Estate and Probate Attorney in Cincinnati Ohio » revocable living trust http://www.ohioprobateanswers.com Cincinnati Probate Attorneys: Elliott Stapleton, D. Todd Rush, and John Cornetet Thu, 05 Jan 2017 20:48:57 +0000 en-US hourly 1 https://wordpress.org/?v=4.2.39 What is a Revocable Living Trust? http://www.ohioprobateanswers.com/estate-planning/what-is-a-revocable-living-trust/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-revocable-living-trust/#comments Tue, 29 Mar 2011 08:27:03 +0000 http://032b5f3.netsolhost.com/wordpress/?p=44 Read more]]> There are three main purposes for using a revocable living trust as a part of your estate plan.  The purposes are:

  • Reduce or eliminate estate taxes
  • Control over the beneficiary’s inheritance
  • Probate avoidance

During life, the creator of a Revocable Living Trust (also known as the Settlor), can change the distribution plan. Upon the death of the Settlor (or both Settlors if there are more than one) the Trust then becomes irrevocable and cannot be changed.

 

]]> http://www.ohioprobateanswers.com/estate-planning/what-is-a-revocable-living-trust/feed/ 0 What Is a Basic Estate Plan? http://www.ohioprobateanswers.com/estate-planning/what-is-a-basic-estate-plan/ http://www.ohioprobateanswers.com/estate-planning/what-is-a-basic-estate-plan/#comments Tue, 29 Mar 2011 08:22:03 +0000 http://032b5f3.netsolhost.com/wordpress/?p=34 Read more]]> The term estate planning is very broad and encompasses everything from preparing a basic power of attorney to complex planning.  The process of estate planning simply means creating written legal documents to define your wishes for a period when you are unable to communicate due to incapacity or death.  Some people comment, “I don’t need an estate plan because I don’t have anything”.  But these legal documents are necessary even if you don’t have much in the way of assets.

A basic estate plan can include one or more of the following legal documents:

  • Last Will and Testament
  • Power of Attorney
  • Power of Attorney for Health Care
  • Living Will
  • Revocable Living Trust

Each of these documents is described in more detail in the next five questions.

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