that would be best handled independently of the trust.
The biggest recognized benefit of a trust is the ability to have assets distributed to heirs without being administered through probate.
For a trust to help assets avoid probate, the assets must be in a trust before death or must be set to automatically go into the trust at the time of death.
In many instances, though, retirement accounts should not be administered through a trust at all.
I recently purchased an exercise wrist watch. The watch can track my exercise, blood pressure and probably even how many times I take a breath each day. It also allows me to text and call people.
I expect that my watch will also stream movies or Ohio State football games. However, those tasks are best done on my phone or computer.
Read more of Lee’s article about the proper use of a trust in the Lima News here: Legal-Ease: Proper use of a trust
Source: LimaOhio.com, “Legal-Ease: Proper use of a trust,” by Lee R. Schroeder, September 1, 2018
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.