Estate planning is important for everyone to think about. Having a will in place can help to ensure that assets are handed down to the correct beneficiaries after a person passes away. Ohio residents may want to create trusts alongside a traditional will.
What is a trust?
A trust is a type of legal relationship that can be created on paper. A trust contains assets under the care of specific trustees. A trustee is a person who holds the legal title and the ability to manage the assets in the trust. Property in a trust can be anything from businesses to vehicles.
There are various types of trusts that can be constructed by your estate planning professional. A living trust is one of the most commonly used type of trusts to help avoid the probate process. During probate, the estate undergoes a judicial process where a person’s will is validated in court and their assets are distributed according to their will. Probate can last anywhere from a couple of months to a couple of years depending on the size of the deceased person’s estate.
How do trusts skip the probate process?
When you set up a trust, you’re considered a grantor. The assets that you place within the trust are not technically yours; they are owned by the trustee of the trust. A trust allows you to designate another person to be the trustee of the assets. Therefore, when you die, the assets in the trust do not go through the probate process because you technically did not own them. The trust owns the assets.
Trusts are a great way to help your family avoid the probate process after your death. If you’re not familiar with trusts and how to set them up, it’s a good idea to speak with an attorney.
Mpango wa mali ni muhimu kwa kila mtu kufikiria. Ukiwa na hati ya mapenzi, unaweza kuhakikisha kwamba mali zinapelekwa kwa wanastahili baada ya mtu kufa. Wakazi wa Ohio wanaweza kutaka kuunda amana pamoja na mapenzi ya jadi. Uaminifu ni nini? Uaminifu ni aina ya uhusiano wa kisheria ambao unaweza kuundwa kwenye karatasi. Uaminifu una mali chini ya utunzaji wa wasimamizi maalum. Msimamizi ni mtu ambaye ana jina la kisheria na uwezo wa kusimamia mali katika uaminifu. Mali katika amana inaweza kuwa chochote kutoka biashara kwa magari. Kuna aina mbalimbali za amana ambazo zinaweza kujengwa na mtaalamu wako wa mipango ya mali. Uaminifu wa kuishi ni moja ya aina ya kawaida kutumika ya uaminifu kusaidia kuepuka mchakato wa probate. Wakati wa uthibitisho, mali hupitia mchakato wa mahakama ambapo mapenzi ya mtu yanathibitishwa mahakamani na mali zao zinagawanywa kulingana na mapenzi yao. Uhakika wa mali unaweza kuendelea kuanzia miezi michache hadi miaka michache ikitegemea ukubwa wa mali ya mtu aliyekufa. Ni jinsi gani amana hupita mchakato wa urithi? Unapoweka amana, unaonwa kuwa mtoaji. Mali ambazo unazipeleka kwenye amana sio yako; zinamilikiwa na mdhamini wa amana. Uaminifu unakuruhusu kumteua mtu mwingine kuwa mdhamini wa mali. Kwa hiyo, wakati wewe kufa, mali katika uaminifu si kwenda kupitia mchakato wa probate kwa sababu wewe kiufundi hakuwa mmiliki wao. Mfuko huo unamiliki mali hizo. Uaminifu ni njia nzuri ya kusaidia familia yako kuepuka mchakato wa urithi baada ya kifo chako. Kama huna ukoo na matumaini na jinsi ya kuanzisha yao, ni wazo nzuri kuzungumza na mwanasheria.